Diagnostic Imaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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

Market Snapshot

Diagnostic Imaging Market Size
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 6.1 %
Diagnostic Imaging Market Key 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 (2022-2027).

The COVID-19 pandemic is expected to have a significant impact on the market. According to an article titled, Chest radiograph at admission predicts early intubation among inpatient COVID-19 patients appearing in European Radiology in November 2020, chest radiography was useful in identifying COVID-19 patients who may rapidly deteriorate and help inform clinical management and a hospital bed and ventilation allocation. This is likely to increase the usage of these devices in COVID wards of hospitals. In April 2020, the German Röntgen Society (DRG) issued a guideline for using CT scans for COVID-19 patients. According to the DRG, for a clinically symptomatic patient, with initially negative PCR and clinical consequences, a CT scan is recommended to help diagnose COVID-19. It is also recommended to confirm the CT finding by sequential reverse transcription PCRs (RT-PCRs) tests. Similarly, in April 2020, the National COVID-19 Chest Imaging Database (NCCID) was launched in the United Kingdom that provides a more comprehensive understanding of COVID-19, collating X-Rays, CT, and MRI scan data from 20 NHS trusts across the country to detect disease patterns and markers of the virus using Artificial Intelligence (AI), which, in turn, enables more accurate early diagnoses and prognoses and inform new treatments. This is expected to boost the demand for such equipment and tests during the COVID-19 pandemic. Product launches are another reason for the growth of the market. For instance, in November 2020, Royal Philips launched the Philips Advanced Visualization Workspace – IntelliSpace Portal 12 for radiologists. The IntelliSpace Portal features a robust set of new AI-assisted quantitative assessment and automatic results generation features to support the diagnostic workflow, including follow-up and communication across cardiology, pulmonology, oncology, and neurology. Its AI-assisted pulmonary capabilities include the assessment of complex lung conditions associated with COVID-19.

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 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 the 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 the early detection of diseases.

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 diagnostic labs and hospitals. The aim is to improve access and precision, decrease cost, and make the impact of radiationless harmful. The trend is shifting from fixed to portable equipment. For example, until recently, size and electricity requirements have hindered the proper use of ultrasound. Smaller ultrasound equipment can provide color-flow Doppler imaging, relying on battery power solely.

Scope of the Report

As per the scope of the report, diagnostic medical imaging is a common technique to help visualize physical diagnosis in 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 Modality (MRI (Low and midfield MRI systems (less than 1.5 T), High field MRI systems (1.5-3 T), and Very High and Ultra High Field MRI Systems (3T and more)), Computed Tomography (Low-End Scanners (~16-Slice), Mid-range Scanners (~64-Slice), and High-end Scanners (128-Slice and More)), Ultrasound (2D Ultrasound, 3D Ultrasound, and Other Ultrasound), X-Ray (Analog Systems and Digital Systems) Nuclear Imaging (Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT)), Fluoroscopy, and Mammography), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, and Other Applications), End Users (Hospital, Diagnostic Centers, and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America).

The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. 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
Other Ultrasound
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
Other End Users
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 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. Similarly, in January 2022, the Port Perry Hospital Foundation (PPHF) surpassed its goal of raising USD 4 million to bring a CT scanner and other essential equipment to the Scugog healthcare center.

Thus, rising product launches of these CT scanners are further expected to flourish the market growth.

Diagnostic Imaging Market 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 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 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.

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.

Diagnostic Imaging Market Trends

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 include Siemen Healthineers, Koninklijke Philips NV, GE Healthcare, Hologic Corporation, and Mindray Medical International Limited. 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 May 2021, Royal Philips launched spectral detector-based Spectral Computed Tomography (CT) 7500. This latest intelligent system delivers high-quality spectral images for every patient on every scan 100% of the time to help improve disease characterization and reduce rescans and follow-ups, all at the same dose levels as conventional scans.

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.

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 Other Ultrasound

      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 Other End Users

    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 Esaote SpA

      3. 6.1.3 FUJIFILM Holdings Corporation

      4. 6.1.4 GE Healthcare

      5. 6.1.5 Hologic Corporation

      6. 6.1.6 Koninklijke Philips NV

      7. 6.1.7 Shimadzu Medical

      8. 6.1.8 Siemens Healthineers

      9. 6.1.9 Mindray Medical International Limited

      10. 6.1.10 Browns Medical Imaging (BMI)

      11. 6.1.11 Samsung Electronics Co. Ltd

      12. 6.1.12 Koning Corporation

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

**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 2019 - 2027.

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 2021.

GE Healthcare, Koninklijke Philips N.V.,, Siemens Healthineers, Mindray, Hologic, Inc. are the major companies operating in Diagnostic Imaging Market.

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