Tag: diagnostic imaging market

Diagnostic Imaging Market Analysis And Growth Forecast 2024-2032

Global Diagnostic Imaging Market Analysis

The global diagnostic imaging market is expected to grow significantly, reaching US$ 61.51 billion by 2032, up from US$ 36.97 billion in 2023, at a CAGR of 5.82% between 2024 and 2032. This growth is driven by various factors, including the expanding global healthcare sector, the increasing senior population, and the rise in lifestyle-related chronic diseases. Diagnostic imaging technologies are crucial for early disease detection, treatment planning, and monitoring, driving demand for these services worldwide.

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Diagnostic Imaging Market Outlook

Diagnostic imaging encompasses a range of non-invasive techniques used by medical professionals to view the internal structures of the body. These imaging methods, which utilize various forms of radiant energy, including X-rays, ultrasound, magnetic resonance imaging (MRI), nuclear imaging, and CT scans, provide detailed images that assist in diagnosing conditions, planning treatments, and monitoring progress. The ability to detect diseases early and reduce the need for invasive procedures has enhanced the importance of diagnostic imaging in modern medicine.

Market Growth Drivers

1. Rising Prevalence of Chronic Illnesses

The global burden of chronic diseases, including cancer, cardiovascular conditions, and neurological disorders, is a key driver for the diagnostic imaging market. According to the World Health Organization (WHO), there were 19.3 million new cancer cases worldwide in 2020, a number expected to rise to 30.2 million by 2040. Imaging technologies are indispensable for the early detection and accurate diagnosis of such conditions, making them vital to patient care. For example, the rise in cancer cases, as well as cardiovascular diseases like stroke, atrial fibrillation, and ischemic heart disease, is pushing the demand for diagnostic imaging systems.

2. Advancements in Imaging Technology

Technological advancements are continuously enhancing diagnostic imaging capabilities. New and improved imaging systems are offering higher resolution, faster scanning times, and greater patient comfort, which contribute to more accurate and efficient diagnoses. High-field MRI systems and 3D/4D imaging technologies allow healthcare providers to visualize intricate anatomical features more clearly, enabling precise diagnosis and treatment. Furthermore, hybrid imaging systems, such as PET/CT and SPECT/CT, combine the advantages of multiple imaging modalities, improving the localization, detection, and characterization of diseases.

3. Expansion of Healthcare Infrastructure

As healthcare systems evolve, the demand for advanced diagnostic imaging is increasing. The growth of healthcare facilities, including hospitals, clinics, and diagnostic centers, plays a crucial role in expanding the accessibility and availability of these imaging technologies. Both public and private sector investments in healthcare infrastructure are contributing to the widespread adoption of diagnostic imaging systems. Additionally, the rise of telemedicine and digital health platforms has made remote diagnostic services more accessible, further boosting market growth.

Regional Insights

North America

North America holds a significant share of the global diagnostic imaging market, and this trend is expected to continue throughout the forecast period. The United States, in particular, is a major market, driven by factors such as the aging population, rising chronic disease rates, and technological advancements in imaging systems. The demand for diagnostic imaging is further fueled by the prevalence of conditions like cancer and neurological disorders. In 2022, the American Cancer Society reported 1.9 million new cancer diagnoses in the U.S., with brain tumors and central nervous system cancers contributing to the growing demand for imaging services.

Technological Advancements in North America

The introduction of cutting-edge products, such as the Velocity MRI system by Fujifilm Healthcare in December 2021, showcases North America’s leadership in diagnostic imaging innovation. The region is also witnessing the increasing adoption of artificial intelligence (AI) technologies in imaging, which are improving diagnostic accuracy and streamlining workflow.

Europe

Europe, with its diverse healthcare systems and rising healthcare investments, is another key region in the diagnostic imaging market. The demand for imaging systems in Europe is largely driven by the aging population and the prevalence of chronic diseases. However, sustainability and cost-effectiveness remain major concerns, prompting the adoption of more efficient and affordable imaging technologies.

Asia-Pacific

The Asia-Pacific region is expected to see the fastest growth in the diagnostic imaging market. The growing healthcare infrastructure, rising disposable incomes, and increasing awareness of diagnostic imaging technologies are key factors contributing to the region’s growth. Countries like China and India are rapidly expanding their healthcare systems, improving access to advanced diagnostic imaging services.

Key Market Players

Some of the top companies in the diagnostic imaging market include:

  • FUJIFILM VisualSonics Inc.
  • Canon Medical Systems Corporation
  • Bruker Corporation
  • PerkinElmer Inc.
  • Hitachi Ltd.
  • Hologic, Inc.
  • Radnet, Inc.
  • Koninklijke Philips N.V.

Recent Company Developments

GE Healthcare

  • March 2024: GE Healthcare introduced SonoSAMTrack1, a new research model powered by NVIDIA technology, aimed at improving ultrasound imaging with better object segmentation.

Canon Medical Systems

  • January 2024: Canon launched the Aplio Me ultrasound system, a versatile device designed to meet the needs of frequent ultrasound users in various medical settings.

Philips

  • May 2023: Koninklijke Philips introduced the CT 3500 system, a high-end CT scanner optimized for high-volume screening programs and routine radiography needs.

GE Healthcare & AI

  • February 2023: GE Healthcare acquired Caption Health, an AI healthcare company specializing in ultrasound imaging. This acquisition will enable GE to enhance its ultrasound capabilities with AI-driven insights to detect early-stage diseases.

Samsung

  • May 2022: Samsung launched the GM85 Fit, a new mobile radiography unit certified by the FDA. This product is designed to expand Samsung’s market presence in the U.S. and broaden its customer base in the American healthcare sector.

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Diagnostic Imaging Market is anticipated to reach US$ 49.29 Billion by 2028

Extensive industry analysis and market share data are available in the recently released report “Molecular Diagnostics Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2030″ by Renub Research. The study looks at the competitors, geographical areas, and growth potential of the clinical molecular diagnostics market.

Molecular Diagnostics Market is anticipated to expand at a compound annual growth rate (CAGR) of 7.40% from 2023 to 2030

At the nexus of biotechnology and healthcare lies the dynamic and quickly evolving molecular diagnostics market, encompassing a spectrum of technologies and strategies for analyzing biological markers at the molecular level to diagnose and display illnesses. Fueled by advancements in genomics, a heightened understanding of diseases’ molecular bases, and a growing emphasis on personalized medication, this market is characterized by non-stop innovation and strategic collaborations between international pharmaceutical companies and local healthcare establishments. With an unwavering awareness of addressing unmet medical needs, the molecular diagnostics market is poised for sustained growth, serving as a linchpin in shaping the future panorama of healthcare. 

Moreover, the molecular diagnostics market prospers on increasing expertise of disease molecular bases, coupled with technological breakthroughs that enhance diagnostic accuracy and inform therapeutic decisions. A growing emphasis on personalized remedies propels the demand for molecular diagnostics, enabling tailored cures based on individual genetic profiles. Ongoing innovation, driven by collaborations between worldwide pharmaceutical businesses and local healthcare establishments, addresses unmet medical desires and integrates cutting-edge technologies. This collaborative approach positions the market at the leading edge of imparting solutions for complex healthcare challenges. With advancing technology and deepening know-how of disease molecular bases, the molecular diagnostics market is set for sustained growth, emerging as a transformative force shaping the future of healthcare. Hence, the Global Molecular Diagnostics Market will therefore grow to a size of US$ 28.17 billion by 2030.

Likewise, in the molecular diagnostics market, PCR technology is pivotal for DNA amplification and detecting disease-associated genetic sequences. The versatile and precise PCR section holds an extensive percentage across numerous diagnostic packages. Simultaneously, diagnostics laboratories are vital for molecular testing services, gaining significance amid the growing demand for precision medication. Expected to maintain constant growth, this sector is propelled by enhanced diagnostic capabilities and the rising incidence of complex illnesses. Notably, with sturdy healthcare infrastructure and massive research investments, China emerges as a key growth contributor, exhibiting the quickest growth rate due to proactive government initiatives fostering advanced diagnostic generation adoption.

Due to its indispensable role in diagnostic testing, the reagents segment is poised to sustain its leading position in the molecular diagnostics market

 

As a fundamental element, reagents are crucial for various molecular diagnostic strategies, including PCR and DNA sequencing. The ongoing advancements in molecular diagnostics, coupled with a surge in demand for accurate and speedy testing strategies, ensure the continued prominence of the reagents section. Its pivotal feature in enabling precise molecular evaluation positions it to preserve a central role in the foreseeable future of molecular diagnostics.

Product Segment – The Molecular Diagnostics Market has been covered from three viewpoints.

  1. Reagents& kits
  2. Instruments
  3. Software& Services

The oncology sector anticipates a substantial growth rate in the molecular diagnostics market

Advancements in genomic and molecular studies have led to the development of targeted therapies and personalized remedy alternatives for cancer patients. This has amplified the need for unique and early cancer detection, driving the adoption of molecular diagnostics. Also, the increasing occurrence of cancer instances internationally further propels the growth of molecular diagnostics in oncology, making it a high-capability segment with a promising growth rate.

Application – The Molecular Diagnostics Market has been covered from five viewpoints

  1. Oncology
  2. Infectious Disease
  3. Genetic Testing
  4. Blood Screening
  5. Others

Due to its unparalleled role in DNA amplification, the Polymerase Chain Reaction (PCR) segment commands the highest share in the molecular diagnostics market.

Widely employed for its accuracy and sensitivity, PCR is pivotal in detecting and quantifying genetic material, facilitating disease diagnosis and monitoring. The versatility of PCR applications, ranging from infectious diseases to genetic disorders, makes it a cornerstone technology. Its robust performance, efficiency, and broad diagnostic utility contribute to the PCR segment’s dominance in holding the highest market share.

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Technology – The Global Molecular Diagnostics Market has been covered from six viewpoints

  1. Polymerase Chain Reaction
  2. Hybridization
  3. Isothermal Nucleic Amplification Technology (INAAT)
  4. Chips & Microarrays
  5. DNA Sequencing
  6. Others (Mass Spectrometry, TMA)

The diagnostics laboratories are poised to sustain their growth in the molecular diagnostics market because of their central role in precise and comprehensive testing services

As the demand for molecular diagnostics grows, laboratories play a crucial role in conducting complex tests and interpreting results accurately. The increasing prevalence of infectious diseases, genetic disorders, and cancer necessitates advanced diagnostic capabilities, further propelling the significance of Diagnostics Laboratories. This sector’s expertise in molecular testing positions it to maintain its pivotal role throughout the forecast period.

End-User – Global Molecular Diagnostics Market has been covered from three viewpoints

  1. Hospitals & Clinics
  2. Diagnostics Laboratories
  3. Others

During the forecast period, China is anticipated to exhibit the fastest growth in the molecular diagnostics market

The robust healthcare infrastructure in the United States, rising investments in research and development, and a large population contribute to increased demand for advanced diagnostics. Also, the growing awareness of personalized medicine and the prevalence of chronic diseases drive the adoption of molecular diagnostics in China. According to the World Health Organization (WHO), chronic diseases account for 88% of all deaths in China. The leading chronic diseases in China are cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. Favorable government initiatives and an expanding middle class further accelerate market growth, positioning China as a key player in the industry.

Countries

  1. United States
  2. Canada
  3. Germany
  4. United Kingdom
  5. France
  6. Italy
  7. Spain
  8. Switzerland
  9. Japan
  10. China
  11. India
  12. Australia
  13. South Korea
  14. Indonesia
  15. Brazil
  16. Argentina
  17. Mexico
  18. South Africa
  19. Saudi Arabia
  20. United Arab Emirates
  21. Rest of World

Competitive Landscape

Prominent companies in the molecular diagnostics market include Abbott Laboratories, Myriad Genetics, Roche Diagnostics, BioMerieux SA, Danaher Corporation, Qiagen NV, Bio-rad Laboratories Inc., and Hologic (Gen-Probe).

Company Insights

  • Overview
  • Recent Development and Initiatives
  • Sales Analysis

Molecular Diagnostics Market Companies

  • Abbott Laboratories
  • Myriad Genetics
  • Roche Diagnostics
  • BioMerieux SA
  • Danaher Corporation
  • Qiagen NV
  • Bio-rad Laboratories Inc.
  • Hologic (Gen-Probe)

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Teleradiology Market size is expected to reach US$ 17.38 Billion by 2030

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Lung Cancer Screening Market size is projected to reach US$ 4.36 Billion by 2028

About the Company: 

Renub Research is a Market Research and Information Analysis company with more than 14 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

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Contact Person: Rajat Gupta, Marketing Manager

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Diagnostic Imaging Market, Size | Growth Forecast | 2028

Industry Trends, Share, Growth, Company Analysis,” Diagnostic Imaging Market valued at US$ 35.11 Billion in 2022. Medical imaging uses technology to produce internal body images for clinical analysis or medical intervention in a non-invasive manner. As medical technology advances, the market for Diagnostic Imaging continues to evolve, fuelling the growing demand for patient-centric healthcare. As a result, the industry must focus on critical R&D investments to adapt the constant changes while fulfilling customer needs.

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Global Diagnostic Imaging Market is anticipated to with a CAGR of 5.82% from 2022 to 2028

With the advent of novel technologies and rapid digitalization, the global medical devices industry is jumping leaps and bounds in growth and development. From new and emerging business models to accelerated innovation in many areas of diagnostics, care delivery, connected health, data security, supply chain, process automation, etc., the healthcare landscape is hovering around the idea of disruptive possibilities owing to several trends.

For example, there is a significant shift in R&D spending patterns and talent trends, collaborations with start emphasis on ups, tech giants, service providers, and overall digital and connected health. Medical imaging is one such segment of the MedTech industry that has significantly benefited from the trends mentioned above. 

X-Ray is primarily used in the Diagnostic Imaging Market

The primary need for early diagnosis is the cause of the upsurge in X-ray demand. However, along with the need for early diagnosis, factors such as technological advancements in various applications, massive spending in product R&D, growing investments in healthcare infrastructure, and the need for visible improvements in population health technologies are driving the growth in medical imaging.

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Orthopaedic application segment captured most of the Market Share

The ever-growing incidence of chronic diseases worldwide, an aging population, rising awareness, and priority for health are increasing the demand for early diagnosis. An additional factor relevant in a scenario is the predominant use of X systems to diagnose COVID ray and CT-19 cases worldwide. As a result, the burden of chronic diseases is rising globally, and medical imaging procedures are crucial in accurately diagnosing chronic diseases.

Furthermore, the aging population and socioeconomic changes are leading to a continuous rise in these prevalent and costly long-term health conditions. Cancer, cardiovascular disease, obesity, and diabetes account for the majority of chronic illness mortality. According to GLOBOCAN, around 19.3 million new cancer cases were recorded worldwide in 2020, with this figure anticipated to rise to 30.2 million by 2040. The emerging markets would be the most affected, as population growth is expected to be greatest in developing nations.

Hospitals lead the Global Diagnostic Imaging Market

Currently, hospitals comprise the most significant share; however, the adoption of imaging systems by diagnostic centers is expected to capture the highest CAGR during the upcoming years. The growing number of private imaging centers, fueled by rising demand for diagnostic imaging treatments, is likely to boost hospital segment growth. Companies strive to attain market equilibrium by investing in technology to meet rising demand. From a macroeconomic standpoint, suitable investments bear fruit for all stakeholders in such ecosystems.

Furthermore, for instance, in November 2021, Canon Medical Systems USA, Inc., a leading manufacturer of diagnostic devices, announced the launch of Vantage Fortran, an innovative remote tablet and in-room camera solutions for monitoring and positioning patients to enhance workflow.

North American region will lead in the Global Diagnostic Imaging Market

North America is owing to the higher demand for medical imaging modalities such as Ultrasound, MRI, X-rays, and CT scans in hospital settings for accurate diagnosis during treatment. In addition, the availability of advanced medical imaging devices in hospitals and sound infrastructure leads to the segmental growth of hospitals. Similarly, the presence of skilled healthcare professionals in hospitals to accurately treat and diagnose patients surge the demand for medical imaging in hospitals. Additionally, rising cases of chronic diseases and an increasing number of hospital admissions will further accelerate the medical imaging market progression.

Key Players

The worldwide imaging industry is at a crossroads and will profoundly change during the next decade with novel technologies and new players entering and redefining the competitive landscape. The incumbent equipment manufacturers face increasing competition from new entrants such as Samsung Electronics, Neusoft Medical Systems, or Mindray Medical in emerging and developed markets. In addition, the leading contrast media companies will see increasing generic competition as the remaining contrast agent patents expire within the following years. 

Market Summary:

  • Product- the Report Covers Diagnostic Imaging Market by type in 6 viewpoints (X-Ray, CT, Ultrasound, MRI, Nuclear Imaging, and Others).
  • Application – Diagnostic Imaging Market by treatment breakup in 5 viewpoints (Orthopedics, Cardiovascular, Neurology, Pelvic & Abdomen, Oncology).
  • End-Users – The Diagnostic Imaging Market breakup into three viewpoints (Hospitals, Diagnostic Centres, and Others).
  • Region- Renub Research Report covers by Diagnostic Imaging Market region in 5 viewpoints (North America, Europe, Asia Pacific, South America, and Middle East & Africa).
  • Key Players: All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Financial Insights) FUJIFILM VisualSonics Inc., Canon Medical Systems Corporation, Bruker, PerkinElmer Inc., Hitachi, Hologic, Radnet and Koninklijke Philips.

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About the Company: 

Renub Research is a Market Research and Information Analysis company with more than 14 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

Media Contact:

Company Name: Renub Research

Contact Person: Rajat Gupta, Marketing Manager

Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)

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Email: info@renub.com LinkedIn: https://in.linkedin.com/company/renub-research