Diagnostic Imaging Equipment Market Outlook:
Diagnostic Imaging Equipment Market size was over USD 42.8 billion in 2024 and is estimated to reach USD 73.1 billion by the end of 2034, expanding at a CAGR of 6.1% during the forecast timeline, i.e., 2025-2034. In 2025, the industry size of diagnostic imaging equipment is projected assessed at USD 45.4 billion.
Key Diagnostic Imaging Equipment Market Insights Summary:
North America is expected to retain its leadership in the diagnostic imaging equipment market, capturing the largest share of 38.3% throughout the forecast period.
Asia Pacific is projected to be the fastest-growing region in the global diagnostic imaging equipment market during the evaluation period.
Europe is anticipated to maintain its position as the second-largest stakeholder in the global diagnostic imaging equipment market from 2025 to 2034.
In terms of product, the MRI systems sub-segment is forecasted to dominate with a revenue share of 28.5% in the diagnostic imaging equipment market over the projected period.
Based on applications, the oncology segment is expected to hold the leading share of 32.4% in the diagnostic imaging equipment market by the end of 2034
Key Growth Trends:
- Aging population and elderly care demand.
- AI and automation in imaging workflows.
Key Players:
- Siemens Healthineers, GE Healthcare, Philips Healthcare, Hologic, Samsung Medison, Mindray, and others.
Market Size and Growth Projections:
- 2024 Market Size: USD 42.8 billion
- 2025 Market Size: USD 45.4 billion
- Projected Market Size: USD 73.1 billion by 2034
- Growth Forecasts: 6.1% CAGR (2025-2034)
- Largest Region: North America
- Fastest Growing Region: North America
The increasing number of patients with chronic illnesses is creating a surge in early and accurate disease detection, and hence is fueling the market. According to the World Health Organization (WHO), approximately 71.2% deaths around the world are attributable to chronic diseases, such as cancer and cardiovascular disorders (CVD). Besides, the National Cancer Institute (NCI) recorded the annual count of new cancer-afflicted patients in the U.S. to surpass 2.1 million. The growing epidemiology reflects the presence of a sustainable demand for advanced imaging solutions, securing a stable cash inflow in this sector. Moreover, unmet diagnostic requirements and inadequate infrastructure in underserved regions are amplifying the need for affordable and scalable imaging solutions.
The market is experiencing an unavoidable pricing pressure due to volatilities in the semiconductor supply chain and limitations in optimum deployment. As evidence of the impact of this inflation, the U.S. Bureau of Labor Statistics (BLS) recorded an 8.2-12.4% rise in hardware costs. Further, in 2023, the upstream flow of payers' pricing was observed through a 4.6% increase in the producer price index (PPI) for medical imaging devices and a 3.3% hike in the consumer price index (CPI) for diagnostic services. Thus, the continuous transition in key economic indicators signifies the urgent need for balanced procurement strategies and cost-optimized production.
Diagnostic Imaging Equipment Market - Growth Drivers and Challenges
Growth Drivers
- Aging population and elderly care demand: As the residents worldwide age rapidly, demand for advanced tools from the market increases, particularly to detect neurological and musculoskeletal ailments. Testifying to the same, the Census Bureau predicted the proportion of geriatric citizens, aged over 65, in the U.S. to attain 21.4% of the net population by the end of 2030. Besides, the Ministry of Health, Labour and Welfare (MHLW) reported that more than 35.2% of elderly patients in Japan require annual imaging scans, and 20.3% among them lack access due to rural healthcare disparities. This creates lucrative opportunities for portable and cost-effective imaging solutions.
- AI and automation in imaging workflows: The robust penetration of AI technology in the healthcare industry is emerging as a major growth factor in the market. Exemplifying the advantages of using such technologies in radiology, a 2023 study from the Agency for Healthcare Research and Quality (AHRQ) demonstrated a 40.3% reduction in image interpretation time. Based on such validation, the FDA gave fast-tracked clearance for AI-Rad Companion by Siemens Healthineers, which provides automated lung nodule detection. Moreover, the notable efficiency gains with AI integration potentially reduce radiologist workloads by 15-20 hours per week, addressing critical staffing shortages while improving diagnostic throughput and accuracy.
Historical Patient Growth & Its Impact on Diagnostic Imaging Equipment Market Expansion
Historical Patient Growth (2010-2020) in Key Markets
|
Country |
2010(Million) |
2020(Million) |
Growth Rate |
|
U.S. |
42.6 |
68.4 |
60.8% |
|
Germany |
18.3 |
28.0 |
53.4% |
|
France |
14.8 |
22.2 |
50.4% |
|
Spain |
10.6 |
16.9 |
60.1% |
|
Australia |
5.4 |
8.7 |
62.4% |
|
Japan |
32.5 |
49.0 |
51.0% |
|
India |
28.7 |
62.5 |
118.3% |
|
China |
54.9 |
128.8 |
135.0% |
Feasible Expansion Models Shaping the Diagnostic Equipment Imaging Market
Revenue Feasibility Models (2020-2024)
|
Model |
Region |
Revenue Growth |
Key Driver |
|
Public-Private Partnerships |
India |
12.3% |
Ayushman Bharat tenders |
|
AI-as-a-Service |
U.S. |
18.1% |
Medicare reimbursement for AI diagnostics |
|
Refurbished Systems Leasing |
Brazil |
9.1% |
ANVISA-certified refurbishment hubs |
|
Localized Manufacturing |
China |
15.1% |
Made in China 2025 subsidies |
Challenges
- Limitations from affordability criteria: As economic barriers are still persistent in various landscapes, the diagnostic imaging equipment market continues to face difficulties in wide expansion. For instance, in 2023, price pressures intensified in Germany after the G-BA reduced MRI reimbursements by 15.3%, forcing manufacturers to bundle value-added AI analytics to protect margins. Similarly, in the U.S., only 32.2% of Medicaid patients receive advanced imaging due to restrictive prior authorization requirements, as per the Centers for Medicare & Medicaid Services (CMS).
- Maintenance and operational costs: The absence of a proper maintenance workforce and resources in developing countries, particularly in Africa, is impacting the adoption rate in the diagnostic imaging equipment market. According to the WHO, 30.2% of associated detection devices across Africa are non-functional due to maintenance gaps. This is also a result of high downtime rates, which severely limit diagnostic capacity, delay patient care, and reduce the cost-effectiveness. However, recent initiatives to deploy sufficient service infrastructure, training programs, and sustainable solutions are helping ensure reliable access to diagnostic imaging, even in underserved regions.
Diagnostic Imaging Equipment Market Size and Forecast:
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
|
Forecast Year |
2025-2034 |
|
CAGR |
6.1% |
|
Base Year Market Size (2024) |
USD 42.8 billion |
|
Forecast Year Market Size (2034) |
USD 73.1 billion |
|
Regional Scope |
|
Diagnostic Imaging Equipment Market Segmentation:
Product Segment Analysis
In terms of product, the MRI systems sub-segment is predicted to hold a dominant revenue share of 28.5% in the diagnostic imaging equipment market over the assessed timeline. The leadership is primarily attributable to the increasing neurological and musculoskeletal disorders worldwide. Testifying to the same, the WHO expected the number of people across the globe suffering from dementia to surpass 80.4 million by the end of 2030. This demography is garnering substantial need for advanced neuroimaging technologies. Furthermore, recent updates in reimbursement policies, such as the 2023 coverage expansion of Medicare for Alzheimer's diagnostic imaging, are remarkably enhancing patient access to critical neurological assessments, including MRI technology.
Application Segment Analysis
Based on applications, the oncology segment is poised to command a leading share of 32.4% in the diagnostic imaging equipment market by the end of 2034. With a 40.3% surge in global cancer incidence in 2024 alone, this medical discipline underscores the critical need for early detection solutions. The segment's expansion is also escalated by regulatory support, particularly the FDA's 510(k) fast-track pathway for AI-powered tumor detection tools, which is streamlining the adoption of advanced technologies in this category. Moreover, the rising cancer prevalence and capital-backed innovations are cumulatively attracting more investment in precision oncology imaging systems from both public and private organizations.
Our in-depth analysis of the global diagnostic imaging equipment market includes the following segments:
|
Segment |
Subsegment |
|
Product |
|
|
Application |
|
|
End user |
|
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Diagnostic Imaging Equipment Market Regional Analysis:
North America Market Insights
North America is expected to maintain its dominance in the diagnostic imaging equipment market by capturing the largest share of 38.3% throughout the discussed period. The aging population and rapid AI adoption are the primary drivers behind the region's proprietorship in this sector. For instance, in 2023 alone, the FDA provided clearance for 45 new AI-enhanced imaging tools. In addition, the region witnessed a 30.4% increase in outpatient imaging from 2020 to 2024, which was supported by the expansion of telehealth reimbursements by the CMS. Besides, the number of new cancer cases in North America crossed 2.0 million in 2024, and 40.3% of them required advanced imaging, according to the CDC. Thus, demand for diagnostic technologies in the region continues to surge.
The U.S. is actively strengthening its position in the regional diagnostic imaging equipment market with substantial government investments and domestic production initiatives. In this regard, the Medical Device Development Tools (MDDT) program allocated $120.4 million to accelerate regulatory approvals and boost local manufacturing. Additionally, the HHS dedicated $250.1 million to escalating the domestic capabilities in imaging technologies under the ARPA-H initiative. However, the U.S. is still reliant on imports, sourcing $4.9 billion worth of imaging components in 2023 alone, where 32% of MRI magnets came from China, as reported by the U.S. International Trade Commission (USITC).
The diagnostic imaging equipment market in Canada is prioritizing equitable access and cost efficiency, which is backed by provincial allocations. For instance, between 2023 and 2024, the governing body of Ontario invested approximately $1.2 billion in expanding rural MRI availability. According to the Canadian Institute for Health Information (CIHI), with a current average 25-day waiting timeline for CT scans, the federal government aims to reduce delays by 50.4% by the end of 2030, which fosters new opportunities for product innovation. Furthermore, the efforts toward the enhancement of patient access and compliance underscore its potential to create lucrative avenues in this sector.
APAC Market Insights
Asia Pacific is anticipated to be the fastest-growing region in the global diagnostic imaging equipment market during the analyzed tenure. The rising healthcare investments, enlarging demography, and rapid healthcare modernization are propelling demand in this landscape. Particularly, emerging economies, such as China, India, and Malaysia, are fostering lucrative business opportunities for this merchandise as they are heavily investing in the expansion of healthcare infrastructure. Besides, government-backed initiatives and awareness campaigns for early disease detection are cultivating a sustainable consumer base, attracting both domestic and foreign MedTech pioneers to invest in this sector.
China dominates the APAC diagnostic imaging equipment market on account of strong government participation and a vast patient population. As per the National Medical Products Administration (NMPA), in 2023 alone, the imaging industry of the country saw by 15.4% YoY increase in equipment procurement, reaching $5.9 billion. On the other hand, AI-powered systems acquired over 30.4% of new installations, reflecting the nation's commitment to the rapid adoption of cutting-edge technology. Additionally, in 2023, the NMPA gave approval for AI-based imaging tools rose by 25.4%, cementing the forefront position for China in this category for the upcoming years.
India is emerging as the growth engine for the regional diagnostic imaging equipment market. The accelerated progress of the country in this sector is highly stimulated by its 2.5 million patients undergoing imaging procedures in 2023. This surge is also a result of favorable government initiatives, such as Ayushman Bharat. The nation is further solidifying its pace of propagation through public-private partnerships and widespread awareness about early diagnosis, particularly for affordable solutions. Utilizing this opportunity, GE Healthcare deployed 500 low-cost CT units in partnership with Narendra Modi Hospital and introduced a $250.3 thousand portable ultrasound for clinics in India.
Government Investments & Policies
|
Country |
Policy/Initiative |
Budget/Funding (Million) |
Key Focus |
|
Japan |
AMED Low-Dose Radiation Tech Grants |
$307.3 (2022) |
Advanced imaging R&D |
|
South Korea |
National Digital Health Platform |
$375.1 (2024) |
Cloud-based imaging integration |
|
Australia |
AI in Healthcare Action Plan |
$80.1 (2023) |
AI radiology tools |
|
Malaysia |
Telemedicine Expansion (JICA Collaboration) |
$107.4 (2024) |
Portable imaging for rural areas |
Europe Market Insights
Europe is projected to sustain its position as the second-largest shareholder in the global diagnostic imaging equipment market between 2025 and 2034. The region's advanced healthcare infrastructure, strong government funding, and rapid adoption of innovative technologies are cultivating a progressive business atmosphere for this sector. Till 2023, the landscape was spearheaded by Germany, the UK, and France, which collectively accounted for over 60.2% of imaging revenue, as reported by the European Commission. The €1.9 billion allocation by Horizon Europe to next-gen imaging solutions is also securing a steady capital influx in support of this cohort of innovation. As evidence, in 2024, AI-powered radiology tools were being used in 30.4% of hospitals across Europe, according to the European Medicines Agency (EMA).
Germany is maintaining its dominance over the Europe diagnostic imaging equipment market. This is highly attributed to the rising CVD prevalence, reaching 8.3 million in 2025 alone, as per the Robert Koch Institute (RKI). Besides, 30.4% of the country’s population is over 60 and requires regular imaging, reinforcing its position as the foremost hub for cutting-edge diagnostic technology in Europe. The country's leadership is further backed by a notable increase in high-field MRI and PET-CT adoption, with over 12,004 operational imaging units and a 12.1% surge in MRI installations in 2024, according to a report from the Federal Ministry of Health.
The UK diagnostic imaging equipment market is witnessing steady growth, supported by continuous government and private spending. For instance, from 2020 to 2023, the expenditure on this category by the National Health Service (NHS) investments rose by 6.6%, totaling £2.5 billion. This extension in financial backing indicates the growing demand in this sector, with more than 4.8 million patients awaiting diagnostic procedures in 2024, as recorded by the Association of the British Pharmaceutical Industry (ABPI). The UK is also emerging as a regional leader in AI-powered radiology, with 40.2% of hospitals already adopting AI-based imaging tools, according to the Department of Health and Social Care.
Country-wise Government Provinces
|
Country |
Policy/Initiative |
Budget/Funding(Million) |
Key Focus |
|
France |
Hospital Modernization Program |
$820.1(2023) |
Public hospital imaging upgrades |
|
Spain |
AI4Health Initiative |
$220.4(2024) |
AI-powered radiology tools |
|
Italy |
Telemedicine Development Fund |
$330.4(2023) |
Remote diagnostics |
|
Russia |
Import Substitution Program |
$530.1(2024) |
Local MRI/CT manufacturing |
Key Diagnostic Imaging Equipment Market Players:
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
The diagnostic imaging equipment market is currently dominated by the consortium of Siemens, GE, and Philips, which collectively controls over 60.4% of global revenue. Their strategies to retain this leadership include research and deployment of AI-enhanced devices, hybrid modalities, and portable tools. Following the same pathway, in 2023, GE Healthcare invested $2.1 billion in research and deployment of AI-enhanced detection tools. Additionally, the partnership between Siemens and NVIDIA also highlighted the sector's revolutionary step toward smart diagnostics. Moreover, key players in emerging marketplaces, such as Canon, Hitachi, and Samsung Medison, are gaining traction with the introduction of cost-effective and high-throughput systems.
Such key players are:
|
Company Name |
Market Share (2024) |
Industry Focus |
|
Siemens Healthineers |
22.1% |
MRI, CT, X-ray, ultrasound, AI-based diagnostics (e.g., MAGNETOM MRI scanners). |
|
GE Healthcare |
20.3% |
CT, PET-CT, ultrasound, mobile imaging (e.g., Revolution Apex CT). |
|
Philips Healthcare |
18.4% |
MRI, ultrasound, digital radiography (e.g., Ingenia Ambition MRI). |
|
Hologic |
4.1% |
Women’s health imaging (e.g., 3D mammography systems). |
|
Samsung Medison |
3.5% |
Ultrasound, AI diagnostics (e.g., HERA W10 ultrasound). |
|
Mindray |
xx% |
Ultrasound, MRI, mobile X-ray (e.g., Resona 7 ultrasound). |
|
Carestream Health |
xx% |
Digital X-ray, portable imaging (e.g., DRX-Revolution). |
|
Esaote |
xx% |
Ultrasound, MRI (e.g., MyLab™ ultrasound). |
|
Agfa Healthcare |
xx% |
Digital radiography, AI diagnostics (e.g., DX-D600 X-ray). |
|
United Imaging |
xx% |
PET-CT, MRI (e.g., uMR Omega 3.0T MRI). |
|
NeuroLogica |
xx% |
Portable CT, stroke imaging (e.g., CereTom® portable CT). |
|
Allengers Medical |
xx% |
X-ray, C-arms (e.g., AMX-4+ mobile X-ray). |
|
Medonica |
xx% |
Ultrasound, digital X-ray (e.g., SONOACE X9). |
|
BMI Biomedical International |
xx% |
MRI, CT refurbishment services. |
|
MetroHealth |
xx% |
X-ray, ultrasound (e.g., MX-16 digital X-ray). |
Below are the areas covered for each company in the diagnostic imaging equipment market:
Recent Developments
- In May 2024, GE Healthcare launched its next-generation Revolution Apex CT scanner with AI Recon, featuring deep learning image reconstruction that reduces radiation dose by 40.1% while enhancing diagnostic accuracy. It saw rapid adoption, with over 153 hospitals implementing the technology within just two months of launch.
- In March 2024, Siemens Healthineers revolutionized MRI technology with the introduction of the MAGNETOM Free.Star, the world's first fully AI-driven MRI system approved by the FDA. This groundbreaking system reduces scan times by up to 50.4% while delivering superior image clarity.
- Report ID: 47
- Published Date: Jul 14, 2025
- Report Format: PDF, PPT
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