Global Diagnostic Imaging Equipment Market Projected to Grow at 4.1% CAGR, Reaching $71.44 Billion by 2029

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What Will the Diagnostic Imaging Equipment Industry Market Size Be by 2025?
The market for diagnostic imaging equipment has seen significant growth in the past few years. Its size is projected to expand from $56.96 billion in 2024 to $60.86 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.9%. This historical growth can be ascribed to factors such as an aging population, an increasing burden of disease, healthcare reimbursements, and regulatory approvals.

What's the Long-Term Growth Forecast for the Diagnostic Imaging Equipment Market Size Through 2029?
The market size of diagnostic imaging equipment is projected to witness stable expansion in the coming years, escalating to $71.44 billion by 2029 with a compound annual growth rate (CAGR) of 4.1%. Factors contributing to this growth during the forecast period include the integration of artificial intelligence (AI), the burgeoning practice of remote imaging services, advances in personalized medicine, the growth of emerging markets, and the prevalence of minimally invasive procedures. Significant trends anticipated during this period are the increasing uptake of 3D and 4D imaging methodologies, point-of-care imaging, strategies aimed at reducing radiation doses, hybrid imaging, and a greater emphasis on environmental sustainability.

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What Are the Key Growth Drivers Fueling the Diagnostic Imaging Equipment Market Expansion?
The rising global incidence of chronic illnesses is predicted to stimulate the expansion of the diagnostic imaging equipment industry. Chronic diseases are those that persist for over a year, require ongoing medical attention, can limit daily tasks, or both, encompassing ailments such as cancer, diabetes, etc. Radiological imaging methods are employed in the diagnosis of a spectrum of diseases, including diabetes, cancer, and heart disease. Diagnostic imaging can detect chronic diseases even before they exhibit any symptoms. For example, the World Health Organization, a US-based intergovernmental agency, stated in September 2023 that noncommunicable diseases (NCDs) cause 41 million deaths every year, accounting for 74% of global deaths. Additionally, 17 million people die prematurely, before the age of 70, with 86% of them residing in low- to mid-income nations. Consequently, the worldwide escalation in chronic diseases is fuelling the growth of the diagnostic imaging equipment market.

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What Are the Key Trends Driving Diagnostic Imaging Equipment Market Growth?
Key players in the diagnostic imaging equipment sector are emphasizing the development of innovative technologies such as medical imaging, intending to elevate diagnostic accuracy and patient results. The goal of these advancements is to optimize workflows and extend the reach of top-quality imaging. Techniques used in medical imaging serve to generate visualizations of the body's internal structures for diagnosis and treatment, often employing modalities like X-rays, MRI, CT scans, and ultrasound. For instance, in April 2022, Wipro Ltd., a tech company based in India, collaborated with GE HealthCare Technologies, Inc., a medical tech company from the US, to spearhead significant improvements to the Aspire CT scanner. This state-of-the-art CT system, entirely Indian-made, aligns with the Atmanirbhar Bharat initiative. This reimagined scanner boasts advanced imaging functionalities, an operational efficiency boosting throughput by up to 50%, and image quality enhancements amounting to 30%. The scanner's production at an entirely new facility, funded by an investment of over INR 100 crores under the government's Production Linked Incentives (PLI) Scheme, aims to improve the availability of high-caliber healthcare, primarily for tier 2 and tier 3 cities.

How Is the Diagnostic Imaging Equipment Market Segmented?
The diagnostic imaging equipment market covered in this report is segmented -

1) By Type: X-Ray Systems Devices And Equipment, Ultrasound Systems Devices And Equipment, Computed Tomography (CT) Scanners Devices And Equipment, Magnetic Resonance Imaging Systems Devices And Equipment, Cardiovascular Monitoring And Diagnostic Devices And Equipment, Nuclear Imaging Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments Or Equipment, Disposables

Subsegments:
1) By X-Ray Systems Devices And Equipment: Analog X-Ray Systems, Digital X-Ray Systems, Fluoroscopy Systems, Portable X-Ray Systems, Mammography Systems
2) By Ultrasound Systems Devices And Equipment: Diagnostic Ultrasound Systems, Therapeutic Ultrasound Systems, 2D Ultrasound Systems, 3D Or 4D Ultrasound Systems, Portable Ultrasound Systems
3) By Computed Tomography (CT) Scanners Devices And Equipment: Conventional CT Scanners, Spiral Or Helical CT Scanners, Multislice CT Scanners, Portable CT Scanners
4) By Magnetic Resonance Imaging Systems Devices And Equipment: Closed MRI Systems, Open MRI Systems, Extremity MRI Systems, High-Field MRI Systems, Low-Field MRI Systems
5) By Cardiovascular Monitoring And Diagnostic Devices And Equipment: ECG Systems, Echocardiography Systems, Stress Testing Systems, Cardiac Catheterization Equipment, Holter Monitoring Systems
6) By Nuclear Imaging Devices And Equipment: Positron Emission Tomography (PET) Scanners, Single-Photon Emission Computed Tomography (SPECT) Scanners, Hybrid PET Or CT Scanners, Gamma Cameras

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Which Companies Are Leading the Charge in Diagnostic Imaging Equipment Market Innovation?
Major companies operating in the diagnostic imaging equipment market include Siemens AG, Koninklijke Philips NV, Fujifilm Holdings Corporation, General Electric Company, Elekta AB, Carestream Health Inc., Hologic Inc., Medtronic plc, Mindray Medical International Limited, Canon Medical Systems Corporation, Esaote SpA, Shimadzu Medical Systems USA, Samsung Electronics Co. Ltd., Koning Corporation, Toshiba Medical Systems Corporation, Hitachi Medical Systems America Inc., Agfa-Gevaert NV, Analogic Corporation, Bracco Imaging SpA, Del Medical Inc., Esaote North America Inc., Imaging Dynamics Company Ltd., InfiMed Inc., Mediso Medical Imaging Systems Kft., NeuroLogica Corp., Planmed Oy, Shimadzu Corporation, SonoScape Medical Corp., SuperSonic Imagine SA, Terason, Toshiba America Medical Systems Inc., Ziehm Imaging GmbH, Zonare Medical Systems Inc.

Which Regions Are Leading the Global Diagnostic Imaging Equipment Market in Revenue?
Western Europe was the largest region in the global diagnostic imaging equipment market in 2023. North America was the second largest region in the global diagnostic imaging equipment market. Africa. was the smallest region in the global diagnostic imaging equipment market. The regions covered in the diagnostic imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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