Diagnostic Imaging Market to Grow with a CAGR of 6.6% through 2028
The integration of advanced
technologies and the increasing prevalence of chronic disorders is expected to
drive the Global Diagnostic Imaging Market growth in the forecast period,
2024-2028.
According to TechSci Research
report, “Diagnostic Imaging Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Diagnostic
Imaging Market stood at USD 27.12 billion in 2022 and is anticipated to grow
with a CAGR of 6.6% in the forecast period, 2024-2028. The growth of this
market is primarily driven by several factors. There is an increasing demand
for early disease diagnosis, which has become crucial in improving patient
outcomes. Additionally, the widening scope of clinical applications has opened
up new opportunities for the market to expand and cater to various medical
specialties.
Furthermore, the rapidly growing
geriatric population has contributed to the market growth as age-related
diseases become more prevalent. Technological advancements in the diagnostic
imaging industry have also played a significant role, enabling more accurate
and efficient diagnosis. The market has benefited from increasing investments,
funds, and grants by public-private organizations, which have fostered research
and development in this field. These factors combined have created a favorable
environment for the market to thrive and continue its upward trajectory.
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Diagnostic Imaging Market.”
The rising demand for early
disease detection has become a significant driving force behind the robust
growth of the global diagnostic imaging market. This surge is fueled by various
factors, including the escalating prevalence of chronic illnesses such as
cancer, cardiovascular diseases (CVDs), and diabetes worldwide. According to
the World Health Organization (WHO), a staggering 1.5 million deaths in 2019
were directly attributed to diabetes alone. Shockingly, the International
Diabetes Federation predicts that the number of individuals affected by
diabetes globally will reach approximately 700 million by the year 2045.
In addition to the alarming rise
in diabetes cases, the International Agency for Research on Cancer reported an
estimated 19.3 million new cancer cases and 10 million cancer-related deaths
worldwide in 2020. These numbers are projected to witness an astonishing 47%
increase from 2020 to 2040, with an estimated 28.4 million new cancer cases
expected globally by 2040.
Furthermore, the growing
geriatric population plays a vital role in driving the demand for diagnostic
imaging. As the elderly are more susceptible to various diseases, frequent
monitoring becomes increasingly crucial. The United Nations estimates that the
number of people aged 60 years or above worldwide was approximately 382 million
in 2017 and is expected to reach a staggering 2.1 billion by 2050. To meet the
ever-increasing demand for diagnostic imaging, the industry has witnessed a
surge in investments and technological advancements. Coupled with the rising
awareness among the population about the availability of advanced diagnostic
devices and the escalating healthcare expenditure, the adoption of diagnostic
imaging is being boosted on a global scale. Moreover, government investments in
the development of sophisticated healthcare infrastructure, particularly in
developing countries, are anticipated to further drive the demand for
diagnostic imaging.
One notable trend in the
diagnostic imaging market is the integration of artificial intelligence (AI)
technologies into imaging devices. This integration is expected to
revolutionize patient care and significantly contribute to the market's growth
during the forecast period. With continuous advancements in AI, diagnostic
imaging devices are now capable of providing more accurate and efficient
diagnoses, ultimately leading to improved patient outcomes.
Overall, the global diagnostic
imaging market is experiencing substantial growth due to the rising demand for
early disease detection, the increasing prevalence of chronic diseases, the
growing geriatric population, investments in technological advancements, and
the integration of AI technologies. These factors collectively contribute to
the expansion and development of the market, ultimately leading to improved
healthcare outcomes for patients worldwide.
The Global Diagnostic Imaging
Market is segmented into product type, application, end user, regional
distribution, and company.
Based on the application, in
2022, the oncology segment emerged as the dominant force in the global
diagnostic imaging market, both in terms of revenue and market share. This
trend is projected to continue during the forecast period, as the prevalence of
cancer among the population continues to rise. Notably, lung cancer stands out
as the most prominent type of cancer, responsible for the highest number of
cancer-related deaths worldwide. However, recent data from the International
Agency for Research on Cancer reveals that breast cancer has surpassed lung
cancer as the most commonly diagnosed form of cancer. Consequently, the growing
demand for oncology diagnostic imaging services has significantly contributed
to the expansion of this segment.
On the other hand, the
orthopedics segment is anticipated to exhibit the highest growth rate during
the forecast period. This surge can be attributed to two key factors: the
increasing geriatric population and the rising number of road accident cases.
These factors have led to a greater demand for orthopedic diagnostic imaging
services. Furthermore, the availability of technologically advanced devices for
diagnostics has further fueled the growth of this market segment.
Based on region, North America
segment is expected to grow during the forecast period. North America is
projected to dominate the diagnostic imaging market during the forecast period.
It currently holds a significant share in the market and is expected to
continue this trend. This can be attributed to the increasing prevalence of
chronic diseases and the growing demand for advanced diagnostic imaging.
The United States is the largest
contributor to the diagnostic imaging market, driven by technological
advancements, affordability rates, and a rising number of diagnostic
procedures. Moreover, well-established healthcare facilities, a growing demand
for advanced healthcare systems among the aging population, and the increasing
prevalence of chronic diseases are expected to further drive market growth. For
example, according to data published by the American Cancer Society in 2022, it
is estimated that there will be 1.9 million new cancer cases in the United
States in 2022. Additionally, the growing incidence of neurological disorders
like brain tumors is anticipated to propel market growth. As per an article
published by the American Cancer Society Journal in 2022, approximately 83,750
individuals were diagnosed with brain and other central nervous system tumors
in the United States in 2021.
Furthermore, the market is
expected to witness growth due to the increasing number of product launches.
For instance, in December 2021, Fujifilm Healthcare introduced the Velocity MRI
system, an advanced, high-field open MRI, during the 2021 Radiological Society
of North America conference in Chicago. Considering these factors, the market
in North America is expected to experience significant growth in the coming
years.
Major companies operating in
Global Diagnostic Imaging Market are:
- GE Healthcare Inc.
- Philips Healthcare Informatics Inc.
- Hitachi Medical Corporation
- Hologic, Inc.
- Siemens Healthcare GmbH
- Samsung Medison
- Shimadzu Corporation
- Toshiba Medical Systems Corporation
- Esaote S.P.A
- Fujifilm Corporation
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“The growing global geriatric
population, which is highly susceptible to various health conditions, is
contributing to the favorable market growth. Moreover, the increasing emphasis
on preventive healthcare and early disease diagnosis to enhance patient outcomes
and reduce healthcare expenses is fueling the demand for imaging solutions.
Additionally, the development of radiology software eliminates the manual
handling of films, minimizes storage requirements, and facilitates convenient
access to images from multiple modalities. It also assists in managing patient
data, scheduling procedures, tracking patient history, and streamlining billing
processes. Furthermore, governments of several countries are prioritizing the
enhancement of healthcare infrastructure, which is driving the market
expansion.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Diagnostic Imaging Market Segmented
By Product Type (X-Ray, Ultrasound, Computed Tomography, Nuclear Imaging, and
Magnetic Resonance Imaging), By Application (Oncology, Neurology, Cardiology, Gynaecology,
Orthopaedics, and Others), By End User (Hospitals, Diagnostic Imaging Centres,
and Ambulatory Imaging Centres), By Region and Competition, Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Diagnostic Imaging Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Diagnostic Imaging Market.
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