The global diagnostic imaging market size is projected to grow at a 6.7% CAGR during 2021 to 2028. Due to rise in chronic illnesses, the market is expected to reach US$ 47 bn in the near future.
Moreover, the growth is also expected to receive a boost from expanding health coverage across the world. The growth of privatized insurance in Asia Pacific, and clouds of expansion of government programs like MediCaid in the US are likely to drive robust growth in the near future.
Diagnostic imaging is a technique used to conduct a wide range of non-invasive imaging tests for diagnosing and monitoring diseases or injuries by the way of generating images that represent internal structures and organs in the patient's body. Healthcare practitioners are extensively using diagnostic imaging technologies to examine patients and diagnose their exact medical conditions. Diagnostic imaging is utilized to identify a wide range of issues including, but not limited to, cardiac abnormalities, broken bones, aneurysms, gastrointestinal issues, and various types of cancer. Apart from identifying issues and diagnosing them, diagnostic Imaging is also employed to monitor how the patient’s body responds to the treatment being dispensed.
Rise in prevalence of chronic diseases, such as cancer and cardiovascular events, increase in the geriatric population, and advancements in technologies to develop various diagnostic imaging devices to be used in different surgical procedures are key factors that are estimated to propel the market during the forecast period.
The ability of diagnostic imaging to diagnose a disease in its early stage and greatly improve patient outcomes has driven the diagnostic imaging market due to the fact that it is painless and offers rapid diagnosis. Consequently, it is a popular recourse among doctors as well as patients. Rapid innovations and favorable reimbursement policies are also propelling the global diagnostic imaging market. Diagnostic imaging provides an opportunity to exclude expensive therapeutic treatments, consequently causing substantial saving.
Rising Elderly Population to Drive Major Opportunities for Growth
The market is also riding on trends like growth in the elderly population. According to Administration for Community Living or ACL, the population of elderly rose by 36% from 50.7 million to 68.7 million Americans between 2006-2016. Today, every one in seven American is an older American. Moreover, nearly 95% of elderly patients in the United States are covered by programs like Medicare. These services include various illnesses including dental services, outpatient drugs, and eyeglass prescription among various others. Additionally, according to a research in journal of the American Medical Association, the cost of health care increased by nearly $1 trillion between 1996-2013. One of the key reasons for this growth was the rising elderly population. The rising chronic illnesses, and diseases like diabetes and inventions like portable diagnostic imaging machines will also create significant opportunities for players in the diagnostic imaging market.
The global diagnostic imaging market has been segmented based on product, application, end-user, and region. In terms of product, the market has been classified into X-ray, MRI, ultrasound, CT, and nuclear imaging.
The X-ray segment is expected to lead the market during the forecast period, due to the ability of X-ray to produce accurate images that provide a clear idea of the musculoskeletal system. Moreover, it is also a low-cost technique.
The ultrasound imaging segment is projected to follow the X-ray segment, in terms of market share, during the forecast period. In terms of application, the global diagnostic imaging market has been divided into cardiology, gynecology/obs, orthopedics & musculoskeletal, radiology, neurology & spine, general imaging, and others. Among these, the gynecology/obs segment dominates the market due to the high demand for performing ultrasound imaging technique in this application segment. Furthermore, the cost associated with the ultrasound technique is higher as compared to X-ray technique.
In terms of end-user, the global diagnostic imaging market has been classified into hospitals, diagnostic centers, and others. The diagnostic centers segment is expected to lead the global market during the forecast period, as diagnostic imaging is highly preferred in these centers since these centers are facilitated with all the latest technologies for quick and accurate diagnosis.
In terms of region, the global diagnostic imaging market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to lead the global market from 2021 to 2028, due to rapid technological advancements and rising prevalence of cancer and cardiac diseases in the region. Asia Pacific is expected to follow North America, in terms of share of the global market, during the forecast period.
Majority of the diagnostic imaging devices are being manufactured by key players covered in this report, and these include GE Healthcare, Koninklijke Philips N.V., Hologic, Inc., Siemens Healthcare GmBH, Fujifilm Corporation, Toshiba Medical Systems Corporation, Shimadzu Corporation, Carestream Health, Inc., Hitachi Ltd., and Samsung Medison.
Orthopedics & Musculoskeletal
Neurology & Spine
Middle East & Africa
The Diagnostic imaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Diagnostic imaging market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Diagnostic imaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Diagnostic imaging market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Diagnostic imaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Diagnostic imaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Diagnostic imaging by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Diagnostic imaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Diagnostic imaging market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Diagnostic imaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Diagnostic imaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Diagnostic imaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Diagnostic imaging market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Diagnostic imaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Diagnostic imaging market. These factors have benefited the growth of the global market for Diagnostic imaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Diagnostic imaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Diagnostic imaging are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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