Healthcare & Pharmaceutical

Diagnostic Imaging Equipment Market Analysis by Product [Computed Tomography (CT) Scanners, Nuclear Imaging (NI) Equipment, Magnetic Resonance Imaging (MRI) Systems, X-Ray Devices, and Others); and by End User (Hospitals, Private Diagnostic Laboratories, and Research Laboratories) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


In The News

  • Hitachi Medical Systems introduced two new permanent open MRI systems. It incorporates a SynergyDrive workflow system, which provides quicker and automatic image scanning.

  • Siemens Healthineers launched the newest products, MAGNETOM Free Star and NAEOTOM Alpha. It offers a different alternative to both MRI and CT. The machine is easier to install and made with the most recent dry cool technology.


Global Diagnostic Imaging Equipment Market Definition

The diagnostic imaging equipment is the system are used to picture the body for diagnostic reasons in order to identify the proper diagnosis and course of treatment. Medical imaging is a technique or procedure for producing visual representations of the internal organs and tissues of the body for use in clinical evaluation and medical treatment. All of the technology that enables the acquisition and processing of the scanned picture is included in diagnostic imaging equipment. Following that, the scanned image from the medical imaging apparatus is utilized for clinical analysis, medical intervention, or for biological science's visual representation of the function of particular tissues or organs.


Global Diagnostic Imaging Equipment Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~8%

Base Year Market Size (2022)

~ USD 45 Billion

Forecast Year Market Size (2035)

~ USD 62 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)


Global Diagnostic Imaging Equipment Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global diagnostic imaging equipment market is estimated to garner a revenue of USD 62 Billion by the end of 2035 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 45 Billion in the year 2022. An increase in the frequency of organ donation and transplantation is the main factor driving the market. Around 130,000 organ transplants was expected to be carried out globally in the year 2020. The kidney was the organ that was transplanted the most frequently overall, followed by heart transplants.

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The prevalence of chronic illnesses, neurological disorders, and orthopedic problems is anticipated to drive the diagnostic imaging equipment market expansion. Additionally, as the industry expands, more CT scans are performed globally. About 25,000 entirely new cases of brain and nervous system cancer will be diagnosed in 2022.  According to the World Health Organization, with 17.9 million deaths per year, cardiovascular diseases (CVDs) are the leading cause of death worldwide. Furthermore, over 300 million CT scans are performed each year worldwide, with that figure increasing by 4% annually.


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Global Diagnostic Imaging Equipment Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Burden of Chronic Diseases- The need for various advanced diagnostic image processing and analysis software has increased globally owing to an increase in the number of diagnostic imaging procedures and the rising prevalence of chronic diseases. According to estimates provided by the World Health Organization, almost 18 million people worldwide pass away each year as a result of cardiovascular disease. It is a major factor in fatalities on a global scale.

  • Technological Advancement of Diagnostic Medical Imaging Equipment- Enhancement of the technology is essential for the diagnostic machine, so that they are up-to the mark and are updated with advancing science. For instance, Fujifilm Corporation created artificial intelligence-based lung nodule detecting technology. The machine algorithm aids in both the detection of lung cancer and pulmonary nodules in the chest.

  • Higher Surgical Procedures Carried Out all over the World- Surgical care required mandatory medical imaging so that the site of the surgery can be located precisely. Over 2 million surgeries were performed in 2018, and 11% of all diseases and injuries required surgical intervention, according to the World Health Organization.

  • Increasing Healthcare Spending- Rising healthcare expenditure is to boost the purchase and demand for diagnostic medical imaging equipment. After COVID-19, it is anticipated that global healthcare spending will rise by about 4% and reach almost USD 10 trillion by 2024.

  • Rise in the Count of People in Need of Organ Donation- There are around 100,000 persons on the waiting list for organ transplants, and a new person is added to the list every nine minutes. More than 40,000 transplants were performed in 2021.

Challenges

  • Shortage of Diagnostic Imaging Machines in Rural Areas

  • Potential for Exposure to Harmful Penetrating Radiation- High energy wavelength radiation from X-rays, nuclear imaging, and CT scans swiftly penetrates our tissues and, if exposed for a prolonged period of time, may potentially cause disruption to our organs and protein structures. DNA and cells could be harmed by radiation. As a result, it is projected that the risk of radiation exposure will limit market growth.

  • Exorbitant Prices of the Medical Imaging Equipment

The global diagnostic imaging equipment market is segmented and analyzed for demand and supply by product into computed tomography, magnetic resonance imaging, x-ray, ultrasound, and molecular imaging. Out of all, the x-ray segment is anticipated to hold the largest market size by the end of 2035. The segment is to grow on the account of growing needs of conducting x-ray for detecting bone fractures, lung issues and other problems. The World Health Organization (WHO) estimates that 3.6 billion diagnostic procedures, including X-rays, are performed annually. Among these 3.6 billion, X-rays make up 40% of all medical imaging procedures. Moreover, the rising cases of bone fractures is to boost the growth of the segment. For instance, the prevalence of hip fractures in males is expected to rise by 310% and in women by 240% globally by 2050.


Global Diagnostic Imaging Equipment Market Regional Synopsis

The North America diagnostic imaging equipment market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. Rise in the number of CT scans carried out in the United States and Canada, followed by growing count of cancer patient in the region, who need diagnostic imaging services for the detection of the disease is expected to augment the market growth in North America. In the United States, about 80 million CT scans were performed. Additionally, in the United States, there were about 2 million new cases of cancer reported in 2021, and the illness took the lives of about 600,000.


Market Segmentation

Our in-depth analysis of the global diagnostic imaging equipment market includes the following segments:

      By Product

  • Computed Tomography (CT) Scanners
  • Nuclear Imaging (NI) Equipment
  • Magnetic Resonance Imaging (MRI) Systems
  • X-Ray Devices
  • Others

       By End User

  • Hospitals
  • Private Diagnostic Laboratories
  • Research Laboratories

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Top Featured Companies Dominating the Global Diagnostic Imaging Equipment Market

    • Siemens Healthcare GmbH

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • General Electric Company
    • Koninklijke Philips N.V.
    • Canon Medical Systems Corporation
    • Carestream Health
    • Hitachi Medical Systems
    • Hologic, Inc.
    • Samsung Medison Co., Ltd.
    • Shimadzu Corporation
    • FONAR Corp. 

     


Key Questions Answered in the Report

1) What are the major factors driving the growth of the diagnostic imaging equipment market?

Ans: Increasing public awareness of chronic diseases, rising healthcare costs, and the demand for early diagnostics are some of the key drivers propelling the market's expansion.

2) What would be the CAGR of diagnostic imaging equipment market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the diagnostic imaging equipment market growth?

Ans: The rising prices of diagnostic equipment, insufficient machine in underdeveloped areas and risk of getting expose to rays are the few factors which are to hamper the market growth.

4) Which region will provide more business opportunities for growth of diagnostic imaging equipment market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the diagnostic imaging equipment market?

Ans: The major players in the market are General Electric Company, Koninklijke Philips N.V., Canon Medical Systems Corporation, Carestream Health, Hitachi Medical Systems, Hologic, Inc., Samsung Medison Co., Ltd., Shimadzu Corporation, FONAR Corp., Siemens Healthcare GmbH and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the diagnostic imaging equipment market?

Ans: The market is segmented by product, end user, and by region.

8) Which segment under product segment is projected to hold the dominating share in the diagnostic imaging equipment market?

Ans: The X-ray segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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