Diagnostic Imaging Market in terms of revenue was estimated to be worth $26.5 billion in 2023 and is poised to reach $34.6 billion by 2028, growing at a CAGR of 5.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include the launch of technologically advanced products by the key players and increasing prevalence of chronic diseases.
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Mammography systems segment to register significant growth rate over the forecast period of 2023-2028.
Based on the product, the global diagnostic imaging market is segmented into CT scanners, X-ray imaging systems, ultrasound systems, MRI systems, nuclear imaging systems, and mammography systems. The mammography systems segment is anticipated to register the highest growth rate over the forecast period. The CT scanners segment accounted for the highest share of the diagnostic imaging market in 2022.
Cardiology application segment accounted for the largest share of the CT scanners market, by application in 2022.
Based on application, the diagnostic imaging market is segmented into MRI systems – brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, cardiac MRI, ultrasound systems – radiology/general imaging, cardiology, obstetrics/gynecology, vascular applications, urology, other applications, X-ray imaging systems – general radiography, fluoroscopy, dentistry, CT scanners- cardiology, oncology, neurology, and other applications, nuclear imaging systems – cardiology, oncology, neurology, and other applications, and mammography systems. Cardiology application segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.
Factors such as the introduction of novel software and rising adoption of high-end instruments in end user facilities drive the growth of the market.
The hospitals segment accounted for the largest share of the diagnostic imaging market, by end user, in 2022
Based on end user, the global diagnostic imaging market is segmented into hospitals, diagnostic imaging centers, and other end users. The hospitals segment accounted for the largest share of the market in 2022. Significant rise in the number of hospitals and rising old-age population are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific diagnostic imaging market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of high-end equipment. Improvements in healthcare systems and government initiatives for modernizing the healthcare infrastructure are offering significant growth opportunities for the key players.
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Diagnostic Imaging Market Dynamics:
Drivers:
- Growing geriatric population and subsequent rise in chronic diseases
Restraints:
- High cost of diagnostic imaging systems
Opportunities:
- Growth opportunities in emerging countries
Challenge:
- Shortage of trained professionals
Key Market Players:
As of 2022, prominent players in the diagnostic imaging market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan) among others.
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Diagnostic Imaging Market Advantages:
- Early Detection and Diagnosis: Diagnostic imaging technologies, such as X-rays, MRI, CT scans, and ultrasound, enable healthcare providers to detect diseases and medical conditions at their earliest stages. This allows for prompt intervention and treatment, potentially saving lives and improving outcomes.
- Non-Invasive: Most diagnostic imaging procedures are non-invasive or minimally invasive, reducing patient discomfort and the risk of complications compared to traditional surgical exploratory methods.
- Precision and Accuracy: Diagnostic imaging provides detailed and precise images of the body’s internal structures, aiding in accurate diagnosis and treatment planning. This precision is particularly crucial in areas like oncology, cardiology, and neurology.
- Monitoring Disease Progression: Imaging techniques allow healthcare professionals to monitor the progression of diseases and the effectiveness of treatments over time. This ongoing assessment can guide adjustments to treatment plans for better patient outcomes.
- Reduced Need for Exploratory Surgery: Diagnostic imaging helps eliminate the need for exploratory surgeries in many cases, reducing healthcare costs, patient recovery time, and potential complications.
- Guidance for Minimally Invasive Procedures: Imaging technologies play a critical role in guiding minimally invasive surgical procedures, such as laparoscopy and endoscopy, increasing their precision and safety.
- Patient-Friendly: Advances in imaging technology have led to shorter scan times, reduced radiation exposure, and improved patient comfort, making the diagnostic process more patient-friendly.
- Research and Development: The diagnostic imaging market drives innovation and research in medical imaging technologies. This continuous advancement leads to improved diagnostic capabilities and new applications in healthcare.
- Personalized Medicine: Diagnostic imaging facilitates the trend toward personalized medicine by tailoring treatments to an individual’s unique anatomy and pathology, optimizing therapy outcomes.
- Global Impact: Diagnostic imaging plays a vital role in global healthcare by assisting in disease control, epidemiological studies, and healthcare infrastructure development, especially in remote or underserved areas.
In summary, the diagnostic imaging market’s advantages encompass early disease detection, non-invasiveness, precision, monitoring capabilities, cost-effectiveness, patient-friendliness, research opportunities, and its contribution to personalized medicine and global healthcare. These benefits make diagnostic imaging a cornerstone of modern healthcare practices.
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