Diagnostic Imaging Market size is anticipated to reach USD 240 billion by the end of 2036, growing at a CAGR of 6% during the forecast period i.e. 2024 – 2036. In the year 2023, the industry size of diagnostic imaging was USD 35 billion. The growth of the market can be attributed to the increasing incidence of chronic diseases such as cardiovascular, neurology disorders combined with the realigning healthcare systems have led to an increase in emphasis on early diagnosis. According to the Centers for Disease Control and Prevention (CDC), coronary artery disease (CAD) affects an estimated 18.2 million adults each year in the U.S. forecast estimates, and much alone. These factors are estimated to contribute to the growth of the market in the forecast period.
In addition to these, factors that are believed to fuel the market growth of diagnostic imaging include the rise in investments and collaboration between major key players. Developing and emerging countries are experiencing an increase in the number of medical imaging centers.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~6% |
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Base Year Market Size |
~ USD 35 Billion |
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Forecast Year Market Size (2035) |
~ USD 240 Billion |
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Regional Scope |
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Product (X-Ray, MRI, Ultrasound, CT Scanners, Nuclear)
The CT scanners segment is estimated to account for 39% share of the global diagnostic imaging market in the year 2036. The growth of the segment can be attributed to the new product launches in the field. For instance, in January 2020, Allergen, in collaboration with Canon Medical Systems Corporation, introduced a new CT scanner in the market, the ACUTOM 32, which is a 32-slice CT scanner featuring a wide bore gantry of 32 cm, about a 2.0 MHU X-ray tube, and about 0.75 seconds of rotation time. In January of 2022, the Port Perry Hospital Foundation, PPHF succeeded in reaching its USD 4 million goal to purchase a CT scanner and other critical items for Scugog Health Center. Moreover, the prevalence of COVID-19 and the pandemic has increased the demand for diagnostic imaging which contributed to the growth. Due to the rapid increase in COVID-19 cases, Samsung NeuroLogica added a 32-slice mobile BodyTom CT scanner in February 2020.
Application (Cardiology, Urology, Orthopedic, Neurology, Oncology, Gynecology)
Diagnostic imaging market from the oncology segment is expected to garner a significant share during the time period between 2024-2036. The demand for oncology imaging is driven by an increase in the number of cancer cases around the world, together with a growing emphasis on finding and detecting cancers before they develop. This segment of the oncology application is expected to be driven by increasing access to healthcare facilities and diagnostic imaging centers in emerging economies along with a relatively higher compound annual growth rate.
Our in-depth analysis of the global market includes the following segments:
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Product |
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Application |
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End User |
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North American Market Forecast
The diagnostic imaging market in North America is projected to be the largest with a share of about 35% during the projected period. The growth of the market in the region can be attributed majorly to the increasing technical progress, an increase in the level of affordability within the population, and a rise in diagnostic procedures each year can be attributed to growth. Moreover, given that there are well-established medical facilities and increasing demand for high-quality health systems from an aging population as well as a growing incidence of chronic disease, this market is expected to grow over the forecast period. Market growth is also projected to be driven by an increasing number of neurological disorders, such as brain tumors. An estimated 83,750 people in the United States were diagnosed with brain and other central nervous system tumors in 2021, according to an article published in the American Cancer Society Journal in 2022.
APAC Market Statistics
The Asia Pacific diagnostic imaging market is estimated to grow significantly by the end of 2036. The growth of the market can be attributed majorly to the growing demand for diagnostic imaging techniques in the region. Moreover, market players are offered a lucrative opportunity in the region of Asia where there is an extensive and aging existing base of imaging equipment. The demand for new medical imaging systems is expected to be driven by this as well as a rapidly developing healthcare and hospital infrastructure in the region over the forecast period.
Author Credits: Radhika Gupta, Shivam Bhutani
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