The global diagnostic imaging market size was estimated at US$ 18.1 billion in 2020 and is expected to hit US$ 34.04 billion by 2030, poised to grow at a noteworthy CAGR of 6.6% from 2021 to 2030.
The rising demand for the early detection of diseases is significantly fueling the growth of the global diagnostic imaging market. The rising prevalence of various chronic diseases and growing geriatric population are the major drivers of the diagnostic imaging market. The prevalence of various diseases such as cancer, CVDs, and diabetes is on rise across the globe. According to the World Health Organization, around 1.5 million deaths were directly linked to the diabetes in 2019. According to the International Diabetes Federation, around 700 million people will have diabetes around the globe, by 2045. According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. The global cancer cases are estimated to grow by 47% from 2020 to 2040. It is expected that 28.4 million cases will be recorded in 2040, globally. Moreover, the demand for the diagnostic imaging is exponentially rising owing to the growing old age population as the old age people are more prone to various diseases and they are required to be monitored frequently. According to the United Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050.
The rising investments and technological advancements in the diagnostic imaging industry is fueling the overall growth of the market. The increasing awareness among the population regarding the availability of advanced diagnostic devices and rising healthcare expenditure is boosting the adoption of the diagnostic imaging across the global markets. Furthermore, the government investments in the development of sophisticated healthcare infrastructure are expected to drive the demand for the diagnostic imaging in the developing countries. The integration of latest technologies like artificial intelligence in the diagnostic imaging devices is expected to enhance the patient care are would significantly drive the market growth during the forecast period.
Diagnostic Imaging Market Share, By End User, 2020 (%)
|End User Segment||2020 (%)|
|Diagnostic Imaging Centers||35%|
|Ambulatory Imaging Centers||20%|
Product Type Insights
Based on the product type, the ultrasound segment accounted for around 30% of the market share in 2020. This can be attributed to the increased adoption of the ultrasound equipment in the healthcare sector owing to its low cost and enhanced features such as instant and accurate ultrasound results, safety, improved radiation-free imaging, and non-invasiveness. It is one of the most popular and extensively used diagnostic imaging devices all over the globe, which led the growth of this segment as a dominating segment.
On the other hand, the computed tomography (CT) is estimated to be the most opportunistic segment during the forecast period. The CT segment witnessed a strong growth in 2020 owing to the increased adoption of the CT for diagnosis of the COVID-19 patients. The high-precision CT scanners and its integration with the technology like artificial intelligence is anticipated to further drive the growth of this segment.
Based on the application, the oncology segment dominated the global diagnostic imaging market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is simply attributed to the increased prevalence of cancer among the population. Lungs cancer is the most prominent type of cancer and accounts for the maximum number of cancer deaths across the globe. According to the International Agency for Research on Cancer, breast cancer has surpassed lungs cancer as the most diagnosed type of cancer. Therefore, the increased demand for the oncology diagnostic imaging has fostered the growth of this segment.
On the other hand, orthopedics is estimated to be the fastest-growing segment during the forecast period. The rising geriatric population and rising road accident cases is boosting the demand for the orthopedics segment. Moreover, the access to the technologically advanced devices for the diagnostics is fueling the market growth.
End User Insights
Based on the end user, the hospitals segment accounted largest revenue share of over 45% in 2020. The wide spread penetration of the public and private hospitals across the globe is the major factor behind the growth of this segment. Moreover, rising investments in the development of smart and technologically advanced hospitals equipped with advanced diagnostic imaging equipment will further drive the segment’s growth.
On the other hand, ambulatory imaging centers are estimated to be the most opportunistic segment. This is due to the rising investments in increasing the penetration of the ambulatory services in the rural areas to provide advanced care in the underdeveloped region is a major factor that propels the growth of this segment. The penetration of the ambulatory services is rising in the Southeast Asian countries.
Based on region, North America accounted for over 35% of the market share in 2020. The increased adoption rate of the advanced technologies in the healthcare industry and the increased demand among the population for the advanced diagnostic imaging solutions has significantly boosted the growth of the North America market.
On the other hand, Asia Pacific is estimated to be the most opportunistic segment during the forecast period. Asia Pacific is characterized by the increasing penetration of private hospitals and diagnostic centers. The rising awareness among the population regarding the availability of the advanced diagnostic imaging devices is expected to drive the market growth during the forecast period.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In April 2021, the NANO-X Imaging acquired the FDA approval for its Nanox.ARC digital X-Ray Technology.
The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global diagnostic imaging market include:
Report Scope of the Diagnostic Imaging Market
|Market Size in 2020||USD 18.1 Billion|
|Growth Rate From 2021 to 2030||CAGR of 6.6%|
|Revenue Projection by 2030||USD 34.04 Billion|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application, End User, Region|
|Companies Mentioned||GE Healthcare, Philips Healthcare, Hitachi Medical Corporation, Hologic, Inc., Siemens Healthcare, Samsung Medison, Shimadzu Corporation, Toshiba Medical Systems Corporation, Esaote S.P.A, Fujifilm Corporation|
Segments Covered in the Report
By Product Type
By End User
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