As per our research report, the size of the global diagnostic imaging market was worth USD 38.34 billion in 2023. The global diagnostic imaging market is estimated to be growing at a CAGR of 6.67% from 2024 to 2029 and be worth USD 56.48 billion by 2029 from USD 40.9 billion in 2024.
Diagnostic imaging is also called medical imaging. Medical imaging depicts information and picturization of internal organs and abnormalities. It establishes a database for anatomy and physiology to make it easy to identify abnormalities. Medical imaging draws images or visual representations of various parts of the human body with digital health to diagnose and treat underlying diseases.
Global Diagnostic Imaging Market Drivers:
The demand for medical imaging services is always at the top end and will continue to grow throughout the forecast period. Then, any other market considering the healthcare sector's diagnostic imaging market holds the most considerable revenue and will continue to grow due to technological advancements, rising incidences of chronic diseases, awareness in the population of a healthy lifestyle, and early detection of diseases. R&D activities are a key factor for market growth. Government funding to healthcare sectors and, most importantly, the diagnostic imaging market is crucial for growth. In developing regions such as Asia-Pacific and LAMEA, the market is expected to grow immensely. Highly populated countries where the senior population's ratio is high also hold the most significant shares globally.
An increase in early detection of diseases, awareness of early diagnosis and treatment, and growing geriatric and pediatric populations are propelling the growth of the global diagnostic imaging market. Government initiatives to create awareness of the early stages of diagnosis and treatment and investments from government and private organizations to worldwide healthcare fuel the diagnostic imaging market. Technological advances in the diagnostic imaging market led to new inventions, such as devices for various disease diagnoses. In addition, the rising demand for providing knowledge to students in hospitals and universities by providing training for advanced medical imaging technology influences the market growth. With an increase in population and chronic diseases such as diabetes, cancers, cardiovascular issues, and organ failures, the spread of diseases and infections is expected to increase market size.
Various health monitoring systems introduced by the government, easy usage of mobile health systems, subscription plans in healthcare apps, and a rise in vulnerable diseases augment market growth factors. In addition, the rise in demand for various medical diagnostic tests such as MRI, nuclear imaging and PET scans, Ultrasound, Computed Tomography (CT) scans, and X-rays are the primary growth contributing factors for the diagnostic imaging market across the globe.
Global Diagnostic Imaging Market Restraints:
The high costs involved with treatment procedures and the rise in complications due to exposure to high radiation are hindering the growth rate of the global diagnostic imaging market. The preliminary reimbursement plans, high costs associated with diagnosis plans and procedures, and helium shortage are expected to hamper the market growth. Skilled workers are needed daily. Since this market lacks skilled workers and staff, operating all the procedures will cause low market growth. In addition, the risk of radiation exposure is high for patients, workers, and staff; this may create significant health issues with daily exposure. Recently, a severe helium shortage has been recorded in many countries, and stringent approval regulations restricted this market. In addition, repeated quality checks and control of medical devices are hard to process.
Impact of COVID-19 on the global diagnostic imaging market:
During this COVID-19 pandemic, diagnostic imaging has been used to monitor the patients affected by Coronavirus. For example, ultrasound is used to track pneumonia symptoms in COVID-19 patients, whereas MRI monitors brain abnormalities in COVID-19 patients. Therefore, the factor mentioned above is expected to drive the market exponentially. COVID-19 has taught us social distancing is the only key to minimizing the infection ratio and preventing the spread of infection. However, the stringent regulations, such as travel ban issues and the lockdown, have restricted the market from growing. Manufacturers and distributors of medical imaging systems worldwide are crucial and pivotal for market growth, so they were impacted negatively during COVID-19 issues. Governments' focus shift is observed on COVID-19-related issues, and the funding from the government end to the diagnostic imaging market has been halted. On the other hand, to detect infection, medical diagnoses such as CT scans to detect infection rates in the lungs and other blood tests have seen tremendous growth and demand from 2020.
Market Size Available
2023 to 2029
2024 to 2029
By Type, Application and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa
This market research report on the global diagnostic imaging market has been segmented and sub-segmented based on the type, application, and region.
Global Diagnostic Imaging Market - By Type:
Based on type, the ultrasound segment had the largest worldwide market share in 2023 and the segment’s domination is expected to continue during the forecast period owing to the growing number of cancer patients.
On the other hand, the CT scan segment held the second-largest share in the global diagnostic imaging market in 2022. The use of AI in the CT scan has improved image quality. The CT scan has contributed notably to oncology, neurology, and cardiology. The CT scan segment is widely used as it increases cancer discovery chances and decreases the patient's cases for further tests.
Global Diagnostic Imaging Market - By Application:
Global Diagnostic Imaging Market - By Region:
The diagnostic imaging market in North America had the major share of the worldwide market in 2023 and is anticipated to continue holding a significant share of the global market during the forecast period, owing to the growing healthcare spending. Nearly 20% of the GDP is spent on healthcare in the USA. An increasing number of patients with chronic diseases fuel the region's growth rate. In addition, the adoption of technological advancements in imaging technologies favors regional market growth. Furthermore, the presence of more key players and contributors is an augmenting factor for market growth.
The European market is expected to grow substantially during the forecast period due to its rising geriatric and pediatric population ratio.
However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to a rapidly aging populace and a surge in the chronic disease population. Japan is the biggest diagnostic market in the Asia Pacific region. In addition, the emergence of advanced technology and the launch of innovative products bolstered the market's demand. Therefore, the Asia Pacific is expected to showcase the highest rise throughout the forecast period. Due to the highest population and disease ratio in countries like India, China, and Japan, the market expects the highest growth. South Korea's market has a massive manufacturing and production system.
The Latin American market is anticipated to hold a considerable share of the worldwide market during the forecast period. The diagnostic imaging market in MEA is forecasted to grow at a moderate CAGR in the coming years.
KEY MARKET PARTICIPANTS:
Some of the notable companies dominating the global diagnostic imaging market profiled in this report are GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., and Fujifilm Shimadzu Corporation.
RECENT HAPPENINGS IN THE MARKET:
The global diagnostic/medical Imaging market size was valued at USD 35.95 billion in 2022.
Geographically, the North American diagnostic/medical Imaging market accounted for the largest share of the global market in 2022.
The diagnostic/medical Imaging market is estimated to grow at a CAGR of 6.67% from 2023 to 2028.
Yes, we have studied and included the COVID-19 impact on the global diagnostic/medical Imaging market in this report.
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