Diagnostic Imaging Market to reach USD 34.6 billion by 2028

"The diagnostic imaging market is projected to grow at a CAGR of 5.5% during the forecast period (2023-2028)."

The global diagnostic imaging market is projected to reach USD 34.6 billion by 2028 from USD26.5 billion in 2023, at a CAGR of 5.5% from 2023 to 2028.Factors such as rising baby boomer population and increasing utilization of non-invasive technologies are responsible for the increasing growth of this market. Increasing research and development activities, government initiatives and rising number of clinical trials also attributes to the growth of diagnostic imaging market.

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"The CT scanners segment held the largest share of the market in 2022"

Based on product, the diagnostic imaging market is segmented into CT scanners, MRI systems, ultrasound systems, X-ray imaging systems, nuclear imaging systems, and mammography systems. The CT scanners segment held the largest market share in 2022. The large share of this segment can be attributed to the launch of technologically advanced systems and rising use of CT scanners by the end users.

"The cardiology application segment is projected to register the highest CAGR of the CT scanners market by application during the forecast period"

Based on application, the diagnostic imaging market is segmented into nuclear imaging systems - cardiology, oncology, neurology, and other applications, MRI systems - brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast 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, and mammography systems. The cardiology application segment is projected to register the highest CAGR of the CT scanners market from 2023 to 2028. Factors such as increasing use of diagnostic imaging techniques in dermatology applications and rising adoption of AI and analytics in diagnostic imaging are driving the market growth.

"The market in the Asia Pacific region is expected to witness the highest growth during the forecast period."

The diagnostic imaging market in the APAC region is expected to register the highest CAGR during the forecast period, primarily due to evolving healthcare infrastructure and increasing focus of major players in the region. The healthcare infrastructure in emerging economies, such as China and India is evolving at a rapid pace, leading to major investments in advanced imaging systems by hospitals and diagnostic centers. These factors are anticipated to fuel the growth of diagnostic imaging market in this region.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1-48%, Tier 2-36%, and Tier 3- 16%
By Designation:Director-level-14%, C-level-10%, and Others-76%
By Region: North America-40%, Europe-32%, Asia Pacific-20%, Latin America-5%, Middle East and Africa-3%

The 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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This release was published on openPR.