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According to the latest market research by VynZ Research, the global diagnostic imaging market is proposed to outstretch from USD 25.6 billion in 2020 to USD 36.8 billion by 2027, registering a CAGR of 5.8% during 2021-2027.
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Diagnostic Imaging assists in the early diagnosis of neurological diseases, cardiological disorders, orthopaedical syndromes and oncological complaints. It provides visual illustrations of internal and external parts of a body that are being utilized for clinical purposes. It facilitates overall healthcare as early diagnosis helps in the treatment of diseases. The frequent incidences of chronic diseases and rise in number of diagnostic centers has become a reason for the growth of global diagnostic imaging market.
Market Segments:
Insight by Product:
Based on product, the global diagnostic imaging market is segregated into computed tomography (CT) scanners, x-ray imaging systems, ultrasound imaging systems, nuclear imaging systems, and magnetic resonance imaging (MRI). Among these the X-Ray imaging system has the greatest share in the market as it is a painless and non-invasive procedure which less costly as compared to other modalities.
However, there has been a growing demand of CT scanners during the pandemic as it corresponds to early and accurate diagnosis of the disease. CT scan is required to monitor the progression of Covid -19. Hence most of the patients had to go through it as a result of which there was a rise in demand for CT scans in 2020.
Insight by Application:
Based on application, the global diagnostic imaging market is subdivided into oncology, cardiology, orthopedics, gynecology, neurology, and others. Among these, the Orthopaedics segment has the largest demand in the market. However, the growing number of cancer cases in the world has resulted in an increase in the demand for oncology imaging for the early detection of cancer.
Insight by End User:
Based on end users, the market is segmented into diagnostic imaging centers, hospitals, specialty clinics and others. Rising demand for diagnostic centers and escalating number of diagnostic imaging procedures have become a reason for the expected growth of diagnostic imaging market. However, the Hospital segment is also growing rapidly and is expected to rise in the forecast period.
Growth Drivers:
Early diagnosis and cost-effective diagnostic procedures are factors that influence the demand of global diagnostic imaging market. However, the funds, grants, and investments by private and government bodies for modernization of imaging facilities, will also escalate the market. Technologically advanced devices and developing healthcare centers are the growth drivers in the forecast period
Geographic Overview:
North America has observed a continuous increase in number of chronic diseases. As per the announcement made by GLOBOCAN in the U.S. an estimated number of deaths in US during the year 2012 was 0.6 million while new cancer cases were reported to be 1.6 million. Asia Pacific has also shown a prominent rise in chronic diseases. Hence there is an expansion in the diagnostic centers resulting in Asia Pacific as a growing marketplace for Diagnostic Imaging Market.
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Key Players Covered in the Report:
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