Diagnostic Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Diagnostic Imaging Market is segmented by Product Type (MRI (Low and midfield MRI systems (less than 1.5 T), High field MRI systems (1.5-3 T),Very High, and Ultra High Field MRI Systems (3T and more)) Computed Tomography (Low End Scanners (~16-Slice), Mid Range Scanners (~64-Slice), High End Scanners (128-Slice and More)), Ultrasound (2D Ultrasound, 3D Ultrasound, Others), X Ray (Analog System, Digital System) Nuclear Imaging ( Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT)), Fluoroscopy, Mammography), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Other Applications) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Medical Imaging Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 6.1 %
Medical Imaging Market Major Players

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Market Overview

The Diagnostic Imaging Market is expected to register a CAGR of nearly 6.1% during the forecast period. With the emergence of COVID-19, a significant positive impact on the diagnostic imaging market was also observed. As many of these devices such as CT is one of the primary tools for monitoring COVID-19 patients. As per an article by Fleischner Society (Rubin et al. 2020), an ideal diagnostic approach for COVID-19 is both chest CT along PCR tests to ensure the highest sensitivity. Thus, this is likely to augment the market growth. 

The major factors augmenting the growth of the diagnostic imaging market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and a rise in the geriatric population.

The burden of chronic diseases is on the rise globally, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. The increase in the aging population and changes in societal behavior are contributing to a steady increase in these common and costly long-term health problems. Most of the deaths by chronic diseases are attributable to cancer, cardiovascular diseases, obesity, and diabetes. According to GLOBOCAN, in 2020, about 19.3 million new cases of cancer were reported worldwide and this number is expected to increase to 30.2 million in the year 2040. The most affected would be the emerging markets, as the population growth is anticipated to be most significant in developing areas.

New models for therapy and diagnoses are being developed, which provide precise results, help in early detection of diseases, and help minimize the cost of treating these diseases. With the increasing disposable income, people are becoming capable enough to have access to imaging procedures for early detection of diseases.

Furthermore, the medical imaging field has advanced at a great pace, stimulated by advances in digital and communication technologies. New imaging techniques that reveal greater anatomical details are available in most of the diagnostic labs and hospitals. The aim is to improve access and precision, decrease cost, and make the impact of radiation less harmful. The trend is shifting from fixed to portable equipment. For example, until recently, size and electricity requirement have hindered the proper use of ultrasound. Today, smaller ultrasound equipment can provide color-flow Doppler imaging, relying on battery power solely.

Scope of the Report

As per scope of the report, diagnostic medical imaging is a common technique to help visualize physical diagnosis among the clinical community. For diagnostic purposes, these systems are used to image the body to obtain a correct diagnosis and determine future care. Diagnostic imaging is the technique or process of creating visual illustrations of the inner body for clinical examination and medical interpolation, along with the visual representation of the function of certain organs or tissues. It has a vast range of applications in a variety of oncological, orthopedic, gastro-, and gynecological fields. The Diagnostic Imaging Market is segmented by Product Type (MRI (Low and mid field MRI systems (less than 1.5 T), High field MRI systems (1.5-3 T),Very High, and Ultra High Field MRI Systems (3T and more)) Computed Tomography (Low End Scanners (~16-Slice), Mid Range Scanners (~64-Slice), High End Scanners (128-Slice and More)), Ultrasound (2D Ultrasound, 3D Ultrasound, Others), X Ray (Analog System, Digital System) Nuclear Imaging ( Positron Emission Tomography (PET), Single Photon Emission Computed Tomography (SPECT)), Fluoroscopy, Mammography), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Other Applications) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, South America). The report offers the value (in USD million) for the above segments.

By Modality
MRI
Low and mid field MRI systems (less than 1.5 T)
High field MRI systems (1.5-3 T)
Very High, and Ultra High Field MRI Systems (3T and more)
Computed Tomography
Low End Scanners (~16-Slice)
Mid Range Scanners (~64-Slice)
High End Scanners (128-Slice and More)
Ultrasound
2D Ultrasound
3D Ultrasound
Others
X-Ray
Analog Systems
Digital Systems
Nuclear Imaging
Positron Emission Tomography (PET)
Single Photon Emission Computed Tomography (SPECT)
Fluoroscopy
Mammography
By Application
Cardiology
Oncology
Neurology
Orthopedics
Gastroenterology
Gynecology
Other Applications
By End-User
Hospital
Diagnostic Centers
Others
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Mid Range Scanners (~64-Slice) Segment under Computed Tomography is expected to Account for Largest Market Share during the Forecast Period

The computed tomography (CT) scanners experienced tremendous growth in the market studied due to the outbreak of COVID-19. Companies took several definite measures in order to keep up with the growing demand for scanners all over the world. For instance, in February 2020, with the rapidly growing COVID-19 cases Samsung NeuroLogica ramped up the production of its 32-slice CT scanner, “mobile BodyTom”. It allows scanning of COVID-19 patients at the point of care due to its internal shielded design and at the same time minimizes exposure to the virus. Hence, owing to such instances, the market is expected to boost with the emergence of COVID-19.

Mid-range CT scanners are better for performing angiography in comparison with low-range CT scanners. Its characteristics such as high speed and sensitivity allow healthcare professionals to view the walls of arteries for plaque formation, and to observe the tiniest of vessels and arterial branches and therefore are well suited for cardiac studies. 

In order to grow their presence in the market, companies are continuously engaged in the development of new products. For instance, in January 2020, Allengers in collaboration with Canon Medical Systems Corporation introduced a new CT scanner in the market “ACUTOM 32” which is a 32 slice CT scanner featured with wide bore gantry of 32 cm, about 2.0MHU X-ray tube and about 0.75 seconds of rotation time. 

Furthermore, in April 2019, Columbia Asia Hospital Mysuru, India deployed a state-of-the-art computed tomography with 64 slice in it's hospital with an aim to enhance the diagnostic procedures. Thus, rising adoption of these CT scanners is further expected to flourish the market growth.

Medical Imaging Market Key Trends

North America accounted for the Largest Share in the Global Market

North America is found to hold a major share of the diagnostic imaging market and is expected to show a similar trend over the forecast period, without significant fluctuations. Due to the outbreak of COVID-19 a profound impact on the market studied is also expected to observe. The American College of Radiology (ACR), which represents nearly 40,000 radiologists in the United States, issued guidance that CTs and X-rays should not be used as a first-line tool to diagnose or screen for COVID-19, as it is highly contagious. 

The United States contributes to the major share in the diagnostic imaging market, which can be attributed to the increasing technological advances, higher affordability rates from the population, and the number of diagnostic procedures increasing on a yearly basis. In November 2019, Hologic Inc. received the US Food and Drug Administration (FDA) approval for its 3DQuorum Imaging Technology, powered by Genius AI, for breast cancer detection. 

Also, with the presence of well-established healthcare facilities, increasing demand for advanced healthcare systems among the aging population, and increasing prevalence of chronic diseases, the market is expected to grow in the forecast period. The growing number of neurological disorders such as brain tumors is also expected to propel market growth. As per the National Brain Tumor Society, in 2020, 700,000 people in the United States are living with a brain tumor, and around 87,000 as expected to be diagnosed with a brain tumor. Thus, with the aforementioned factors the market is expected to propel in this region during the forecast period.

Medical Imaging Market Growth Rate

Competitive Landscape

The market studied is fragmented owing to the presence of several players in the market. Some of the major players in the market are Siemen Healthineers, Koninklijke Philips N.V., GE Healthcare, Hitachi Medical Systems, Hologic Corporation, Mindray Medical International Limited and others. The market players are focusing on R&D to develop technologically advanced products in order to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence few major market players hold the maximum market share.

Recent Developments

In April 2021, the United States Food and Drug Administration (FDA) approved the product ''single-source Nanox.ARC digital x-ray technology'' developed by NANO-X IMAGING.

In October 2020, Siemens Healthineers received clearance from the FDA for the Ysio Max digital radiography system which includes new detectors and usability features that improve imaging and quicken exams.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition​

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rise in the Prevalence of Chronic Diseases

      2. 4.2.2 Increased Adoption of Advanced Technologies in Medical Imaging

      3. 4.2.3 Increase in the Geriatric Population

    3. 4.3 Market Restraints

      1. 4.3.1 Expensive Procedures and Equipment

      2. 4.3.2 Side Effects of Diagnostic Imaging

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Modality

      1. 5.1.1 MRI

        1. 5.1.1.1 Low and mid field MRI systems (less than 1.5 T)

        2. 5.1.1.2 High field MRI systems (1.5-3 T)

        3. 5.1.1.3 Very High, and Ultra High Field MRI Systems (3T and more)

      2. 5.1.2 Computed Tomography

        1. 5.1.2.1 Low End Scanners (~16-Slice)

        2. 5.1.2.2 Mid Range Scanners (~64-Slice)

        3. 5.1.2.3 High End Scanners (128-Slice and More)

      3. 5.1.3 Ultrasound

        1. 5.1.3.1 2D Ultrasound

        2. 5.1.3.2 3D Ultrasound

        3. 5.1.3.3 Others

      4. 5.1.4 X-Ray

        1. 5.1.4.1 Analog Systems

        2. 5.1.4.2 Digital Systems

      5. 5.1.5 Nuclear Imaging

        1. 5.1.5.1 Positron Emission Tomography (PET)

        2. 5.1.5.2 Single Photon Emission Computed Tomography (SPECT)

      6. 5.1.6 Fluoroscopy

      7. 5.1.7 Mammography

    2. 5.2 By Application

      1. 5.2.1 Cardiology

      2. 5.2.2 Oncology

      3. 5.2.3 Neurology

      4. 5.2.4 Orthopedics

      5. 5.2.5 Gastroenterology

      6. 5.2.6 Gynecology

      7. 5.2.7 Other Applications

    3. 5.3 By End-User

      1. 5.3.1 Hospital

      2. 5.3.2 Diagnostic Centers

      3. 5.3.3 Others

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Canon Medical Systems Corporation

      2. 6.1.2 Carestream Health Inc.

      3. 6.1.3 Esaote SpA

      4. 6.1.4 FUJIFILM Holdings Corporation

      5. 6.1.5 GE Healthcare

      6. 6.1.6 Hitachi Medical Systems

      7. 6.1.7 Hologic Corporation

      8. 6.1.8 Koninklijke Philips N.V.,

      9. 6.1.9 Shimadzu Medical

      10. 6.1.10 Siemens Healthineers

      11. 6.1.11 Mindray Medical International Limited

      12. 6.1.12 Browns Medical Imaging (BMI)

      13. 6.1.13 Samsung Electronics Co., Ltd.

      14. 6.1.14 Koning Corporation

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Diagnostic Imaging Market market is studied from 2018 - 2026.

The Diagnostic Imaging Market is growing at a CAGR of 6.1% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

FUJIFILM Holdings Corporation, GE Healthcare, Koninklijke Philips N.V.,, CareStream, Siemens Healthineers are the major companies operating in Diagnostic Imaging Market.

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