Global Diagnostic Medical Imaging Market, By Product Type (Computed Tomography (CT) Scanners, X-ray Imaging Systems, MRI Systems, Ultrasound Imaging Systems, Nuclear Imaging Systems, Mammography Systems), By Application (Neuronal Spine, Orthopedics and Musculoskeletal, Cardiovascular and Thoracic, General Imaging), By End-User (Hospitals, Imaging Centers), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027

Global Diagnostic Medical Imaging Market- Industry Trends & Forecast Report 2027

The global diagnostic medical imaging market was worth USD 26.0 billion in 2020 and is further projected to reach USD 37.0 billion by the year 2027, growing at a CAGR of 5.3% in the forecast period. The growing prevalence of chronic illnesses such as cancer and cardiovascular disease, as well as an increase in the geriatric population, and advancements in technology to manufacture a wide variety of diagnostic imaging tools for use in a range of medical processes, are all significant factors that are expected to drive the market over the forecast period.

Source: BlueWeave Consulting

Global Diagnostic Medical Imaging Market- Overview

Diagnostic imaging, often known as medical imaging, is the process of creating visual representations of the internal organs of a patient in order to diagnose diseases. Lower levels of electromagnetic radiation aid in the production of highly detailed images of the internal parts of the human body. The detailed images obtained by these procedures are used in the treatment of the patient and to educate physicians about the anatomic structure and functional operation of the internal organs. Diagnostic imaging is also used in medicine to identify a wide range of medical disorders such as broken bones, heart conditions, blood globules, and intestinal conditions.

Global Diagnostic Medical Imaging Market Forecast and Trends

Growth Drivers

Increasing Rate of Chronic Diseases

Chronic diseases such as cancer, cardiovascular (heart) disease, arthritis, asthma depression, and diabetes are rising across the globe at an alarming rate. Diagnostic imaging systems aid in the early detection of such conditions. In hospitals and diagnostic centers, MRI scanners are increasingly being utilized to detect the presence of heart disorders and to assess the anatomy of different body organs or parts. MRI scanners are particularly useful in assessing the condition of the heart at the time of birth as well as issues that develop after delivery.

Technological Advancements in Medical Imaging Systems

Artificial intelligence-powered medical imaging systems are a new emerging technology. It can detect any abnormal consequences on a patient and assist radiologists. The AI solution assists radiologists who are targeting body parts such as the chest, stomach, backbone, and head. For example, the Korea Institute of Machinery and Materials has enhanced disease diagnosis accuracy by merging medical imaging diagnostic equipment with the machine learning technology of mechanical equipment. These types of innovations and advancements play a major role in boosting the growth of the global diagnostic medical imaging market.

Restraints

High Cost of Diagnostic Imaging Systems

The high cost of diagnostic medical imaging systems due to technological improvements that add additional expenses is projected to impede the diagnostic imaging systems market's growth. Regular radiology equipment costs between USD 62,000 to USD 140,000, and may cost more depending on the size and type of equipment. A digital portable X-ray device costs between USD 125,000 and USD 235,000. The cost dynamic is very high and acts as a major hindrance in the adoption of diagnostic medical imaging, especially in emerging economies.

Impact of COVID-19 on Global Diagnostic Medical Imaging Market

The COVID-19-induced pandemic has had a negative influence on the global diagnostic medical imaging market. This is primarily due to a significant decrease in hospital visits for health checkups and diagnosis. With the reduction in the demand for various medical examinations, such as ultrasound, CT scan, X-ray, etc., the demand for diagnostic medical imaging equipment also faced a sudden slump. The demand for these medical examinations was also affected as the healthcare facilities and hospital staff were completely focusing on managing the overwhelming surge in the number of COVID-19 patients.

Global Diagnostic Medical Imaging Market - By Product Type

Based on product type, the global diagnostic medical imaging market is categorized into computed tomography (CT) scanners, X-ray imaging systems, MRI systems, ultrasound imaging systems, nuclear imaging systems, and mammography systems. The CT product segment is expected to be the largest segment in the global diagnostic imaging systems market owing to the capability of CT to generate precise images that deliver a clear impression of the musculoskeletal system. However, MRI systems are also witnessing high demand in hospitals and diagnostic centers.

Global Diagnostic Medical Imaging Market - By Application

Based on application, the global diagnostic medical imaging market is segmented into the neuronal spine, orthopedics and musculoskeletal, cardiovascular and thoracic, and general imaging. The Cardiovascular and thoracic applications captured the largest share of the global diagnostic medical imaging market owing to increasing investments in the healthcare sector and R&D activities in imaging systems. Moreover, the growing prevalence of cardiovascular diseases among all age groups across the globe is one of the leading factors driving the growth of the cardiovascular &thoracic segment in the diagnostic medical imaging market.

Global Diagnostic Medical Imaging Market - Regional Insights

Geographically, the global diagnostic medical imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among all the regions, North America holds the largest market share. Because of the high concentration of prominent market players, R&D activities, product approvals, and launches are extremely prominent in this region, which influences the high penetration of imaging technologies. Furthermore, increasing patient awareness and favorable reimbursement policies, along with the rising adoption of advanced technologies also works in favor of the market.

Competitive Landscape

The leading market players in the global diagnostic medical imaging market are Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Shimadzu Corporation, Agfa-Gevaert NV., Canon Medical Systems Corporation, Hitachi Ltd., Hologic, Inc., Samsung Healthcare, Mindray Medical International, EstateS.p.A, Toshiba Medical Systems Corporation, Cubresa Inc., PerkinElmer Inc., Carestream Health, FUJIFILM Holdings Corporation, CurveBeam LLC, Planmed Oy, Mindray Medical International Limited, and other prominent players.

To keep ahead of the competition, the prominent industry players are working on research and development, as well as inventing and upgrading their imaging technology. Adoption of competitive strategies such as partnerships, acquisitions, mergers, collaboration, and so on is also common in this market.

Recent Developments

l  In June 2021, FUJIFILM Medical Systems U.S.A., Inc., announced the launch of Persona RF Premium in the United States. The Persona RF Premium is a radiography and fluoroscopy system that provides real-time imaging for skeletal, digestive, urinary, respiratory, reproductive, and other essential organs.

l  In May 2021, Canon Medical Systems USA, Inc. announced an online store that offers medical imaging parts 24/7 at reduced costs. This platform will ship to 40 different locations in the US and also offers same-day delivery options.

Scope of the Report

By Product Type

Ø  Computed Tomography (CT) Scanners

Ø  X-ray Imaging Systems

Ø  MRI Systems

Ø  Ultrasound Imaging Systems

Ø  Nuclear Imaging Systems

Ø  Mammography Systems

By Application

Ø  Neuronal Spine

Ø  Orthopedics and Musculoskeletal

Ø  Cardiovascular and Thoracic

Ø  General Imaging

By End-User

Ø  Hospitals

Ø  Imaging Centers

By Region

Ø  North America

Ø  Europe

Ø  Asia-Pacific (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

FAQs:

1. What is the current size of the global diagnostic medical imaging market?

Answer: The global diagnostic medical imaging market reached USD 26.0 billion in 2020.

2. What are the major factors driving the growth of the global diagnostic medical imaging market?

Answer: The major factors driving the growth of the global diagnostic medical imaging market are increasing rate of chronic diseases and technological advancements in medical imaging systems.

3. Who are the key players in the global diagnostic medical imaging market?

Answer: The key players in the global diagnostic medical imaging market are: Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Shimadzu Corporation, Agfa-Gevaert NV., Canon Medical Systems Corporation, Hitachi Ltd., Hologic, Inc., Samsung Healthcare, Mindray Medical International, EstateS.p.A, Toshiba Medical Systems Corporation, Cubresa Inc., PerkinElmer Inc., Carestream Health, FUJIFILM Holdings Corporation, CurveBeam LLC, Planmed Oy, Mindray Medical International Limited, and other prominent players.

4. Which application segment accounted for the largest share in the global diagnostic medical imaging market?

Answer: The cardiovascular segment accounted for the largest share in the global diagnostic medical imaging market.

5. Which region is at the largest share in the global diagnostic medical imaging market?

Answer: North America has the largest share in the global diagnostic medical imaging market.