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Diagnostic Imaging Market Analysis

The Diagnostic Imaging Market size is estimated at USD 46.96 billion in 2024, and is expected to reach USD 57.63 billion by 2029, growing at a CAGR of 4.18% during the forecast period (2024-2029).

The COVID-19 pandemic was expected to have a significant impact on the market. According to an article published in European Radiology in November 2020, chest radiography was useful in identifying COVID-19 patients who may rapidly deteriorate and helping inform clinical management and hospital bed and ventilation allocation. This increased the demand for chest radiography during the pandemic phase. Similarly, in April 2020, the National COVID-19 Chest Imaging Database (NCCID) was launched in the United Kingdom, which provides a more comprehensive understanding of COVID-19 by collating X-rays, CT, and MRI scan data from 20 NHS trusts across the country to detect disease patterns and markers of the virus using Artificial Intelligence (AI), which, in turn, enabled more accurate early diagnoses and prognoses. This is expected to boost the demand for such equipment and tests during the COVID-19 pandemic. In addition, the demand for diagnostic imaging is expected to remain constant due to the reopening of diagnostic clinics and hospitals with high patient inflow, thereby contributing to the growth of the market over the coming five years.

The main things that are driving the growth of the diagnostic imaging market are the increase in chronic diseases, the rise in the number of older people, and the use of more advanced imaging technologies.

The burden of chronic diseases is on the rise globally, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases, thereby contributing to the growth of the market. According to GLOBOCAN, in 2020, about 19.3 million new cases of cancer were reported worldwide, and this number is expected to increase to 30.2 million in 2040. Such an increase in cancer cases is expected to contribute to the growth of the market over the forecast period. Similarly, the British Heart Foundation data published in January 2022 reported that the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million), and atrial fibrillation (60 million). Such a large prevalence globally is fueling the growth of the market.

Additionally, the increasing number of product launches is expected to contribute to the growth of the market. For instance, in March 2021, Hitachi Medical Systems launched two permanent open MRI systems, APERTO Lucent Plus and AIRIS Vento Plus, at the start of the 2021 European Congress of Radiology. Both systems are equipped with SynergyDrive workflow solutions.

Thus, the above-mentioned factors are expected to contribute to the growth of the market over the forecast period.

Diagnostic Imaging Industry Segmentation

As per the scope of the report, diagnostic medical imaging is a common technique to help visualize physical diagnosis in the clinical community. For diagnostic purposes, these systems are used to image the body to obtain a correct diagnosis and determine future care. Diagnostic imaging is the technique or process of creating visual illustrations of the inner body parts for clinical examination and medical interpolation, along with the visual representation of the function of certain organs or tissues. It has a vast range of applications in a variety of oncological, orthopedic, gastroenterological, and gynecological fields. The Diagnostic Imaging Market is Segmented by Modality (MRI (Low and midfield MRI systems (Less than 1.5 T), High field MRI Systems (1.5-3 T), and Very High and Ultra High Field MRI Systems (3T and More)), Computed Tomography (Low-End Scanners (~16-Slice), Mid Range Scanners (~64-Slice), and High-End Scanners (128-Slice and More)), Ultrasound (2D Ultrasound, 3D Ultrasound, and Other Ultrasound), X-Ray (Analog Systems and Digital Systems) Nuclear Imaging (Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT)), Fluoroscopy, and Mammography); Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, and Other Applications); and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.