The Diagnostic Imaging Market is predicated to reach US$ 49.29 Billion by 2028, pushed by the growing incidence of chronic ailments like cancer, cardiovascular disease, and neurological disorders, coupled with the need for timely and precise disease ident
28 Nov, 2023

According to Renub Research's latest Report, "Diagnostic Imaging Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis,” The Diagnostic Imaging Market was at US$ 35.11 Billion in 2022.

Diagnostic imaging is a high-tech industry. Developing such devices requires a great deal of technical expertise--to combine mechanical and electrical engineering with the essential technologies involved in radiation control. Technologically, a new generation of CT or MR scanners follow each other every few years, unlike personal computers. The combination of security concerns and greater complexity makes these devices among the most technologically advanced products manufactured in the world today. Still, unlike computers, they are usually designed for image scanning devices in the disease in small groups.

Advanced technology is utilized in medical imaging to create non-invasive internal body images for medical intervention and clinical analysis. The demand for patient-centered healthcare is constantly increasing, which is fueling the evolution of the Diagnostic Imaging market. To meet the needs of their customers, the industry must invest in critical research and development to keep up with the ever-changing landscape. Global Diagnostic Imaging Market is expected to have a CAGR of 5.82% from 2022-2028. With the increasing burden of continual diseases across the globe, clinical imaging techniques play a vital role in diagnosing persistent disease, contributing to the market's increase.

Such increase developments in cancers will contribute to the market's boom in the upcoming years. Similarly, British Heart Foundation records launched in January 2022 showed that the most common heart disease affecting the worldwide is congestive (ischemic) heart sickness (with an expected global prevalence of 200 million), peripheral arterial disease (neurological) disease (one hundred ten million), and stroke (100), and atrial fibrillation (60 Million). Such a great expansion across the globe drives the increase of the market.

Advancements in technology and digitalization have propelled the global medical devices industry to new heights. With emerging business models and modern developments in diagnosis, care delivery, data protection, supply chain control, and procedure automation, the healthcare industry is poised for disruption because of diverse trends. For example, there may be a substantial shift in research and development spending patterns and collaborations with startups, technology giants, and service provider, all targeted on digital and connected fitness. Among the many segments of the MedTech industry, medical imaging has particularly thrived due to these trends.

Report Details:

X-Ray plays a central role in the Diagnostic Imaging Market.

The heightened need for X-rays is linked to the significance of early diagnosis. Nonetheless, the expansion of medical imaging is propelled by diverse factors, encompassing technological advancements across various applications, substantial investments in research and development, the expansion of healthcare infrastructure, and the imperative for visible enhancements in population health technologies.

The orthopedic application segment captured most of the Market Share.

The need for early diagnosis is increasing, driven by various factors such as a rising global incidence of chronic diseases, an aging population, and an enhanced awareness of the significance of health. Additionally, medical imaging processes are crucial in as it should be diagnosing chronic diseases, especially considering the essential use of X systems for diagnosing Covid ray and CT-19 cases worldwide. Chronic diseases including cancer, cardiovascular disease, obesity, and diabetes are getting more and more prevalent & costly and account for almost all of persistent illness mortality. According to GLOBOCAN, the wide variety of newest cancers cases recorded worldwide in 2020 became around 19.3 million, and this number is predicted to upward rise to 30.2 million through 2040, with growing countries being the most affected due to anticipated populace growth.

The diagnostic center will lead the worldwide diagnostic imaging market.

Although hospitals presently preserve the most important percentage, diagnostic centers are predicted to see the highest growth in the adoption of imaging system within the coming years. The increasing number of private imaging centers, pushed through the growing demand for diagnostic imaging treatments, is probably to contribute to the growth of the hospital segment. Companies are investing in technology to meet the growing demand and acquire market equilibrium, which benefit all stakeholders within the ecosystem. In November 2021, Canon Medical Systems USA, Inc. added Vantage Fortran, a remote tablet and in-room digital camera solution designed to optimize workflow by tracking and positioning patients.

The North American is set to take the lead in the global diagnostic imaging market.

The medical imaging market in North America is thriving due to the high demand for various imaging modalities like Ultrasound, MRI, X-rays, and CT scans in hospitals. This is because accurate diagnosis during treatment is crucial, and advanced medical imaging devices and sound infrastructure in hospitals contribute to the growth of this market. Moreover, skilled healthcare professionals in hospitals who can accurately diagnose and treat patients further drive the demand for medical imaging. With the growing range of hospitals admissions and rising instances of continual diseases, the medical imaging market is expected to progress even further.

Key Players

The imaging industry is undergoing a significant transformation and is expected to change even more in the next decade. The competitive landscape is being redefined with the emergence of new technologies and players. Established equipment manufacturers face stiff competition from new entrants like Samsung Electronics, Neusoft Medical Systems, and Mindray Medical in emerging and developed markets. This shift is expected to bring about exciting changes in the industry, with innovations and advancements in imaging technology.

Market Summary:

• Product: The Report Covers the Diagnostic Imaging Market by type in 6 viewpoints (X-ray, CT, Ultrasound, MRI, Nuclear Imaging, and Others).
• Application: The Report Covers the Diagnostic Imaging Market by application, which is broken up into five viewpoints (Orthopedics, Cardiovascular, Neurology, Pelvic and abdomen, and Oncology).
• End-Users: The Diagnostic Imaging Market is broken up into three viewpoints (Hospitals, Diagnostic Centres, and Others).
• Region: Renub Research Report covers the Diagnostic Imaging Market region in 5 viewpoints (North America, Europe, Asia Pacific, South America, and Middle East & Africa).
• Key Players: All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Financial Insights): FUJIFILM VisualSonics Inc., Canon Medical Systems Corporation, Bruker, PerkinElmer Inc., Hitachi, Hologic, Radnet and Koninklijke Philips.

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