What Is The Current and Historic Market Size Analysis Of The Diagnostic Imaging Equipment Market?
The diagnostic imaging equipment market has seen considerable growth due to a variety of factors.
• The market for diagnostic imaging equipment has seen robust growth in the past few years. It's predicted to rise from $56.96 billion in 2024 to $60.86 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.9%.
The historic growth is linked to factors such as the aging population, increased incidence of diseases, healthcare reimbursements, and regulatory approvals.
What are the Market Size and Expected Growth Rates for the Diagnostic Imaging Equipment Market?
The diagnostic imaging equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the diagnostic imaging equipment market size is predicted to experience consistent expansion. The market is projected to reach $71.44 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.1%.
Factors contributing to this growth during the forecast period include the blending of artificial intelligence (AI) technologies, the availability of remote imaging services, the development of personalized medicinal approaches, the rise of emerging markets, and the practice of minimally invasive procedures. The forecast period will also witness significant trends such as the use of 3D and 4D imaging techniques, point-of-care imaging, strategies for radiation dose reduction, hybrid imaging, and environmentally sustainable practices.
Which Key Drivers Are Propelling The Diagnostic Imaging Equipment Market's Growth?
The surge in global chronic diseases is anticipated to stimulate the expansion of the diagnostic imaging equipment market. Chronic ailments are conditions that persist for a year or more, requiring ongoing medical attention, limiting daily functions, or both, and they encompass diseases like cancer, diabetes, etc. Radiology's imaging technologies are utilized to detect an array of diseases, such as diabetes, cancer, and heart disease. Diagnostic imaging can discover chronic diseases that haven't displayed any symptoms as of yet. For example, as reported by the World Health Organization, a US-based intergovernmental entity, in September 2023, noncommunicable diseases (NCDs) cause 41 million deaths every year, comprising 74% of worldwide deaths, with 17 million individuals dying before reaching the age of 70, 86% of which occur in low- to mid-income countries. Therefore, the global rise in chronic diseases is propelling the growth of the diagnostic imaging equipment sector.
What Are The Key Segments Within The Global Diagnostic Imaging Equipment Market?
The diagnostic imaging equipment market covered in this report is segmented –
1) By Type: X-Ray Systems Devices And Equipment, Ultrasound Systems Devices And Equipment, Computed Tomography (CT) Scanners Devices And Equipment, Magnetic Resonance Imaging Systems Devices And Equipment, Cardiovascular Monitoring And Diagnostic Devices And Equipment, Nuclear Imaging Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments Or Equipment, Disposables
Subsegments:
1) By X-Ray Systems Devices And Equipment: Analog X-Ray Systems, Digital X-Ray Systems, Fluoroscopy Systems, Portable X-Ray Systems, Mammography Systems
2) By Ultrasound Systems Devices And Equipment: Diagnostic Ultrasound Systems, Therapeutic Ultrasound Systems, 2D Ultrasound Systems, 3D Or 4D Ultrasound Systems, Portable Ultrasound Systems
3) By Computed Tomography (CT) Scanners Devices And Equipment: Conventional CT Scanners, Spiral Or Helical CT Scanners, Multislice CT Scanners, Portable CT Scanners
4) By Magnetic Resonance Imaging Systems Devices And Equipment: Closed MRI Systems, Open MRI Systems, Extremity MRI Systems, High-Field MRI Systems, Low-Field MRI Systems
5) By Cardiovascular Monitoring And Diagnostic Devices And Equipment: ECG Systems, Echocardiography Systems, Stress Testing Systems, Cardiac Catheterization Equipment, Holter Monitoring Systems
6) By Nuclear Imaging Devices And Equipment: Positron Emission Tomography (PET) Scanners, Single-Photon Emission Computed Tomography (SPECT) Scanners, Hybrid PET Or CT Scanners, Gamma Cameras
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Which Emerging Market Trends Are Altering The Diagnostic Imaging Equipment Industry?
Leading firms in the diagnostic imaging equipment market are striving to innovate new technologies like medical imaging for enhancing diagnostic precision and patient results. These innovations are designed to make workflows more efficient and elevate accessibility to superior imaging. Medical imaging involves using methods to generate visual depictions of the body's interior for diagnosis and treatment purposes. X-rays, MRI, CT scans, and ultrasound are frequently used in these methods. As an example, in April 2022, Wipro Ltd., a technology company from India partnered with GE Healthcare Technologies, Inc., a medical technology company from the US, to bring a transformative change to the Aspire CT scanner. This is a top-tier computed tomography system entirely produced in India, aligning with the Atmanirbhar Bharat initiative. This future generation scanner boasts advanced imaging abilities, operational efficiency that is up to 50% higher, and image quality bettered by 30%. Thanks to an over INR 100 crore investment under the government's Production Linked Incentives (PLI) Scheme, the scanner was made in a newly established facility. Its main objective is to enhance access to quality healthcare, especially in tier 2 and tier 3 cities.
Who Are the Key Players In The Diagnostic Imaging Equipment Market?
Major companies operating in the diagnostic imaging equipment market include:
• Siemens AG
• Koninklijke Philips NV
• Fujifilm Holdings Corporation
• General Electric Company
• Elekta AB
• Carestream Health Inc.
• Hologic Inc.
• Medtronic plc
• Mindray Medical International Limited
• Canon Medical Systems Corporation
• Esaote SpA
• Shimadzu Medical Systems USA
• Samsung Electronics Co. Ltd.
• Koning Corporation
• Toshiba Medical Systems Corporation
• Hitachi Medical Systems America Inc.
• Agfa-Gevaert NV
• Analogic Corporation
• Bracco Imaging SpA
• Del Medical Inc.
• Esaote North America Inc.
• Imaging Dynamics Company Ltd.
• InfiMed Inc.
• Mediso Medical Imaging Systems Kft.
• NeuroLogica Corp.
• Planmed Oy
• Shimadzu Corporation
• SonoScape Medical Corp.
• SuperSonic Imagine SA
• Terason
• Toshiba America Medical Systems Inc.
• Ziehm Imaging GmbH
• Zonare Medical Systems Inc.
What Are The Regional Insights Into The Diagnostic Imaging Equipment Market?
Western Europe was the largest region in the global diagnostic imaging equipment market in 2023. North America was the second largest region in the global diagnostic imaging equipment market. Africa. was the smallest region in the global diagnostic imaging equipment market. The regions covered in the diagnostic imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
