According to the new market research report “Diagnostic Imaging Market by Product (MRI (Open, Closed), Ultrasound (2D, 3D/4D, Doppler), CT, X-Ray (Digital, Analog), SPECT, Hybrid PET, Mammography), Application (OB/Gyn, Cardiology, Oncology), End User (Hospitals, Imaging Centers) – Forecast to 2024″, published by MarketsandMarkets™, the Diagnostic Imaging Market is projected to reach USD 33.5 billion by 2024 from USD 25.7 billion in 2019, at a CAGR of 5.5%.
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Rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, increasing demand for early disease diagnosis and widening scope of clinical applications, technological advancements in diagnostic imaging modalities, and increasing investments, funds, and grants by public-private organizations are some of the major factors driving the growth of this market.
The MRI systems segment accounted for the largest share of the Diagnostic Imaging Market, by product, in 2018
Based on product, the Diagnostic Imaging Market is broadly segmented into six segments—X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The MRI systems segment held the largest share of the global Diagnostic Imaging Market in 2018. The high growth of this product segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of MRI systems by hospitals and diagnostic centers across the globe, and advances in technology.
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General Radiography applications under X-ray imaging systems application accounted for the largest market share among all application segments of Diagnostic Imaging Market.
Based on application, the Diagnostic Imaging Market is segmented into the respective modalities viz., MRI systems, ultrasound systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems, and their respective applications. Among the applications, the largest share in 2018 was accounted by brain & neurological MRI under MRI systems; radiology/general imaging under ultrasound systems; General radiography applications under X-ray imaging systems; cardiology under CT scanners; and oncology under nuclear imaging systems. General radiography applications under X-ray imaging systems application accounted for the largest market share among all application segments of Diagnostic Imaging Market in 2018.
North America accounted for the largest share of the Diagnostic Imaging Market in 2018
On the basis of region, the Diagnostic Imaging Market is segmented into North America, Europe, Asia Pacific, and Rest of the world. North America accounted for the largest share of the Diagnostic Imaging Market in 2018, followed by the Asia Pacific region. Growth in the North American Diagnostic Imaging Market is mainly due to the rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and high adoption of technological advancements (owing to the significant per capita annual healthcare expenditure by the US government).
The major players in the market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert N.V. (Belgium), Canon Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics (South Korea), Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (US), and Shimadzu Corporation (Japan), among others.
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