Global Diagnostic Medical Imaging Market Poised for Moderate Growth: Projected to Reach USD 37.0 Billion By 2027

Published | 24 June 2021

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global diagnostic medical imaging market was worth USD 26.0 billion in the year 2020. The data gathered by the study further reveals that the market is estimated to grow at a CAGR of 5.3%, earning revenue of around USD 37.0 billion by the end of 2027. The growth of the global diagnostic medical imaging market can be attributed to several factors, such as the growing application of diagnostic medical imaging in the diagnosis of various medical conditions, and increasing geriatric population, along with various technological advancements.

Technological Advancements in Imaging Systems Propelling the Market Forward

Technological innovations and increasing R & D activities in imaging systems are boosting the growth of the global diagnostic medical imaging market. The most recent technologies in the medical imaging field include 3-D viewing, medical cooperation, easy Picture Archiving and Communication System (PACS) connectivity, Big Data, and the IoT, which enables easy access to radiology reports and referral studies. For instance, using an automated IoT-enabled sensor, the smart lighting system for radiology can change the brightness of the reading room light according to World Health Organization (WHO) norms, tailoring settings for specific modalities and priorities of each healthcare provider. Diagnostic accuracy is also improving with 3-D mammography and 3-D Ultrasonic Holography, which is projected to boost market growth.

Advancements in the AI-Integrated Medical Imaging Technologies Driving Market Growth

The adoption of AI technologies is booming in the healthcare industry and it has penetrated the medical imaging technologies as well. The high adoption of AI-integrated technologies especially in the developed countries is one of the major factors behind the growth of the diagnostic medical imaging market. The AI-integrated technologies offer early and high efficiency in the diagnosis of various conditions which helps in providing the treatment in the early stages. Because of this, they are increasingly being adopted in hospitals and diagnostic centers, proliferating the diagnostic medical imaging market growth.

Global Diagnostic Medical Imaging Market - By End-User

Based on end-users, the global diagnostic medical imaging market is categorized into hospitals and imaging centers. The hospital segment dominates the market and is also anticipated to grow at a significant growth rate in the forecast period as well. Technological improvement in diagnostic imaging systems, rising inclination of hospitals towards the automation and digitization of radiology patient workflow, increasing acceptance of unconventional imaging modalities to improve workflow efficiency in hospitals are the factors that are driving the growth of the global 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. However, the Asia-Pacific region is also catching up as the fastest-growing region in the global diagnostic medical imaging market. Major factors influencing the high adoption of diagnostic medical imaging in this region include an increase in the number diagnostic imaging systems, increasing healthcare expenditure, growth in research and development expenditure, and the growing trend of medical tourism.

Impact of COVID-19 on Global Diagnostic Medical Imaging Market

The global diagnostic medical imaging market witnessed a sudden slump during the COVID-19-induced pandemic. The demand for imaging equipment dropped significantly as the hospital visits declined due to lockdown restrictions. Furthermore, the hospital's resources and healthcare experts were completely focusing to the care of COVID-19-infected patients. However, in the post-COVID-19 era, the diagnostic medical imaging industry is expected to grow as medical examinations and disease diagnosis resume. Furthermore, the prevalence of numerous medical disorders is considered to have increased during the lockdown as a result of the sedentary lifestyle. As a result, people are resorting to medical diagnostics, which is fueling market growth in the post-COVID era.

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 key industry participants continually focus on research and development and innovating & advancing their imaging technologies to stay ahead in the competition. The adoption of competitive strategies like partnerships, acquisitions, mergers, collaboration, etc., are also very prominent in this market.

Don’t miss the business opportunity of the global diagnostic medical imaging market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global diagnostic medical imaging market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global diagnostic medical imaging market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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