Global Diagnostics Imaging Market By Type (X-ray Imaging Systems, Ultrasound Systems, Computed Tomography (CT) Scanners, Nuclear Imaging Systems, Magnetic Resonance Imaging (MRI) Systems, Hybrid PET, Mammography, SPECT, and Others), By Application (Gynecology, Cardiology, Neurology, Oncology, Orthopedics, and Other Applications), By End User (Hospitals, Specialty Clinics, Diagnostic Imaging Centers, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the global diagnostics imaging market accounted for USD 33 billion and is expected to reach around USD 54.6 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 5.3%.

The market for diagnostic imaging is expected to grow due to factors such as the increasing prevalence of chronic diseases and the aging population, technological advances in imaging modalities, and the growing number of hospitals. Market players will also benefit from the growth of emerging economies, medical tourism, and multi-modality imaging systems.

Key Takeaways

1. Market Growth:
   • In 2022, the global diagnostics imaging market was valued at USD 33 billion and is expected to reach approximately USD 54.6 billion by 2032, with an estimated CAGR of 5.3% between 2023 and 2032.
2. Type Analysis:
   • The ultrasound segment dominated the market, driven by increasing applications and innovations such as portable ultrasound devices and AI integration.
   • The CT segment is expected to experience the fastest growth, primarily due to the demand for Point of Care CT devices and high-precision CT scanners with AI and machine learning.
3. Application Analysis:
   • Oncology imaging led in terms of revenue, attributed to the rising global cancer incidence and emphasis on early diagnosis.
   • Orthopedics is expected to have the highest CAGR due to the growing elderly population and advanced diagnostic tools.
4. End-User Analysis:
   • Hospitals had the largest revenue share, driven by advanced imaging modalities and technology integration.
   • In Asia-Pacific, a rise in private healthcare service providers and new hospitals equipped with imaging facilities is contributing to growth.
5. Drivers:
   • Technologically advanced systems, cost-effective diagnosis, and population growth are propelling market growth.
   • Introduction of new products, such as One-Beat Spectral Cardiac CT, is boosting the industry.
6. Restraints:
   • Frequent product recalls and competition from low-cost, refurbished equipment are hindering market growth.
7. Opportunity:
   • Emerging countries’ rising healthcare spending, increased R&D activities, and the adoption of new medical imaging modalities present growth opportunities.
8. Trends:
   • Mid-range CT scanners are expected to hold the largest market share, driven by their performance in angiography and cardiac studies.
9. Regional Analysis:
   • North America dominated the market due to numerous industry players, favorable reimbursement policies, and high healthcare spending.
   • The Asia-Pacific region is expected to grow at the highest CAGR, driven by the rising prevalence of chronic diseases and increased demand for advanced imaging equipment.

Type Analysis

The Ultrasound Segment Dominated the Global Market and Accounted for The Largest Share of the Global Revenue.

This segment is expected to maintain its lead during the forecast period. This growth can be attributed largely to the increasing number of ultrasound applications. Recent developments in ultrasound transducers allow for new medical and cardiovascular imaging applications. The development of portable ultrasound devices will also be a key focus. Market growth will also be influenced by the integration of Artificial Intelligence into ultrasound systems to automate the image quantification process. The CT segments are anticipated to experience the fastest CAGR during the forecast period.

CT is the most important tool for COVID-19 patients. The primary reason for this is the rise in demand for Point of Care CT devices and the creation of a high-precision CT scanner that combines AI and machine learning with cutting-edge visualization tools. Segments that distinguish the market for medical imaging are determined by product type, region, and application. The market can be divided into MRI and ultrasound imaging systems according to product type. CT scanners, nuclear and nuclear imaging systems, and mammography are also included. MRI architecture, MRI field strength, and mammography are two other subcategories of the MRI system.

There are two types of MRI architecture. Open MRI systems and closed MRI systems. There are four types of MRI field strength: low to midfield systems (high field systems), high field systems (very high field systems), and field systems. There are three types of ultrasound imaging systems: Doppler imaging (HIFU), high-intensity focused ultrasound (HIFU), as well as extracorporeal shockwave lithotripsy. Further, X-ray imaging systems are subdivided into technology-based and probability-based.

In recent years, the use of hybrid imaging has significantly increased in diagnosing diseases in many medical disciplines, including neurology and cardiology. This has led to a growing need for professionals who can capture and understand the data from these devices. Multimodal imaging training is offered by various research centers and institutes.

The older generation of mammography systems used 2D images of breasts, limiting the interpretation quality. 2D mammography systems can provide Craniocaudal and Mediolateral Oblique (MLO) images. Growing demand for mammography machines, an expanding medical services industry, and a desire for more frequent checking are just a few of the key drivers expected to drive interest in the future. Interest will continue to grow throughout the period due to government initiatives to improve clinical translation and increase admittance to mammary malignant growth screening systems.

Technological advances in Single-Photon Emission Computed Tomography (SPECT), along with the rising incidence of cardiovascular diseases and cancer around the world, are fueling the Single-Photon Emission Computed tomography (SPECT). The SPECT Market is also growing due to increased investment in advanced diagnostic centers and increased awareness about the diagnosis.

Application Analysis

The Oncology Segment Dominated the Global Diagnostic Imaging Market in Terms of Revenue and Is Estimated to Sustain Its Dominance During the Forecast Period.

The orthopedics segment was dominant in the application segment. Oncology imaging is also in high demand due to the rising incidence of cancer around the world and the increasing emphasis on early diagnosis and treatment. The CAGR for the oncology segment is expected to be higher due to this and improved access to diagnostic imaging centers and healthcare facilities in emerging countries.

Lung cancer is the most common type of cancer, and it accounts for the highest number of deaths from cancer worldwide. The International Agency for Research on Cancer has stated that breast cancer is now the most common type of cancer. This has led to a rise in demand for oncology diagnostic imaging. Orthopedics, on the other hand, is expected to be the fastest-growing sector during the forecast period.

The demand for orthopedics is increasing due to the rising elderly population and the rising number of road accidents. The market is also being driven by the availability of the most technologically advanced diagnostics tools.

End-User Analysis

The Hospitals Segment Had the Largest Revenue Share Based On End-Users Due to Its Wide Penetration in Both Public and Private Hospitals Around The World

The segment is experiencing a boom in demand for advanced imaging modalities and the integration of surgical suits and imaging technologies. These modalities are more popular in teaching hospitals than in general or specialist hospitals in some countries. This is a stark contrast to the demand in developing regions. The number of hospitals in Asia Pacific has seen a sharp rise, despite many countries developing. This is due to the entry of multinational healthcare service providers.

These countries have a dominant healthcare service provider: private players. Private players dominate the healthcare sector in these countries. New hospitals often provide dedicated space for imaging procedures. The segment will see increased competition and demand for top-quality healthcare services in the future. Due to the increased adoption of advanced technology and improved infrastructure, the diagnostic imaging segment will experience the fastest growth. The segment will also grow due to rising investment in smart, technologically advanced hospitals that are equipped with advanced diagnostic imaging equipment.

Key Market Segments

By Type

• X-ray Imaging Systems
• Ultrasound Systems
• Computed Tomography (CT) Scanners
• Nuclear Imaging Systems
• Magnetic Resonance Imaging (MRI) Systems
• Others

By Application

• Gynecology
• Cardiology
• Neurology
• Oncology
• Orthopedics
• Other Applications

By End-Users

• Hospitals
• Specialty Clinics
• Diagnostic Imaging Centers
• Others

Drivers

Introduction of Technologically Advanced Systems to Propel Market Growth

 Globally, the demand for medical imaging equipment will be influenced by factors such as the rising demand for cost-effective and early diagnosis of chronic diseases and the growing population. Market growth is driven by the introduction of new devices and the development of healthcare in Asia. For Instance, Canon Medical Systems Corporation also launched One-Beat Spectral Cardiac CT in November 2020. This CT uses rapid kVp switching, deep learning spectral reconstruction, and whole-heart spectral images. Market growth will likely be accelerated by the launch of new products.

Restraints

Frequent Product Recalls to Hinder Market Growth

The global market growth is expected to be slowed by frequent product recalls in imaging equipment. This, combined with the existence of large, regulated, and highly profitable refurbished equipment, has reduced the adoption of innovative equipment in these markets. Many domestic and established players have entered the market to offer low-cost, refurbished equipment to healthcare facilities around the world. These refurbished devices are more cost-effective than new equipment for smaller and medium-sized healthcare facilities, leading to lower adoption in the global market.

Opportunity

Growth Opportunities In Emerging Countries

Both developed, and developing countries are seeing a rise in healthcare spending, which drives the demand for medical imagery. These factors will all drive the industry’s growth over the forecast period. Market growth will be driven by increasing R&D activities, rising healthcare infrastructure, and the adaptation of new medical imaging modalities.

Trends

Mid-Range Scanners Segment Under Computed Tomography Expected To Account For Largest Market Share During The Forecast Period

The market is expected to grow significantly over the forecast period, with a large share being held by mild-range scanners. To keep up with the growing demand worldwide for scanners, companies took a number of definite steps. The mid-range CT scanners perform better in angiography than the low-range CT scanners. Because of its high speed and sensitive characteristics, healthcare professionals can view the walls of the arteries for plaque formation. They can also observe the smallest vessels and branches of the arterial branches. This makes it an excellent choice for cardiac studies.

Regional Analysis

North America Region Accounted Significant Share of the Global Diagnostics Imaging Market

North America was the dominant market for global revenue. Regional market growth is due to the presence of many industry players and the frequent introduction of new products within the region. Because of favorable reimbursement policies and funding from market participants, the region is able to adopt high-end medical imaging equipment. North America is home to the largest healthcare spending.

The market will be driven by these elements, as well as an increasing number of chronic diseases and a growing trend toward preventive diagnostics. Due to the rising prevalence of chronic diseases and the high demand for cutting-edge imaging equipment, the Asia-Pacific region of the market is anticipated to expand at the highest CAGR over the forecast period. Local manufacturing units providing diagnostic units at moderate prices will likely rise in this underpriced market.

Key Regions

North America

• The US
• Canada
• Mexico

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

The Market’s Dominance is Due to a Wide Range of Medical Imaging Equipment and a Strong, Global Distribution Network.

GE Healthcare, Philips, and Siemens Healthineers are the top medical imaging players on the market. The company’s strong investment in research to create a superior portfolio of treatment options has helped it to be a leader in the market. The recent trend of collaborations between global and local companies is expected to positively affect market growth.

These collaborations and the exchange of technology help speed up development and boost market competition. This allows for the creation of sophisticated and affordable imaging systems. These collaborations do not only benefit diagnostic imaging players. This will have a positive impact on the growth of diagnostic imaging markets.

Market Key Players

With the presence of many local and regional players, the market for companion diagnostics is fragmented. Market players are subject to intense competition from top market players, particularly those with strong brand recognition and high distribution networks. To stay on top of the market, companies have gained various expansion strategies such as partnerships and product launches.

• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Healthineers
• Canon Medical Systems Corp.
• Mindray Medical International
• Esaote
• Hologic, Inc.
• Samsung Medison Co., Ltd.
• Koning Corporation
• PerkinElmer Inc.
• FUJIFILM VisualSonics Inc.
• Cubresa Inc.
• Other Key Players

Recent Development

• In July 2022: Canon Medical introduced the Vantage Fortain MRI Systems at ECR 2022. This MRI system features innovative workflow options, image enhancements, and accelerated scanning technology. Together, these technologies help to reduce the time needed for MRI procedures.
• In April 2022: The Revolution Aspire CT scanner of the next generation was introduced by Wipro GE Healthcare. India developed and produced the cutting-edge imaging solution known as Revolution Aspire.

Report Scope