The global diagnostic imaging market size was exhibited at USD 20.34 billion in 2022 and it is expected to hold around USD 34.04 billion by 2030, growing at a CAGR of 6.6% from 2022 to 2030.

Diagnostic imaging helps doctors look inside your body. It gives the doctors clues about a medical condition. Various machines and techniques can generate images of the structures and activities inside your body. The kind of diagnostic imaging a doctor uses depends on your symptoms and the body part being examined. It includes X-rays, CT scans, Nuclear medicine scans, MRI scans, and Ultrasounds. It is painless and easy. In some machines, you have to stay inside them for a long time, which can be uncomfortable. Some of them involve exposure to a small amount of radiation.

For some diagnostic tests, a tiny camera attached to a long, thin tube is inserted into the body. It has transformed healthcare and helped in the earlier diagnosis of medical conditions. It lowers the need for needless invasive exploratory processes and generates better patient outcomes. It describes various techniques to see inside a body. It helps to determine the causes of an illness or injury and confirm a diagnosis. It allows the doctors to find any indications of a health condition.

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Growth Factors

The increasing demand for early and effective disease diagnosis drives the global market. In line with this, the rising incidence of lifestyle-related diseases and growing government investment & reimbursement initiatives significantly contribute to market growth worldwide. Furthermore, the increasing demand for early detection tools positively influences the market growth. The technological advancements to speed up turnaround times catalyze market growth. Expanding new facilities by market players in developing countries propels market growth. The rising prevalence of chronic diseases like cardiovascular disease, neurologic problems, and other conditions strengthens market growth. The emphasis on early diagnosis has increased.

According to a report by the Centers for Disease Control and Prevention (CDC), in the USA, every year, 18.2 million adults have coronary artery disease (CAD). Diagnostic imaging helps obtain pictures of a body’s interior for diagnostic and therapeutic purposes. The COVID-19 outbreak has affected various industries worldwide. Curb measures were executed to ensure strict social distancing norms to restrict the spread of the disease. Small and medium-scale enterprises suffered an impact due to the pandemic. The restricted movement of goods and people affected the diagnostic imaging market growth due to the lockdown measures. Increasing demand for advanced imaging modalities to provide training for advanced technology creates a positive outlook for the market. This is expected to impact the market growth during the forecast years significantly. The integration of artificial intelligence to automate image quantification and identification process drives market growth. For instance, Google’s Deepmind collaborated with Moorfields Eye Hospital to ensure early detection of age-related macular degeneration.

Introducing 3D MRI and CT scans creates a positive outlook for the market. It enables quick analysis scans, reducing analysis time and improving efficacy. Computer vision is used to diagnose diseases that are not visible to the human eye. The rapid adoption of advanced imaging tools drives market growth. The escalating demand for improved optical images for a better condition diagnosis drives the market growth.

Diagnostic Imaging Market Report Scope

Report Highlights:

• Based on the product, the ultrasound segment dominated the global market and accounted for the largest revenue share. This is due to the surging number of ultrasound applications. The developments in advanced ultrasound transducers create a positive outlook for the market. Integrating Artificial Intelligence (AI) into ultrasound systems drives market growth.
• Based on end-use, hospitals dominated the market. This is due to the rising demand for advanced imaging modalities. The improved healthcare infrastructure drives market growth.

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Regional Snapshots

Based on the region, North America dominated the overall market and accounted for the largest share. This is due to the presence of a large number of industry players. The new product launches within the region drive market growth. The rapid adoption of advanced, high-end diagnostic imaging equipment catalyzes market growth. The favorable reimbursement scenarios and funding from market players propel market growth.

The increasing aging population and a rise in the cases of chronic diseases drive market growth. The growing trend of preventive, diagnostic practices favors the market growth across the region. On the other hand, the regional market in the Asia Pacific is anticipated to witness the fastest CAGR during the forecast period. This is due to the increasing geriatric population and the high demand for advanced imaging devices. The rising incidences of chronic diseases drive market growth across the region.

Market Dynamics:

Driver: Growing incidence of chronic diseases, especially in the geriatric population

The growing incidence of chronic diseases, especially in the geriatric population, significantly contributes to global market growth. Increasing disease burden and rapidly growing aging population base favor market growth. In line with this, the rising demand for diagnostic imaging in hospitals and centers positively influences market growth.

Furthermore, rapid technological advancements and innovations create a positive outlook for the market. In addition, the surging product demand in healthcare settings catalyzes market growth. The rise in healthcare expenditure propels the market growth. The emergence of artificial intelligence (AI) in radiology strengthens market growth. Favorable government initiatives create a positive outlook for the market.

Rising healthcare expenditure in developed and developing countries accelerates the demand for diagnostic imaging. All these factors together will drive the diagnostic imaging industry over the forecast period.

Opportunity: Innovations and technological advancements

Innovations and technological advancements in diagnostic imaging offer lucrative opportunities for market growth. The increasing R&D activities coupled with rising healthcare infrastructure drive market growth. The adoption of innovative diagnostic imaging modalities is expected to drive market growth.

Healthcare specialties use diagnostic imaging techniques to diagnose disease conditions. Newer innovations and technological advancements accelerate market growth. It makes disease diagnosis and treatment more favorable by encouraging early detection of disease conditions. Integration of Artificial Intelligence (AI), augmented intelligence, and Virtual Reality (VR) combined with 3-D imaging drive the market growth.

Restraint: High cost

The cost of diagnostic imaging machines is very high. This factor is expected to restrict market growth. Frequent product recalls also hampers market growth.

Challenge: Changes in reimbursement policies

Changes in reimbursement policies challenge the diagnostic imaging market growth. Technological restrictions in standalone imaging modalities hamper the market growth. The hospital budget cuts are also impeding market growth.

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Key Developments:

• In May 2021, Siemens Healthcare GmbH launched a new and efficient version of the SomatomX.cite system and named it SomatomX.ceed.
• In May 2021, Koninklijke Philips N.V. launched a new flagship CT scanner, Spectral CT 7500, to perform spectral imaging for daily use.

Major Key Players

• GE Healthcare
• Philips Healthcare
• Hitachi Medical Corporation
• Hologic, Inc.
• Siemens Healthcare
• Samsung Medison
• Shimadzu Corporation
• Toshiba Medical Systems Corporation
• Esaote S.P.A
• Fujifilm Corporation

Market Segmentation

By Product Type

• X-Ray
• Ultrasound
• Computed Tomography
• Nuclear Imaging
• Magnetic Resonance Imaging

By Application

• Oncology
• Neurology
• Cardiology
• Gynecology
• Orthopedics
• Others

By End User

• Hospitals
• Diagnostic Imaging Centers
• Ambulatory Imaging Centers

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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