Diagnostic Imaging Market - Industry-Specific Opportunities and Trends Affecting the Growth

MarketsandMarkets™ Research Report's View on Revenue Impact?

The global diagnostic imaging market is projected to reach USD 35.0 billion by 2026 from USD 26.6 billion in 2021, at a CAGR of 5.7% from 2021 to 2026

Factors Responsible for Growth and In-Depth Analysis?

Growing geriatric population and the rising prevalence of associated diseases;

The risk of developing diseases increases proportionately with age. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. In addition, the American Medical Association (AMA) estimates that at least 60% of individuals aged 65 and above will be living with more than one chronic condition by 2030. This increase in the aging population will drive the demand for improved healthcare facilities and advanced treatment options and medication.

With the rapid growth in the geriatric population globally, the prevalence of age-associated diseases such as Alzheimer's disease, Parkinson's disease, arthritis, and dementia, along with CVDs and cancer, is expected to increase.

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Leading Key Players and Analysis:

The major players in the diagnostic imaging market are 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), Shimadzu Corporation (Japan) among others.

Geographical Analysis in Detailed?

North America accounted for the largest share of the diagnostic imaging market in 2020, 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).

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Industry Segmentation:

The CT Scanners market segment accounted for the largest share of the global diagnostic imaging market in 2020

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 CT scanners segment held the largest share of the global diagnostic imaging market in 2020. The high growth of this product segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. There has been a steady increase in the demand for CT scanners ever since the COVID-19 pandemic started. CT of the chest plays an important role in diagnosing COVID-19; almost every patient needs a CT scan to monitor disease progression. Consequently, the rising demand for disease treatment has favored the CT scanners market, even with the deferred procedures.

The general radiography application of X-ray systems accounted to be the fastest market during the forecast period

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 2020 was accounted by cardiology under CT scanners, and brain & neurological MRI under MRI systems; radiology/general imaging under ultrasound systems; General radiography applications under X-ray imaging systems; 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 2020.

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