HomeNews UpdatesDiagnostic Imaging Market worth 33.5 billion USD by 2024

MarketsandMarkets | May 30, 2019
Diagnostic Imaging Market worth 33.5 billion USD by 2024

Diagnostic imaging is the use of electromagnetic radiation in combination with other technologies by employing diagnostic imaging devices, to produce images of internal human body structures in order to diagnose accurately. The global diagnostic imaging market is projected to reach USD 33.5 billion by 2024 from USD 25.7 billion in 2019, at a CAGR of 5.5% from 2019 to 2024. The growth of this market is primarily driven by the increasing demand for early disease diagnosis, widening scope of clinical applications, and technological advancements in diagnostic imaging industry

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The introduction of advanced diagnostic imaging products is a major technological advancement in the diagnostic imaging field. These advancements are largely related to the commercialization of more effective, simple, and easy-to-use products for diagnostic imaging procedures.

The MRI systems segment accounted for the largest share of the Diagnostic Imaging Market, by product, in 2018

Based on product, the diagnostic imaging market is segmented into magnetic resonance imaging (MRI) systems, ultrasound systems, CT scanners, X-ray imaging systems, nuclear imaging systems, and mammography systems.  The mammography systems segment is expected to grow at the highest CAGR during the forecast period (2019–2024). The key factors driving the growth of the mammography systems market include the rising demand for minimally invasive diagnostic imaging procedures and early disease detection, particularly in the case of breast cancer.

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General Radiography applications under X-ray imaging systems application accounted for the largest market share among all application segments of Diagnostic Imaging Market.

Based on application, the diagnostic imaging market is segmented into MRI systems (including Brain & Neurological MRI, Spine & Musculoskeletal MRI, Vascular MRI, Pelvic & Abdominal MRI, Breast MRI, and Cardiac MRI), ultrasound systems (including Radiology/General Imaging, OB/Gyn, Cardiology, Vascular, Urology, and Other Applications), CT scanners (including Cardiology, Oncology, Neurology, Other Applications), X-ray imaging systems (including General Radiography Applications, Dental Applications, and Fluoroscopy), nuclear imaging systems (including Oncology, Cardiology, Neurology, Other Applications) and mammography systems for breast imaging. The general radiography application of X-ray imaging systems accounted for the largest share among all diagnostic imaging applications in 2018.

North America accounted for the largest share of the Diagnostic Imaging Market in 2018

On the basis of region, the diagnostic imaging market is segmented into North America, Europe, Asia Pacific, and Rest of the world. North America accounted for the largest share of the diagnostic imaging market in 2018, followed by Asia Pacific region. Growth in the North American diagnostic imaging market is mainly due to the rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and high adoption of technological advancements (owing to the significant per capita annual healthcare expenditure by the US government).

The major players in the market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert N.V. (Belgium), Canon Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics (South Korea), Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (US), and Shimadzu Corporation (Japan), among others.

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