Diagnostic Imaging Market Report

Diagnostic Imaging Market Report, By Modality (X-Ray, Magnetic Resonance (MRI), Ultrasound, Computed Tomography (CT), Nuclear, Mammography), Contrast Agent (Iodinated, Gadolinium-Based, Micro Bubble, Barium-Based) Application (Cardiology, Gynaecology, Orthopaedics & Musculoskeletal, Radiology, Neurology & Spine, General Imaging), End Users and Geography – Global Market Share, Trend Analysis & Forecast , 2019 - 2028

Report Code : 11325 | Publish Date : Upcoming | Industry : Healthcare | Geography : Global


MARKET OVERVIEW - GLOBAL DIAGNOSTIC IMAGING MARKET

Diagnostic medical imaging is a common technique for visualizing physical diagnosis in the clinical community. For diagnostic purposes, these systems are used to image the body to obtain a correct diagnosis and to determine future treatment. Diagnostic imaging is the technique or process of creating visual representations of the internal body for clinical examination and medical interpolation, as well as a visual representation of the function of specific organs or tissues. It has a wide range of applications in a variety of oncological, orthopaedic, gynaecological field etc. Major factors fuelling the growth of the Diagnostic Imaging market include increasing prevalence of chronic diseases, increasing adoption of advanced technologies in medical imaging, and increasing geriatric population.

MARKET DRIVERS 

The key factor propelling the growth of diagnostic imaging market is such as the technological improvements in medical imaging and rising demand for advanced imaging systems to improve patient outcomes and operational efficiency will positively impact the market expansion. Moreover, favourable regulatory scenario for medical imaging modalities for superior patient management and growing usage of medical imaging in digital health will faster the market growth. Eminent participants working in the market are shifting their focus towards value-based radiology and patient-centric imaging. Different innovations have been made in numerous imaging modalities including MRI, ultrasound, mammography, 3D imaging as well as nuclear imaging among others. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. These factors are expected to increase the growth of the diagnostic imaging market during the forecast period.

MARKET OPPORTUNITIES

The major opportunity for diagnostic imaging market is such as in developing economies such as Russia, India, China, and South Africa offer high growth opportunities for major players in the diagnostic imaging market. Although the cost factor is a concern in these developing countries, their huge population base, especially in India and China, offers a sustainable market for diagnostic imaging devices. The higher incidence of chronic diseases such as cancer, stroke, and neurological and cardiovascular diseases and the higher death rates in these countries show the need for early detection.

MARKET RESTRAINTS

Price fluctuations in the product is one of the key market restraints for the market growth. Technological limitations associated with standalone imaging modalities deter researchers from purchasing them, negatively affecting their market growth. For instance, MRI takes longer to scan large volumes or high-resolution images, whereas PET has a lower spatial resolution. Ultrasound systems are heavily operator-dependent, require direct contact with the body, and have limited tissue depth penetration.

MARKET GROWTH CHALLENGES

The key challenge faced by the market is increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with the suppliers and manufacturers of medical devices. GPOs, IHNs, and IDNs negotiate heavily for bulk purchases of diagnostic imaging devices.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of global Diagnostic Imaging market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for diagnostic imaging in various applications has led the increasing demand for  market and is expected to witness the growth at a specific CAGR from 2021-2028. 

11325-diagnostic-imaging-market-report

DIAGNOSTIC IMAGING MARKET SEGMENTAL OVERVIEW

The global Diagnostic Imaging market comprises of different market segments like modality, contrast agents, application, end user and geography.

DIAGNOSTIC IMAGING MARKET BY MODALITY 

The different types of modalities studied in the global Diagnostic Imaging market are
  • X-ray Imaging
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
  • Computed Tomography (CT)
  • Nuclear Imaging
  • Mammography
  • Integrated Services
  • Standalone Services
The computed tomography (CT) segment is expected to dominate the market over the forecast period. The high growth of CT scan segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. There has been a steady increase in the demand for CT scanners ever since the COVID-19 pandemic started. CT of the chest plays an important role in diagnosing COVID-19 and almost every patient needs a CT scan to monitor disease progression.

DIAGNOSTIC IMAGING MARKET BY CONTRAST AGENT

On the basis of contrasting agent, the Diagnostic Imaging market includes segments such as 
  • Iodinated contrast media
  • Gadolinium-based contrast media
  • Microbubble contrast media
  • Barium-based contrast media
Iodinated contrast media is expected to lead the market over the forecast period. Iodinated contrast media are contrast agents that contain iodine atoms used for x-ray-based imaging modalities such as computed tomography (CT). They can also use in fluoroscopy, angiography and venography, and even occasionally, plain radiography. Gadolinium contrast media is expected to grow at a significant rate over the forecast period. Gadolinium contrast agents are molecular complexes containing the rare earth metal gadolinium, chelated to a carrier ligand. They are a type of paramagnetic contrast agent, which are the primary class of MRI contrast media.

DIAGNOSTIC IMAGING MARKET BY APPLICATION

The Diagnostic Imaging market finds key applications in 
  • Cardiology 
  • Gynaecology 
  • Orthopaedics and Musculoskeletal, 
  • Radiology 
  • Neurology and Spine 
  • General Imaging 
  • Others 
Cardiology segment is expected to dominate the market during the forecast period. Owing to increase in number of cardiovascular patients due to changing lifestyle and unhealthy food consumption are the key factors which has increased the growth of cardiology segment in the Diagnostic Imaging market. On the other hand, orthopaedics is expected to grow at the fastest rate during the forecast period. The rising geriatric population and the growing number of road accidents are driving demand for the orthopaedic segment. Furthermore, access to technologically advanced diagnostic devices is fuelling market growth.

DIAGNOSTIC IMAGING MARKET BY END USERS

The Diagnostic Imaging market has major end users like 
•   Hospitals
•   Diagnostic centers
•   Ambulatory care centers
•   Clinics
Hospitals segment is expected to increase during the forecast period. Owing to its higher demand for medical imaging modalities such as MRI systems and CT scanners in hospital settings for accurate diagnosis during procedure will augment the industry progression. In addition, hospitals are well-equipped with medical imaging devices along with presence of skilled healthcare professionals to accurately treat and diagnose patient’s body parts.

DIAGNOSTIC IMAGING MARKET BY GEOGRAPHY

The global Diagnostic Imaging market is studied for the following regions 
•   North America
•   Europe
•   Asia-Pacific
•   Rest of the world (RoW)
North America is likely to gain major market share and maintain its dominance over the estimated time period. The key factor propelling the market demand are 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. Moreover, 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. Addition to this, 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.

COVID-19 IMPACT ANALYSIS ON GLOBAL DIAGNOSTIC IMAGING MARKET

A 360 degree analysis of micro and macro-economic factors on the global Diagnostic Imaging market is provided in this exclusive report generated by Axiom MRC. In addition, complete analysis of changes on the global Diagnostic Imaging market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. 
The COVID-19 pandemic is expected to have a significant impact on the market. According to an article titled "Admission chest radiograph predicts early intubation in hospitalized COVID-19 patients", published in European Radiology in November 2020, chest x-ray has been useful in identifying COVID-19 patients, who may be rapidly deteriorating, and in helping inform clinical management and a hospital bed and ventilator assignment. This should increase the use of these devices in hospital COVID wards. In April 2020, the German Radiological Society (DRG) published a guideline on the use of CT scans in COVID-19 patients. According to the DRG, a CT scan is recommended in a clinically symptomatic patient with an initially negative PCR and clinical sequelae to support the diagnosis of COVID-19. It is also recommended to confirm the CT result by sequential reverse transcription PCR (RT-PCR). Similarly, the National COVID-19 Chest Imaging Database (NCCID) was launched in the UK in April 2020, providing a more comprehensive understanding of COVID-19, compiling data from X-rays, CT scans and 'MRIs of 20 NHS trusts across the country, disease models and markers of the virus using artificial intelligence (AI), which in turn enables more accurate early diagnosis and prognosis and informs new treatments. This is expected to drive demand for such devices and tests during the COVID-19 pandemic.

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of Diagnostic Imaging market is majorly focused on expanding the global growth of diagnostic imaging sector with new product innovation, business expansion, increasing presence of range of manufacturers operating in diagnostic imaging industry has led the growing demand for the market.  Besides, the market offers range of products in different application to fulfil the required demand of consumers which is further contributing healthy growth in the market.  
The key players studied in market are 
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Hologic, Inc 
  • Siemens Healthcare GmBH
  • Fujifilm Corporation
  • Bracco Medical Technologies 
  • Toshiba Medical Systems Corporation
  • Shimadzu Corporation 
  • Carestream Health, Inc.
  • Hitachi Ltd.


RECENT DEVELOPMENT:

May 2021: Royal Philips had 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.
April 2021: The United States Food and Drug Administration (FDA) had approved the product single-source Nanox.ARC digital x-ray technology developed by NANO-X IMAGING.

DIAGNOSTIC IMAGING MARKET SUMMARY

The different types of modalities studied in the global Diagnostic Imaging market are X-ray imaging, magnetic resonance imaging (MRI), ultrasound, computed tomography (CT), nuclear imaging, and mammography. Computed tomography (CT) segment is expected to dominate the market over the forecast period. On the basis of contrasting agent, the Diagnostic Imaging market includes segments such as iodinated contrast media, gadolinium-based contrast media, microbubble contrast media and barium-based contrast media. Iodinated contrast media is expected to lead the market over the forecast period. The Diagnostic Imaging market finds key applications in cardiology, gynaecology, orthopaedics and musculoskeletal, radiology, neurology and spine, general imaging and others. Cardiology segment is expected to dominate the market during the forecast period.  The Diagnostic Imaging market has major end users like hospitals, diagnostic centers, ambulatory care centers and clinics. Hospitals segment is expected to dominate the market over the estimated time period.  The global Diagnostic Imaging market is studied for the following regions North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is expected to lead the market over the forecast period. 

SCOPE OF THE REPORT:

Market Sizing for Year:
2019-2028
Base Year:
2021
Forecast Period:
2022-2028
Value:
USD million
Market Segment studied:

Modality

Contrast Agent

Application

End Users

Geography
Market Players and its Competitors:

GE Healthcare

Koninklijke Philips N.V.

Hologic, Inc

Siemens Healthcare GmBH

Fujifilm Corporation

Bracco Medical Technologies

Toshiba Medical Systems Corporation

Shimadzu Corporation

Carestream Health, Inc.

Hitachi Ltd.

FREQUENTLY ASKED QUESTIONS

What would be forecast period in the market report?

2022-2088 is the forecast period in the market report.

Which is the leading end-user segment for Diagnostic Imaging market?

Cardiology segment has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.

Which region is gaining majority of market share during the forecast period (2021-2028)?

North America is expected to gain major market share during the forecast period (2021-2028).