Global diagnostic imaging market to reach $33.2 billion by 2026

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Editing: 7; Published: February 2022
Executive Pool: 3497
Companies: 66 – Players covered include Carestream Health, Inc.; Esaote SpA; FUJIFILM Holdings Corporation; GE Healthcare; Hitachi Ltd. ; Koninklijke Philips NV; Samsung Medison Co., Ltd. ; Shimadzu Company; Siemens Healthineers; Toshiba Medical Systems Corporation and others.
Cover: All major geographies and key segments
segments: End use (hospitals, diagnostic imaging centers, other end uses); Product (X-Ray Imaging, MRI, Ultrasound, CT, Nuclear Imaging)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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ABSTRACT-
Global diagnostic imaging market to reach $33.2 billion by 2026
Medical imaging helps in the early detection and diagnosis of diseases at a stage where they can be easily treated and in recent times has taken on even greater importance as global health care migrates to principles of care preventive. Better diagnosis has a direct and positive impact on therapeutic procedures and treatment planning. Amid COVID-19 crisis, Global Diagnostic Imaging Market Estimated at US$27.5 billion in 2022, is expected to reach a revised size of US$33.2 billion by 2026, registering a compound annual growth rate (CAGR) of 4.9% over the analysis period. United States represents the largest regional market for diagnostic imaging and is expected to reach US$9.9 billion by 2026. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 7.1% over the analysis period.
The global diagnostic imaging market is one of the most critical segments in the healthcare industry, driven by advancements in technology, favorable demographics in developed regions, increasing access to healthcare and increasing income levels of the middle class population in developing regions. The growth of the market is fueled by increasing incidence of chronic diseases, growing awareness of the benefits of early diagnosis, and steady expansion of clinical scope. The increase in cost-effectiveness and reliability of various imaging procedures, along with the continued focus on the development of advanced imaging procedures, involving higher resolution and higher dimensions, are the major drivers for the growth of the market for diagnostic imaging. The growth is also attributed to advances in the functional imaging segment, associated with healthcare reforms, worldwide. The expanding elderly population across the globe is also a major driving factor for the diagnostic imaging market. Market growth is expected to be highest in developing countries, such as China and Indiawhere there is a greater emphasis on health care, as well as increasing public spending to improve health care units.
The United States dominates the market share, owing to the presence of leading companies and the continuous influx of advanced products into the market. The United States is known for its particularly high per capita healthcare expenditure, which offers significant opportunities for market expansion. The future growth of Asia Pacific The market is expected to be propelled by government initiatives, adequate reimbursement, increasing insurance coverage, and growth in the medical tourism industry. Japan accounts for the majority of the diagnostic imaging market in Asia Pacific thanks to technological advances and the presence of leading companies. The country benefits from the strong contribution of ultrasound and X-rays, which represent the main market segments in terms of turnover. On the other hand, India and China represent the fastest growing markets Asia Pacific due to favorable reimbursement policies related to diagnostic imaging, increased public funding, and increased investment by private and public hospitals in diagnostic imaging systems.
The MRI diagnostic imaging market is expected to dominate the market share over the analysis period. MRI is a popular imaging technique that uses a mixture of radio waves and magnetic fields for imaging purposes. Besides being a non-invasive technique, MRI is unique because of its ability to identify soft tissues. The increasing clinical acceptance of MRI technology over the years has enabled imaging of areas that were previously considered impossible, such as vascular, cardiac, true dynamic or high spatial resolution imaging. There has also been a focus on reducing acquisition times associated with the technology, which has spurred the development of improved coil design and new sequences, and spurred advancements in the hardware sector. As a result, new markets and applications are constantly being developed for the modality. After
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