NEW YORK, July 1, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Diagnostic Imaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Modality (X-Ray, CT, Endoscopy, Ultrasound, MRI, Nuclear Imaging, Mammography, and Others), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Obstetrics and Gynecology, and Others), and End User (Hospital and Clinics, Diagnostic Imaging Centers, Ambulatory Surgical Centers, and Others)", the global diagnostic imaging market size is projected to reach $53.41 Billion by 2028 from $38.03 Billion in 2022; it is expected to grow at a CAGR of 5.8% from 2022 to 2028.
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Diagnostic Imaging Market Report Scope & Strategic Insights:
Report Coverage | Details |
Market Size Value in | US$ 38.03 Billion in 2022 |
Market Size Value by | US$ 53.41 Billion by 2028 |
Growth rate | CAGR of 5.8% from 2022 to 2028. |
Forecast Period | 2022-2028 |
Base Year | 2022 |
No. of Pages | 211 |
No. Tables | 84 |
No. of Charts & Figures | 87 |
Historical data available | Yes |
Segments covered | Modality, Application, and End User |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Diagnostic Imaging Market: Competitive Landscape and Key Developments
Companies operating in the global diagnostic imaging market implement various organic developments that led to dynamic improvements in the market. Numerous organic growth strategies, such as product development, product approval, and product launch, enhance the global diagnostic imaging market growth. Similarly, several companies are implementing various inorganic strategies, such as partnerships, collaborations, mergers, and acquisitions.
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In June 2022, Stryker announced the opening of its new research and development facility, Stryker's Global Technology Centre (SGTC), at the International Tech Park, Gurgaon. The 150,000-square-foot facility will help accelerate innovation in India and globally and further support the company's mission to make healthcare better.
In April 2022, Wipro GE Healthcare announced the launch of its next-generation Revolution Aspire CT (Computed Tomography) scanner. Revolution Aspire is an advanced imaging solution designed and manufactured end-to-end in India, at the newly launched Wipro GE Medical Devices Manufacturing plant, in line with 'Atmanirbhar Bharat' initiative. The CT system is equipped with higher imaging intelligence to improve clinical confidence when diagnosing diseases and anomalies.
In May 2021, GE Healthcare acquired Zionexa, a leading innovator of in-vivo oncology and neurology biomarkers that help enable personalized healthcare. Cerianna (fluoroestradiol F-18), an FDA-approved PET imaging agent used as an adjunct to biopsy for the detection of oestrogen receptor (ER) positive lesions to help inform treatment selection for patients with recurrent or metastatic breast cancer, is being scaled up by the company.
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In April 2021, RaySearch Laboratories AB and Canon Medical Systems USA, Inc. expanded their partnership to allow RaySearch's US salesforce to sell Canon Medical's Aquilion Large Bore CT and Celesteion PET/CT products. Together, the companies will bring their integrated radiation oncology portfolio to enhance cancer patient care in the US.
In March 2022, Fujifilm India Pvt Ltd unveiled a new range of products at the 74th National Annual Conference of IRIA 2022. The latest portfolio consists of a plethora of products offering complete and integrated solutions for diagnostic purposes, including CT, MRI, X-ray, AI, PACS, endoscopy, and ultrasound systems.
Global Diagnostic Imaging Market: Segmental Overview
Based on modality, the global diagnostic imaging market is segmented into endoscopy, X-ray, ultrasound, MRI, CT, nuclear imaging, mammography, and others. The X-ray segment holds the largest market share in 2022. Moreover, the CT segment is expected to register the highest CAGR during the forecast period. X-ray or radiography is the oldest and most frequently used form of medical imaging. Some X-ray exams use an iodine-based contrast material or barium to improve the visibility of specific organs, blood vessels, tissues, or bone. Continuous technological advancements and product developments, improved funding, and government investments, especially in countries, such as India and China, are expected to contribute to the market growth during the forecast period. For instance, in 2021, OMRON Corporation announced the development of a new VT-X750-V3 system, the world's fastest CT-type X-ray inspection device to date. Also, in June 2021, the Government of India launched X-ray Setu, a free artificial intelligence (AI) based platform to aid doctors with early COVID-19 interventions.
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Global Diagnostic Imaging Market: Key Insights
The diagnostic imaging market growth driven by the rising prevalence of chronic diseases and increasing technological advancements in diagnostic imaging equipment. However, the shortage of skilled professionals and high costs of diagnostic imaging equipment hamper the global market growth.
Artificial intelligence helps improve numerous aspects of the healthcare industry, and diagnostic imaging technique is one of the fields that would benefit greatly. Diagnostic imaging equipment manufacturers worldwide are integrating AI into their products. For example, in September 2018, Nvidia announced launching the Nvidia Clara platform, a combination of software and hardware working together in diagnostic imaging equipment. Such ground-breaking technology can address the challenges of medical instruments and process enormous amounts of data generated every second that doctors and scientists can easily interpret. Additionally, in August 2018, Google's DeepMind announced launching an AI system that can quickly detect over 50 eye disorders using routine medical scans. DeepMind's AI assistant for diagnostic imaging can automatically tackle eye-related issues by identifying disease symptoms within seconds and prioritizing patients who seek urgent care.
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AI supportive diagnostic imaging equipment play a vital role in diagnosing and classifying cancers. AI plays a pivotal role in the automated recognition of features from sample medical images while performing diagnostic imaging tasks. For example, automated AI applications enhanced clinicians' qualitative potentials, including detection of numerous tumor lesions at a time among patients, prediction of the resultant tumor by referring to the various databases within a short period, translation of phenotypic variations to genotypic, and persistent monitoring of patients. Further, AI generalizes disease imaging techniques with minimal errors resulting in an earlier and more significant diagnosis of diseases.
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Medical Imaging Equipment Services Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Service Type (Equipment Removal And Relocation, Equipment Repair And Maintenance, Refurbished Systems, Technical Training, Software Upgrades); Service Providers (Original Equipment Manufacturers (OEM), Independent Service Organizations); Modality (Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound, X-Ray and Others); End User (Hospitals, Diagnostic Centers, Others)
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Radiopharmaceuticals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Diagnostic Nuclear Medicine and Therapeutic Nuclear Medicine), Product Type (Technetium-99m, Thallium-201, Gallium-67, Iodine-131, Copper-64, and Other), Application (Oncology, Cardiology, Neurology, and Others), and End User (Hospitals, Imaging Centers, Academic and Research Centers, and Others)
Therapeutic Ultrasound Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (High Intensity Focused Ultrasound, Extracorporeal Shockwave Lithotripsy); Application (Cancer, Gynecology and Obstetrics, Cardiovascular Disorders, Urinary Disorders, Others); End-User (Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgical Centers, Others) and Geography
Ultrasound Image Analysis Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Standalone Software, Integrated Software); Application (Obstetrics and Gynecology, Radiology, Cardiology, Nephrology and Urology, Oncology, Orthopedic, Dental, Others); By Product (2D Ultrasound Systems, 3D and 4D Ultrasound Systems, Doppler Imaging)
Ophthalmic Ultrasound Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (A-Scan, B-Scan, Combined, Pachymeter, Ultrasound biomicroscope); Mobility (Standalone, Portable); End Use (Hospital, Ambulatory research centers, Ophthalmic clinic, Others) and Geography
Color Doppler Ultrasound Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Handheld-based, Trolley-based); End user (Hospitals, Clinics, Diagnostic Centers, Others) and Geography
Endoscopy Devices Market to 2025 - Global Analysis and Forecasts By Product (Endoscopes, Visualization Systems, Accessories, and Other Endoscopy Devices); Application (Laparoscopy, Gastrointestinal Endoscopy, Arthroscopy, Obstetrics/Gynecology, Urology Endoscopy, Bronchoscopy, and Other Applications); End User (Hospitals, Ambulatory Surgical Centres, Other End Users) and Geography
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