Diagnostic Imaging Equipment Market size is poised to cross USD 62 Billion by the end of 2035, growing at a CAGR of 8% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of diagnostic imaging equipment was over USD 45 Billion. 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.
The prevalence of chronic illnesses, neurological disorders, and orthopedic problems is anticipated to drive the 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
8% |
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Base Year Market Size (2022) |
USD 45 Billion |
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Forecast Year Market Size (2035) |
USD 62 Billion |
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Regional Scope |
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Product (CT Scanners, Nuclear Imaging Equipment, MRI Systems, X-Ray Devices)
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.
Our in-depth analysis of the global diagnostic imaging equipment market includes the following segments:
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By Product |
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By End User |
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North America Market Forecast
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.
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.
Author Credits: Radhika Gupta, Shivam Bhutani
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