Market Leaders - Diagnostic Imaging Market
The global diagnostic imaging market is projected to reach USD 35.0 billion by 2026 from USD 26.6 billion in 2021, at a CAGR of 5.7% from 2021 to 2026. The growth of this market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations. However, the high cost of diagnostic imaging systems, technological limitations associated with standalone systems, declining reimbursements, increasing regulatory burden in the US, and the shortage of helium availability are expected to limit market growth to a certain extent.
A few major players that have an extensive geographic presence dominate diagnostic imaging industry globally. The leading players in the diagnostic imaging market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan), Canon Medical Systems Corporation (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), and Hologic, Inc. (US) among others.
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The major strategies adopted by these players include new product launches, collaborations & agreements, mergers, and partnerships. New product launches was the most commonly adopted strategy from January 2018 to June 2021.
In 2020, Siemens Healthineers held the leading position in the diagnostic imaging market. The company has a global presence and representatives in over 70 countries. The company focuses on product launches and collaborations as its key growth strategies. It has launched various products during the past three years, such as the Multix Impact radiography system, Mobilett Elara Max mobile X-ray system, and Acuson Sequoia ultrasound system. The company also partners with new businesses to complement its existing capabilities. Its collaborators include the HMI group, Manchester University NHS Foundation Trust (UK), University of Iowa Health Care (UIHC) (US), and Geisinger Health Systems (US). These collaborations have helped the company to expand its customer base and strengthen its geographical footprint.
In 2020, GE Healthcare was the second-largest player in the global diagnostic imaging market. The company’s leading position in this market can be attributed to its strong sales and distribution network. GE Healthcare also invests significantly in R&D to launch advanced products such as Venue Fit, a streamlined and compact POCUS system, Vscan Air, a wireless pocket-sized ultrasound, and Voluson SWIFT, an ultrasound system for Ob/Gyn applications. With a wide product portfolio and a strong geographic presence, the company is expected to witness significant growth in the diagnostic imaging market.
Koninklijke Philips N.V was one of the leading global diagnostic imaging market in 2020. The company is focused on growth to create long-term value. For instance, during 2017–2020, Philips Healthcare launched several diagnostic imaging products, including the spectral CT 7500, ultrasound system 3300, Incisive CT platform, EPIQ Elite ultrasound system, EPIQ CVx cardiovascular ultrasound system, and the Ingenia Ambition X 1.5T MRI system. The company also partnered with organizations such as SinoMed Imaging Systems, InSightec, the Yale School of Medicine (US), Hologic, Inc. (US), Innovative Imaging Technologies, Inc. (Canada), and Erasmus University Medical Center (Rotterdam, the Netherlands) to enhance its market share, increase its product portfolio, and strengthen its customer support.
Related Reports:
Diagnostic Imaging Market by Product (MRI (Open, Closed), Ultrasound (2D, 4D, Doppler), CT, X-Ray (Digital, Analog), SPECT, Hybrid PET, Mammography), Application (OB/Gyn, Cardiology, Oncology), Enduser (Hospitals, Imaging Centers) - Global Forecast to 2026
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