According to Renub Research latest Report, “Diagnostic Imaging Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis,” Diagnostic Imaging Market valued at US$ 35.11 Billion in 2022. Medical imaging uses technology to produce internal body images for clinical analysis or medical intervention in a non-invasive manner. As medical technology advances, the market for Diagnostic Imaging continues to evolve, fuelling the growing demand for patient-centric healthcare. As a result, the industry must focus on critical R&D investments to adapt the constant changes while fulfilling customer needs.
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Global Diagnostic Imaging Market is anticipated to with a CAGR of 5.82% from 2022 to 2028
With the advent of novel technologies and rapid digitalization, the global medical devices industry is jumping leaps and bounds in growth and development. From new and emerging business models to accelerated innovation in many areas of diagnostics, care delivery, connected health, data security, supply chain, process automation, etc., the healthcare landscape is hovering around the idea of disruptive possibilities owing to several trends.
For example, there is a significant shift in R&D spending patterns and talent trends, collaborations with start emphasis on ups, tech giants, service providers, and overall digital and connected health. Medical imaging is one such segment of the MedTech industry that has significantly benefited from the trends mentioned above.
X-Ray is primarily used in the Diagnostic Imaging Market
The primary need for early diagnosis is the cause of the upsurge in X-ray demand. However, along with the need for early diagnosis, factors such as technological advancements in various applications, massive spending in product R&D, growing investments in healthcare infrastructure, and the need for visible improvements in population health technologies are driving the growth in medical imaging.
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Orthopaedic application segment captured most of the Market Share
The ever-growing incidence of chronic diseases worldwide, an aging population, rising awareness, and priority for health are increasing the demand for early diagnosis. An additional factor relevant in a scenario is the predominant use of X systems to diagnose COVID ray and CT-19 cases worldwide. As a result, the burden of chronic diseases is rising globally, and medical imaging procedures are crucial in accurately diagnosing chronic diseases.
Furthermore, the aging population and socioeconomic changes are leading to a continuous rise in these prevalent and costly long-term health conditions. Cancer, cardiovascular disease, obesity, and diabetes account for the majority of chronic illness mortality. According to GLOBOCAN, around 19.3 million new cancer cases were recorded worldwide in 2020, with this figure anticipated to rise to 30.2 million by 2040. The emerging markets would be the most affected, as population growth is expected to be greatest in developing nations.
Hospitals lead the Global Diagnostic Imaging Market
Currently, hospitals comprise the most significant share; however, the adoption of imaging systems by diagnostic centers is expected to capture the highest CAGR during the upcoming years. The growing number of private imaging centers, fueled by rising demand for diagnostic imaging treatments, is likely to boost hospital segment growth. Companies strive to attain market equilibrium by investing in technology to meet rising demand. From a macroeconomic standpoint, suitable investments bear fruit for all stakeholders in such ecosystems.
Furthermore, for instance, in November 2021, Canon Medical Systems USA, Inc., a leading manufacturer of diagnostic devices, announced the launch of Vantage Fortran, an innovative remote tablet and in-room camera solutions for monitoring and positioning patients to enhance workflow.
North American region will lead in the Global Diagnostic Imaging Market
North America is owing to the higher demand for medical imaging modalities such as Ultrasound, MRI, X-rays, and CT scans in hospital settings for accurate diagnosis during treatment. In addition, the availability of advanced medical imaging devices in hospitals and sound infrastructure leads to the segmental growth of hospitals. Similarly, the presence of skilled healthcare professionals in hospitals to accurately treat and diagnose patients surge the demand for medical imaging in hospitals. Additionally, rising cases of chronic diseases and an increasing number of hospital admissions will further accelerate the medical imaging market progression.
Key Players
The worldwide imaging industry is at a crossroads and will profoundly change during the next decade with novel technologies and new players entering and redefining the competitive landscape. The incumbent equipment manufacturers face increasing competition from new entrants such as Samsung Electronics, Neusoft Medical Systems, or Mindray Medical in emerging and developed markets. In addition, the leading contrast media companies will see increasing generic competition as the remaining contrast agent patents expire within the following years.
Market Summary:
- Product- the Report Covers Diagnostic Imaging Market by type in 6 viewpoints (X-Ray, CT, Ultrasound, MRI, Nuclear Imaging, and Others).
- Application – Diagnostic Imaging Market by treatment breakup in 5 viewpoints (Orthopedics, Cardiovascular, Neurology, Pelvic & Abdomen, Oncology).
- End-Users – The Diagnostic Imaging Market breakup into three viewpoints (Hospitals, Diagnostic Centres, and Others).
- Region- Renub Research Report covers by Diagnostic Imaging Market region in 5 viewpoints (North America, Europe, Asia Pacific, South America, and Middle East & Africa).
- Key Players: All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Financial Insights) FUJIFILM VisualSonics Inc., Canon Medical Systems Corporation, Bruker, PerkinElmer Inc., Hitachi, Hologic, Radnet and Koninklijke Philips.
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