Subscribe our newsletter
Please Subscribe our news letter and get update.
Close
DESCRIPTION
Key driving factors of diagnostic imaging include rising prevalence of chronic diseases, such as cancer, Alzheimer’s disease etc. and advent of next generation technologies.
Challenges in the diagnostics domain include shortage in trained professional and high costs due to reimbursement cuts. The global diagnostic imaging market is estimated to be valued at ~ $28 Billion in 2023, and is expected to grow at a CAGR of 5-6%. CT scanners have held the most significant share in the market since 2022, with Cardiology dominating the market share by application.
Key players in diagnostic imaging are Siemens Healthineers, GE Healthcare, Hologics, Koninklijke Philips N.V. and Samsung electronics. Recent activities feature the GE HealthCare’s agreement to acquire clinical artificial intelligence business from Intelligent Ultrasound, enhancing GE HealthCare’s portfolio of AI-enabled devices (July, 2024) and Partnership between Trinity Health Mid-Atlantic and Mid Atlantic Radiology Consultants, making Mid Atlantic Radiology Consultants the exclusive diagnostic imaging provider across all Trinity Health Mid-Atlantic hospitals and locations. (July, 2024)
DIAGNOSTIC IMAGING MARKET DYNAMICS
Drivers: Increasing burden of chronic disease globally
The rising prevalence of chronic diseases globally is a key driver for the diagnostic imaging market as these advanced imaging technologies play a key role in
According to the WHO, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Diagnostic imaging techniques such as CT, MRI, and echocardiography are essential in cardiovascular care.
This rise in cancer burden calls for more frequent use of diagnostic imaging for screening, staging, and treatment planning. The ability of advanced imaging modalities to provide detailed, non-invasive visualizations of internal structures continues to drive market growth, as healthcare systems worldwide invest in these technologies to combat the rising tide of chronic diseases.
Opportunities: Rising Technological advancements and low costs to fuel market growth
Technological breakthroughs are enhancing both diagnostic accuracy and patient safety. They present a significant opportunity for growth in the diagnostic imaging market. As imaging modalities become more sophisticated, they offer
For instance, the global AI in medical imaging market is expected to grow at a CAGR of ~40% from 2022 to 2030, according to Wissen Research, indicating the rapid integration of AI in diagnostics. Simultaneously, efforts to make these advanced technologies more cost-effective are expanding market reach, particularly in emerging economies.
Challenges: Shortage of trained professional
The diagnostic imaging market faces a significant challenge in the form of a global shortage of trained professionals. This shortage of qualified technicians, radiologists, and other imaging specialists poses a significant challenge to market growth and optimal utilization of advanced imaging technologies.
According to the WHO, there is a global shortfall of 4.3 million healthcare workers, with imaging professionals forming a critical part of this gap. In the United States alone, the Association of American Medical Colleges projects a shortage of up to 124,000 physicians by 2034, including radiologists. This shortage is particularly acute in rural and underserved areas, limiting access to vital diagnostic services.
The complexity of new imaging technologies, such as AI-integrated systems, further exacerbates this issue, requiring continuous training and skill development.
GLOBAL DIAGNOSTIC IMAGING MARKET, BY PRODUCT TYPE
CT Scanners dominated the Diagnostic Imaging market share in 2023
Diagnostic imaging encompasses various product types, including CT Scanners (conventional CT scanners, cone-beam scanners), MRI (open MRI system and closed MRI system), Ultrasound systems (2D, 3D, 4D ultrasound systems and Doppler systems), and X-ray systems, among others. Each category serves specific diagnostic needs, facilitating rapid testing across different medical applications. Among these, CT Scanners have held the largest market share, primarily due to the high prevalence of cardio-logical ailments globally.
GLOBAL DIAGNOSTIC IMAGING MARKET, BY APPLICATION
Cardiology held the largest share in 2023
Diagnostic imaging is employed for a number of applications such as cardiology, gynecology, orthopedics & muscoskeletal, radiology, neurology & spine, gastroenterology, general imaging and others.
Cardiology segment of the CT scanning segment dominated the market due to high usage rate of novel equipment allowing precise internal organ targeting.
GLOBAL DIAGNOSTIC IMAGING MARKET, BY END USER
Significant market share held by hospitals was observed in 2022
Diagnostic imaging serves a myriad of end-users such as diagnostic centers, ambulatory facilities for outpatient care, hospitals and critical care centers for chronic disease diagnosis. The traditional healthcare facilities, i.e. hospitals remained the significant holder of user market share due to increase in the automated system utilization in these facilities for disease diagnosis. Propelling improved features for early diagnosis.
GLOBAL DIAGNOSTIC IMAGING MARKET, BY REGION
North America held the largest market share in Diagnostic Imaging in the forecast period
Diagnostics imaging market research encompassed a comprehensive analysis of five key regions:
All regions were evaluated based on these following factors- healthcare infrastructure, regulatory landscape, technological adoption, and market dynamics.
The research observed that North America held the largest share in the diagnostic imaging domain during the forecast period, primarily due to its advanced healthcare systems, high adoption rates of new technologies, favorable reimbursement policies, and the presence of major market players driving innovation in this sector.
As per the historical and the base year of the report (2022 and 2023, respectively), key players in diagnostic imaging were GE Healthcare (US), Koninklijke Philips N.V (Netherlands), Siemens Healthineers (Germany), Samsung Electronics (South Korea), Fujifilm (Japan) and Hologic (US).
Introduction
Market Definition
Diagnostic imaging, a cornerstone of modern medicine, includes various techniques that provides crucial insights into the body’s internal structures to help figure out the causes of an illness or injury and hence, give a diagnosis.
FIGURE: DIAGNOSTIC IMAGING MARKET SEGMENT
FIGURE: YEARS FRAMEWORK CONSIDERED IN THE STUDY
Key Stakeholders
Key objectives of the Study
Research Methodology
The objective of the study is to analyze the key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies. To track company developments such as product launches and approvals, expansions, and collaborations of the leading players, the competitive landscape of the diagnostic imaging market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches will be used to estimate the market size. To estimate the market size of segments and sub segments the market breakdown and data triangulation will be used.
FIGURE: RESEARCH DESIGN
Research Approach
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases, annual reports, investor presentations, and SEC filings of companies. Secondary research will be used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the diagnostic imaging market. A database of the key industry leaders will also be prepared using secondary research.
Collecting Primary Data
The primary research data will be conducted after acquiring knowledge about the diagnostic imaging market scenario through secondary research. A significant number of primary interviews will be conducted with stakeholders from both the demand side and supply side (including various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing and product development teams, product manufacturers) across major countries of North America, Europe, Asia Pacific, and Rest of the World. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
FIGURE: BREAKDOWN OF PRIMARY INTERVIEWS FROM SUPPLY SIDE
FIGURE: BREAKDOWN OF PRIMARY INTERVIEWS FROM DEMAND SIDE
FIGURE: PROPOSED PRIMARY PARTICIPANTS FROM DEMAND AND SUPPLY SIDE
Market Size Estimation
All major manufacturers offering various diagnostic imaging systems will be identified at the global/regional level. Revenue mapping will be done for the major players, which will further be extrapolated to arrive at the global market value of each type of segment. The market value of diagnostic imaging market will also split into various segments and sub segments at the region level based on:
FIGURE: REVENUE MAPPING BY COMPANY (ILLUSTRATION)
FIGURE: REVENUE SHARE ANALYSIS OF KEY PLAYERS (SUPPLY SIDE)
FIGURE: MARKET SIZE ESTIMATION TOP-DOWN AND BOTTOM-UP APPROACH
FIGURE: ANALYSIS OF DROCS FOR GROWTH FORECAST
FIGURE: GROWTH FORECAST ANALYSIS UTILIZING MULTIPLE PARAMETERS
Research Design
After arriving at the overall market size-using the market size estimation processes-the market will be split into several segments and sub segment. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub segment, the data triangulation, and market breakdown procedures will be employed, wherever applicable. The data will be triangulated by studying various factors and trends from both the demand and supply sides in the diagnostic imaging market industry.
1. Introduction
1.1 Key Objectives
1.2 Definitions
1.2.1 In Scope
1.2.2 Out of Scope
1.3 Scope of the Report
1.4 Scope Related Limitations
1.5 Key Stakeholders
2. Research Methodology
2.1 Research Approach
2.2 Research Methodology / Design
2.3 Market Sizing Approach
2.3.1 Secondary Research
2.3.2 Primary Research
3. Executive Summary & Premium Content
3.1 Global Market Outlook
3.2 Key Market Findings
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers/Opportunities
4.1.2 Restraints/Challenges
4.2 End User Perception
4.3 Need Gap
4.4 Supply Chain / Value Chain Analysis
4.5 Industry Trends
4.6 Porter’s Five Forces Analysis
5. Patent Analysis
5.1 Patents Related to Diagnostics Imaging Technologies/Devices
5.2 Patent Landscape and Intellectual Property Trends
6. Diagnostic Imaging Market, by Product (2023-2030, USD Million)
6.1 CT Scanners
6.1.1 Conventional CT Scanners
6.1.1.1 High-slice CT Scanner
6.1.1.2 Mid-slice CT Scanner
6.1.1.3 Low-slice Scanner
6.1.2 Cone-Beam CT Scanner
6.2 Ultrasound Systems
6.2.1 2D ultrasound systems
6.2.2 3D and 4D ultrasound systems
6.2.3 Doppler ultrasound systems
6.2.4 Contrast enhanced ultrasound systems
6.2.5 Contrast enhanced ultrasound systems
6.2.6 PoC ultrasound systems
6.3 X-ray Imaging Systems
6.3.1 Analog systems
6.3.2 Digital systems
6.4 MRI Systems
6.4.1 Closed MRI systems
6.4.2 Open MRI systems
6.5 Nuclear Imaging Systems
6.5.1 Positron Emission Tomography (PET)
6.5.2 Single Photon Emission Computed Tomography (SPECT)
6.6 Mammography Systems
7. Diagnostic Imaging Market, by Application (2023-2030, USD Million)
7.1 Cardiology
7.2 Gynecology
7.3 Orthopedics & Muscoskeletal
7.4 Radiology
7.5 Neurology & Spine
7.6 Gastroentrology
7.7 General Imaging
7.8 Others
8. Diagnostic Imaging Market, by End Users (2023-2030, USD Million)
8.1 Hospitals and critical care centres
8.2 Diagnostic centres
8.3 Ambulatory care centers
8.4 Others (academic and research institutions, etc.)
9. Diagnostic Imaging Market, by Region (2023-2030, USD Million)
9.1 North America
9.1.1 US
9.1.2 Canada
9.2 Europe
9.2.1 UK
9.2.2 France
9.2.3 Germany
9.2.4 Italy
9.2.5 Spain
9.2.6 Rest of Europe
9.3 Asia-Pacific
9.3.1 China
9.3.2 India
9.3.3 Japan
9.3.4 Australia and New Zealand
9.3.5 Rest of Asia Pacific
9.4 Middle East and Africa
9.5 Latin America
10. Competitive Analysis
10.1 Key Players Footprint Analysis
10.2 Market Share Analysis
10.3 Key Brand Analysis
10.4 Regional Snapshot of Key Players
10.5 R&D Expenditure of Key Players
11. Company Profiles2
11.1 GE Healthcare
11.1.1 Business Overview
11.1.2 Product Portfolio
11.1.3 Financial Snapshot3
11.1.4 Recent Developments
11.1.5 SWOT Analysis
11.2 Koninklijke Philips N.V.
11.3 Siemens Healthineers
11.4 Hologic, Inc.
11.5 Fujifilm
11.6 Toshiba Medical System Corporation
11.7 Shimadzu Corporation
11.8 Hitachi Ltd
11.9 Samsung Electronics
11.10 Canon Inc.
11.11 Others Key Players
12. Conclusion
13. Appendix
13.1 Industry Speak
13.2 Questionnaire
13.3 Available Custom Work
13.4 Adjacent Studies
13.5 Authors
14. References
Key Notes: