Diagnostic Imaging Market Size to grow by USD 8694.87 million between 2023-2027
According to a research report “ Diagnostic Imaging Market” by Product (X-ray, Ultrasound, Magnetic resonance imaging, Computed tomography, Others) End-user (Hospitals and clinics, Diagnostic centers, Research laboratories and institutes, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 8694.87 million, at a CAGR of almost 5.93% during the forecast period. The global diagnostic imaging market is poised for significant growth due to the rising prevalence of chronic conditions, such as cancer, cardiovascular diseases, and neurological disorders. According to the International Agency for Research on Cancer, the age-adjusted rate of new cancer cases reached 19.3 million in 2020. Furthermore, the incidence of respiratory diseases, including chronic obstructive pulmonary disease (COPD), asthma, and lung cancer, is on the rise. These trends underscore the necessity for advanced diagnostic imaging equipment to aid in early detection and accurate diagnosis of these conditions, thereby fueling market expansion throughout the forecast period.
Browse market data tables, figures, and in-depth TOC on “Diagnostic Imaging Market” by Product (X-ray, Ultrasound, Magnetic resonance imaging, Computed tomography, Others) End-user (Hospitals and clinics, Diagnostic centers, Research laboratories and institutes, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2027. Download Free Sample
By Product, the X-ray segment is projected to dominate the market size in 2024
The diagnostic imaging market is poised for significant expansion due to the increasing demand for advanced imaging solutions in hospitals and clinics. The adoption of artificial intelligence (AI) technology to automate image quantification and recognition processes is a key growth driver. Furthermore, the rising prevalence of chronic diseases, particularly among the elderly population, is fueling the need for diagnostic imaging. Technological advancements and innovations are enhancing the reliability of medical imaging, thereby increasing its usage in healthcare. Additionally, escalating healthcare costs in both developed and developing countries are driving the demand for cost-effective diagnostic imaging solutions. These factors collectively are expected to fuel the growth of the hospital and clinics segment, thereby propelling the expansion of the global diagnostic imaging market during the forecast period.
By End-user, Hospitals and clinics segment is expected to hold the largest market size for the year 2024
The digital X-ray systems market, specifically the segment for digital X-ray systems, is experiencing a robust growth trajectory and is anticipated to continue this trend throughout the forecast period. This expansion can be attributed to the burgeoning adoption of digital radiography (DR) systems in developed regions, such as North America and Europe. The adoption of DR systems is primarily fueled by the increasing diagnosis requirements for chronic diseases, including breast cancer and spinal disorders. According to the World Health Organization (WHO), an estimated 2.3 million women were diagnosed with breast cancer and 685,000 deaths occurred globally in 2020. This underscores the critical role of digital X-ray systems in the healthcare industry for early detection and effective treatment of such conditions.
North America is forecasted to hold the largest market size by region in 2024
The diagnostic imaging market in North America is projected to expand at a moderate pace, fueled by several key drivers. These include the increasing prevalence of chronic diseases, technological innovations, product launches, and growing awareness initiatives for early disease detection. Moreover, substantial healthcare expenditures in the region contribute to market growth. Notably, the Organization for Economic Co-operation and Development (OECD) reports a rising trend in the number of computed tomography (CT) scans carried out in the US. New technological advancements are anticipated to expand the clinical applications of diagnostic imaging technologies and boost the overall number of imaging scans executed in North America.
The Diagnostic Imaging Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Diagnostic Imaging Market is witnessing significant growth, driven by the adoption of advanced technologies such as 'advanced ultrasound transducers' and 'state-of-the-art imaging modalities'. The Ultrasound segment is expected to dominate the market due to its non-invasive nature and wide application in various medical fields. The Computed Tomography market is also growing steadily, with innovations like 'Optical CT scanners' and 'AI platforms' like Google's Deepmind, revolutionizing the industry. The Economic setback caused by the pandemic has led to a shift towards 'teleradiology services' and 'AI' solutions, reducing turnaround time and improving 'early detection tools'. Siemens Healthineers is a market leader in Diagnostic Imaging, with a strong 'Cardiovascular ultrasound portfolio' and a focus on 'AI' integration in radiology operations. India's Government, through initiatives like 'X-Ray Setu', is promoting the use of diagnostic imaging in rural areas, increasing accessibility and affordability. 'Age-related macular degeneration' is a significant application area, with Moorfields Eye Hospital leading research in the field. Overall, the Diagnostic Imaging Market is poised for continued growth, with 'AI' and 'teleradiology' playing increasingly important roles.
Market Research Overview
The Diagnostic Imaging Market is experiencing significant growth due to the increasing prevalence of orthopedic disorders, neurology disorders, and cardiovascular disorders, particularly in developed regions. Key imaging modalities include X-ray, computed tomography (CT), magnetic resonance imaging (MRI), and molecular imaging. Refurbished equipment and AI-enabled diagnostic equipment are gaining popularity in the market. Product recalls and economic setbacks have impacted the market, but advancements in AI-enabled imaging technologies, such as Google Cloud's AI platform, are driving innovation. Companies like Siemens Healthineers and Philips are leading the market with state-of-the-art imaging modalities, including CT and MRI systems, and AI-enabled diagnostic equipment. Teleradiology services and portable ultrasound devices are also gaining traction, with advanced ultrasound transducers and surgical suits enabling more accurate diagnoses. In the neurology segment, Moorfields Eye Hospital is using an optical CT scanner to diagnose age-related macular degeneration. Google's DeepMind and X-Ray Setu are using AI to improve turnaround time and provide early detection tools for various chronic diseases. The Ultrasound segment is expected to dominate the market due to its non-invasive nature and affordability. The CT market is also growing due to its ability to provide detailed images of internal structures, making it essential for diagnosing and monitoring conditions like cardiovascular disorders. The refurbished equipment market is also growing, providing cost-effective solutions for hospitals and teaching institutions. However, concerns around product recalls and regulatory compliance continue to pose challenges for market players. The use of AI in imaging operations, such as computer vision, is expected to revolutionize the industry, with applications in various fields, including radiology and cardiovascular disorders.
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