Global Diagnostic Imaging Equipment Market to Grow at 3.4% CAGR Due to Rising Need for Minimally Invasive Procedures and Technological Developments

The diagnostic imaging equipment market was USD 33.6 Billion in 2022 and is expected to experience a rapid revenue CAGR of 3.4% during the forecast period. The growth in revenue can be attributed to various factors such as the increasing demand for minimally invasive diagnostic procedures, the rising prevalence of chronic diseases, and the advancements in imaging systems technology. Diagnostic imaging is a technique used to observe the internal structure of the human body using electromagnetic radiation to obtain an accurate diagnosis. This equipment is essential for the early detection of diseases, which is vital for accurate diagnoses.

Moreover, the increasing frequency of chronic diseases like cancer, cardiovascular conditions, and neurological disorders, has further increased the demand for diagnostic imaging technology. This demand is also due to the rising elderly population and changing lifestyles. Non-invasive or minimally invasive diagnostic procedures have become more popular among patients and healthcare professionals, as they offer numerous advantages such as lower risk of complications, shorter hospital stays, and quicker recovery times.

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Key players in the wearable artificial organs market -

• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Fujifilm Holdings Corporation
• Hologic, Inc.
• Shimadzu Corporation
• Koninklijke Philips N.V.
• Toshiba Medical Systems Corporation
• Canon Medical Systems Corporation
• Samsung Healthcare

Diagnostic imaging tools such as MRI, CT, and ultrasound are gaining popularity due to their ability to deliver precise diagnoses without the need for intrusive procedures. The adoption of diagnostic imaging equipment is increasing due to technological advancements in imaging systems such as 3D and 4D imaging, digital imaging, and hybrid imaging, which have increased precision and efficacy. Additionally, the incorporation of Artificial Intelligence (AI) and Machine learning (ML) has further enhanced the accuracy and effectiveness of diagnostic imaging equipment.

However, high equipment costs, lack of qualified healthcare workers to use and interpret diagnostic imaging technology, and strict regulatory restrictions are major factors that could hinder market revenue growth.

Segments Covered in the Report

This report provides a comprehensive analysis of the global diagnostic imaging equipment market from 2019 to 2032, including historical data and forecasts of revenue growth at a global, regional, and country level. The market size value in 2022 was recorded as USD 33.6 Billion and is expected to register a rapid revenue Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period, reaching USD 45.4 Billion by 2032.

The report has segmented the global diagnostic imaging equipment market based on product type, application, end-use, and region. The market is segmented by product type outlook, including MRI scanners, CT scanners, X-ray systems, ultrasound systems, and other types of diagnostic imaging equipment. Furthermore, the market is segmented by application outlook, including cardiology, oncology, neurology, orthopedics, and other medical fields that use diagnostic imaging equipment.

In addition, the market is segmented by end-use outlook, including hospitals, diagnostic imaging centers, and other medical facilities. The report also covers the regional outlook, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The report provides an in-depth analysis of the market trends in each of the segments and sub-segments, providing insights into the factors driving market growth. The report includes a revenue forecast, company ranking, competitive landscape, growth factors, and trends.

The quantitative units used in the report are in terms of revenue in USD Billion, and the base year for estimation is 2022. The historical data covered in the report spans from 2020 to 2021, while the forecast period is from 2022 to 2032.

Overall, this report offers a comprehensive understanding of the diagnostic imaging equipment market, providing valuable insights to stakeholders, investors, and industry participants.

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Strategic development:
• Siemens Healthineers, a medical technology company, completed the acquisition of Varian Medical Systems, a U.S.-based company that specializes in radiation oncology treatments, on 15 April 2021 for $16.4 billion. The primary objective of the acquisition is to increase Siemens Healthineers' presence in the oncology market and strengthen its product portfolio.
• GE Healthcare, another medical technology company, announced on 6 May 2021 that it had acquired Zionexa, a France-based developer of innovative PET radiopharmaceuticals. This acquisition is aimed at improving GE Healthcare's offerings in oncology and precision health.
• Hologic, Inc., a medical technology company that specializes in women's health, announced on 20 June 2019 that it had acquired SuperSonic Imagine, a France-based developer of ultrasound imaging systems. This acquisition is aimed at enhancing Hologic's product portfolio in breast health and women's health.

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