The Diagnostic Imaging Market is expected to grow from an estimated USD 26.6 billion in 2021 to USD 35.0 billion by 2026, at a CAGR of 5.7%.
The growth of medical imaging market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations.
Growing geriatric population and the rising prevalence of associated diseases;
The risk of developing diseases increases proportionately with age. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. In addition, the American Medical Association (AMA) estimates that at least 60% of individuals aged 65 and above will be living with more than one chronic condition by 2030. This increase in the aging population will drive the demand for improved healthcare facilities and advanced treatment options and medication.
With the rapid growth in the geriatric population globally, the prevalence of age-associated diseases such as Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia, along with CVDs and cancer, is expected to increase.
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The Rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, increasing demand for early disease diagnosis and widening scope of clinical applications, technological advancements in diagnostic imaging modalities, and increasing investments, funds, and grants by public-private organizations are some of the major factors driving the growth of this market.
The CT Scanners market segment accounted for the largest share of the global diagnostic imaging market in 2020
Based on product, the market is broadly segmented into six segments-X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The CT scanners segment held the largest share of the global medical imaging market in 2020. The high growth of this product segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. There has been a steady increase in the demand for CT scanners ever since the COVID-19 pandemic started. CT of the chest plays an important role in diagnosing COVID-19; almost every patient needs a CT scan to monitor disease progression. Consequently, the rising demand for disease treatment has favored the CT scanners market, even with the deferred procedures.
General Radiography applications under X-ray imaging systems application accounted for the largest market share among all application segments of the diagnostic imaging market.
Based on application, the market is segmented into the respective modalities viz., MRI systems, ultrasound systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems, and their respective applications. Among the applications, the largest share in 2020 was accounted by cardiology under CT scanners, and brain & neurological MRI under MRI systems; radiology/general imaging under ultrasound systems; General radiography applications under X-ray imaging systems; and oncology under nuclear imaging systems. General radiography applications under X-ray imaging systems application accounted for the largest market share among all application segments of market in 2020.
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North America is expected to be the largest market during the forecast period.
North America accounted for the largest share of the diagnostic imaging market in 2020, followed by the Asia Pacific region. Growth in the North American market is mainly due to the rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and high adoption of technological advancements (owing to the significant per capita annual healthcare expenditure by the US government).
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the diagnostic imaging market. The major players in the market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Canon Medical Systems Corporation (Japan), FUJIFILM Holdings Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), Samsung Electronics (South Korea), Mindray Medical International (China), Agfa-Gevaert N.V. (Belgium), Planmed Oy (Finland), CurveBeam LLC (US), and Shimadzu Corporation (Japan), among others.
These players are adopting various strategies to increase their share in the diagnostic imaging market. Collaborations & agreements, new product launches, and expansions have been a widely adopted strategies by the major players in diagnostic imaging industry.
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