Diagnostic Imaging Market Size to Worth Around US$ 34.04 Billion by 2030

Published Date : 22, 2022

In 2021, the global diagnostic imaging market was valued at USD 19.18 billion and it is expected to worth around US$ 34.04 billion by 2030 with a growing CAGR of 6.6% from 2022 to 2030.

Growth Factors

The wide range of products are used as diagnostic imaging. Those images are magnetic resonance imaging, x-ray, ultrasound, nuclear imaging, and tomography. The diagnostic imaging devices and gadgets are applicable in the diagnostics and treatment of various disorders such as orthopedics, oncology, cardiology, neurology, and gynecology. 

One of the primary reasons for the growth of the global diagnostic imaging market is technological advancements and developments with innovations. Nowadays, the key market players have started adopting and accepting technologies such as blockchain, artificial intelligence, and robotics for the development of diagnostic imaging devices. The new product launch has created growth opportunities for diagnostic imaging market. The diagnostic imaging market is also developing due to increase in healthcare expenditure. The government are highly investing in the product launch of diagnostic imaging devices. This has also created lucrative opportunities for the expansion of the global diagnostic imaging market during the forecast period. 

Another factor driving the growth of the global diagnostic imaging market is rising government initiatives for the growth and development of the global diagnostic imaging market. The government of developed regions such as Europe and North America are heavily investing in research and development activities in the healthcare sector. Thus, all these aforementioned factors are boosting the market growth.

Report Highlights:

  • Based on the product type, the ultrasound segment accounted largest market share in 2021. The growth of the segment is attributed to the growing technological developments and innovation in the diagnostic imaging market. This type of diagnostic imaging device is very effective and efficient for imaging various diseases.  
  • On the basis of application, the oncology segment holds the largest market share the global diagnostic imaging market in 2021. The growth of the segment is due to the rising prevalence of cancer globally. 
  • Based on the end user, the hospitals segment dominated the global diagnostic imaging market in 2021 with largest market share. In developing countries, government are highly investing in the development of public and government hospitals. This factor is driving the growth of the diagnostic imaging market. 
  • North America accounted largest market share in 2021 owing to high adoption rate of technology, existence of major market players, and favorable government regulations. 
  • Asia-Pacific region is the fastest growing region in the diagnostic imaging market. The diagnostic imaging market in Asia-Pacific region is growing due to the factors such as rising prevalence of chronic disorders and growing geriatric population.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 19.18 Billion
Revenue Forecast by 2030 USD 34.04 Billion
CAGR 6.6% from 2022 to 2030
Market Segmentation
  • Product
  • Application
  • End User
  • Region
Key Players 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

 

Future of Diagnostic Imaging Market

The diagnostic imaging device is an integral part of the medical devices sector. The surge in demand for diagnostic imaging devices is due to growing geriatric population. The geriatric people suffer from wide range of disorders. The most frequent and common diseases are chronic diseases and infectious diseases. The old people sometimes also suffer from neurological disorders. This kind of disorders need quick treatment and diagnosis. The surgical procedures and operations require devices that are accurate and precise in nature. In addition, the geriatric population also face issues such as cardiovascular diseases, arthritis, and diabetes. Thus, this drives the need and demand for enhanced healthcare solutions. As a result, the global diagnostic imaging market is anticipated to expand at a rapid pace in the near future.

COVID-19 Impact Analysis:

  • The impact of the COVID-19 pandemic on the growth of the global diagnostic imaging market is quite positive. 
  • The demand for x-ray and sonography increased due to coronavirus outbreak during the forecast period. 

Key Developments in the Marketplace:

  • The spectral detector based Spectral Computed Topography 7500 solution for accurate diagnosis was launched by Philips N.V. in 2021. 
  • Sonosite PX ultrasound system will be released by FUJIFILM Sonosite Inc. in July 2020. With the most superior image clarity, Sonosite PX is the next generation in Sonosite POCUS.
  • Venue Fit, a simplified and compact POCUS device and an industry first artificial intelligence service for cardiology were released by GE Healthcare in 2021.   
  • Siemens Healthcare GmbH introduced Somatom X.ceed in May 2021, a new and more efficient version of the Somatom X.cite system introduced in 2019. 
  • Hologic Inc. reported in December 2020 that the Genius artificial intelligence detection system for early detection of breast cancer had received Food and Drug Administration approval. 
  • Fujifilm Corporation released an artificial intelligence-based lung nodule detection technology in May 2020. This method aids in the diagnosis of lung cancer by detecting pulmonary nodules on chest CT scans. 

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