The global diagnostic imaging market is projected to reach USD 34.6 billion by 2028 from USD 26.5 billion in 2023, at a CAGR of 5.5% from 2023 to 2028. The rising prevalence of targeted diseases and increasing technological advancements fuel the market growth.
The diagnostic imaging market is moderately competitive, with established companies and upcoming competitors for the same market share. As of 2022, the key players operating in the global diagnostic imaging market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan), Canon Inc. (Japan) among others.
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These competitors have utilized various strategies to increase their market share in the global diagnostic imaging market market, including acquisitions, agreements, partnerships, and product releases. In 2022, a higher share of the diagnostic imaging market market was held by Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan).
Siemens Healthineers (Germany):
Siemens is a leading player in the diagnostic imaging market due to its robust imaging product portfolio, including MRI, Ultrasound, X-ray systems, and nuclear imaging equipment. The company has major R&D facilities in Germany, the US, China, and India. The company offers a wide range of products and services in point-of-care diagnostics, laboratory testing, diagnostics and therapeutic screening, and molecular medicine.
The company has a broad geographic footprint with a direct presence in more than 70 countries across Europe, the Americas, Asia, Oceania, Africa, and the Middle East. The company's main manufacturing sites are in the US, Germany, and China. The company invests in R&D activities to launch innovative and technologically advanced products. The company has major R&D facilities in Germany, the US, China, and India It offers products in more than 180 countries through distributors and sales channels.
GE Healthcare (US):
GE Healthcare is headquartered in Illinois, US. The company offers a robust product portfolio in medical imaging & information technologies, medical diagnostics, disease research, biopharmaceutical manufacturing, drug discovery, and technologies. Its medical diagnostics and medical imaging portfolio includes various diagnostic solutions such as molecular imaging, ultrasound, and magnetic resonance imaging technologies.
GE HealthCare has a wide geographic presence in more than 140 countries across North America, South America, Europe, the Middle East, the Asia Pacific, and Africa. The company has adopted inorganic growth strategies such as acquisitions to strengthen its market position.
Koninklijke Philips N.V. (Netherlands)
Philips is one of the leaders in diagnostic imaging, patient monitoring, image-guided therapy, and health informatics. Philips offers diagnostic imaging, image-guided therapy, and ultrasound solutions through the Diagnosis & Treatment segment. As part of its strategy, Philips focuses on product launches and collaborations to increase its market share. The company mainly pursues inorganic growth strategies such as agreements and partnerships to establish a strong foothold in the imaging market. It has also invested strongly in R&D for product development.
Philips has a worldwide geographic presence, with 93 production sites in 25 countries and a sales and services network spread across over 100 countries. Some of its key subsidiaries are Philips Medical Systems (Belgium), and Philips Electronics India Limited (India), among others
Diagnostic Imaging Market by Product (MRI (Open, Closed), Ultrasound (2D, 4D, Doppler), X-Ray (Digital, Analog), CT, SPECT, Hybrid PET, Mammography), Application(Ob/GYN, CVDs, Brain, Cancer), Enduser (Hospitals, Clinics), & Region Global Forecasts to 2028
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