Diagnostic Imaging Market by Product (MRI (Open, Closed), Ultrasound (2D, 4D, Doppler), X-Ray (Digital, Analog), CT, SPECT, Hybrid PET, Mammography), Application(Ob/GYN, CVDs, Brain, Cancer), Enduser (Hospitals, Clinics), & Region Global Forecasts to 2028
The global diagnostic imaging market is projected to reach USD 34.6 billion by 2028 from USD 26.5 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.
“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 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.
This report studies the diagnostic imaging market based on product, application, end user, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their growth trends and forecasts the revenue of the market segments with respect to three main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall diagnostic imaging market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on the following pointers:
Analysis of key drivers (growing geriatric population and subsequent rise in chronic diseases, increasing demand for early diagnosis and across clinical applications, technological advancements in diagnostic imagig modalities, and increasing funding investments by public-private organizations), restraints (high cost of diagnostic imaging systems, technological limitations associated with standalone systems, unfavourable reimbursement scenario, inadequate supply of helium), opportunities (emerging economies offer high growth potential, increasing establishment of hospitals and diagnostic imaging centers, adoption of AI and analytics in diagnostic imaging, growing adoption of teleradiology, Contract-based radiology solutions and mobile solutions), and challenges (hospital budget cuts, increasing adoption of refurbished diagnostic imaging systems, shortage of trained professionals) influencing the growth of the diagnostic imaging market
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the diagnostic imaging market
Market Development: Comprehensive information about lucrative markets–the report analyses the diagnostic imaging market across varied regions
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the diagnostic imaging market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan).