Analysis by Product (MRI, SPECT, PET, X-RAY, Ultrasound, Tomography, and Nuclear Imaging); by Application (Gynecology, Oncology, Orthopedics, Neurology, Cardiology, and Others); and by End-User (Imaging Centers and Hospitals) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now
The global diagnostic imaging services market is estimated to garner a revenue of ~USD 851 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 518 Billion in the year 2022. The growth of the market can primarily be attributed to the increasing geriatric population across the globe with severe diseases and disorders. According to the World Bank’s statistics, the global geriatric population hit 747,238,580 in 2021. As a person grows older, their body weakens and organs start to deteriorate, making them vulnerable to both chronic and acute diseases which require diagnostic imaging services.
Global diagnostic imaging services market trends such as higher penetration of neurological disorders and constantly increasing R&D spending on medical imaging technology are projected to influence the growth of the market positively over the forecast period. The Pan American Health Organization (PAHO) published a report stating that nearly 533,172 men and 320,043 women lost their lives owing to some sort of neurological condition in America. Moreover, skyrocketing utilization of diagnostic imaging services in the diagnosis and treatment of cancer and booming demand in the cardiology segment are further expected to hike the growth of the market over the forecast period. As of 2018, about 15 million new cases of cancer were diagnosed while approximately 9 million people died due to cancer in a similar year worldwide. Therefore, all these factors are projected to push the growth of the market over the forecast period. In addition, the increased level of awareness about imaging procedures, and the presence of new technologically developed imaging diagnostic centers with advanced imaging technologies are also expected to fuel the global diagnostic imaging services market in the analysis period.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~6% |
|
Base Year Market Size (2022) |
~USD 518 Billion |
|
Forecast Year Market Size (2033) |
~USD 851 Billion |
|
Regional Scope |
|
Growth Drivers
Growing Inclination Toward Medical Imaging Technology - As of 2022, the total worth of diagnostic imaging devices was estimated to be approximately USD 45 billion globally. In the recent decade, drastic growth has been observed in medical imaging technology on the back of the launch of several new technologies. Moreover, medical imaging technology plays a vital role in the treatment and diagnosis of various diseases. Some of the major technologies used are nuclear medicine, ultrasonography, computed tomography, X-RAYs, mammography, MRI, and others. Hence such a higher penetration of associated applications is estimated to flourish the market over the forecast period.
Higher Utilization of MRI across the Globe – With the rising disorders and diseases among the population, MRI is an effective diagnostic imaging service that is useful in scanning a variety of conditions, from torn ligaments to tumors. Thus, rising cases of chronic and acute disorders along with accidents and injuries are expected to increase MRI utilization which in turn is projected to bring expand the market size. In 2019, the total number of MRI (Magnetic Resonance Imaging) units owned by multiple countries across the globe was estimated to be as given: USA (~USD 40 million), Korea (~USD 30 million), Japan (~USD 50 million), France (~USD 15 million), and others.
Increasing Number of Computed Tomography Scanner Density - For instance, the highest number of CT scanners is estimated to be owned by Japan which is approximately 100 CT scanners per million people while in the USA, the number of CT scanners per million individuals was projected to be around 40.
Rising Penetration of Bone Fractures in the Global Population - It is observed that nearly 6 million cases of bone fracture occur every year in the United States summing up to around 2 per 100 individuals.
Noteworthy Increment in Global Healthcare Expenditure - According to the World Bank, in 2019, the global health expenditure reached USD 1,121.9 per capita.
Challenges
The global diagnostic imaging services market is segmented and analyzed for demand and supply by product into MRI, SPECT, PET, X-RAY, ultrasound, tomography, and nuclear imaging, out of which, the X-RAY segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the mounting number of medical examinations across the globe owing to the higher prevalence of multiple diseases and disorders in the modern population. Based on the data provided by the World Health Organization (WHO), it was stated that nearly 3.6 billion medical examinations are performed every year via X-RAY across the globe. Furthermore, the rising prevalence of lung diseases, dental disorders, and bone fractures is estimated to increase the adoption rate of X-ray imaging techniques in the forecast period. Also, the rapid development of advanced diagnostic X-ray system and ongoing technological advancements is anticipated to boost the revenue generation of the segment.
The global diagnostic imaging services market is also segmented and analyzed for demand and supply by end-user in imaging centers and hospitals. Out of these, the hospital segment is projected to hold the largest share during the forecast period. The major factor attributed to segment growth is owing to the rising number of inpatients and outpatients visiting hospitals daily for checkups and scans which require diagnostic imaging services. Furthermore, the presence of a high number of hospitals across the world and the trust factor associated with the hospitals for consumers is also anticipated to create a positive outlook for segment growth. Massive investments to develop hospital infrastructure along with advancements made in the hospital setting are also expected to contribute positively to segment growth.
Our in-depth analysis of the global diagnostic imaging services market includes the following segments:
|
By Product |
|
|
By Application |
|
|
By End-User |
|
The North America diagnostic imaging services market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market in the region can primarily be attributed to the growing awareness of the early diagnosis of disease and the rising geriatric population which is more prone to chronic and acute diseases which require advanced diagnostic imaging services. World Bank stated that the number of geriatrics reached 56,545,938 in 2021 solely in the USA. Moreover, other factors such as ongoing advancement in diagnostic imaging systems owing to technological improvement and the presence of well-structured healthcare infrastructure are anticipated to propel the growth of the market in the region over the forecast period. Further, the presence of the flourishing medical tourism sector in the region, along with the availability of supportive policies by the regulatory bodies that promote the market players to increase the imaging procedure volume to develop efficient treatment options, are also anticipated to contribute to the market growth in the region. In addition, the region's expanding healthcare industry and rising number of plants for diagnostic imaging tools and equipment are also anticipated to boost the market growth in the region during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Higher utilization of MRI across the globe and growing inclination toward medical imaging technology is estimated to majorly boost the market growth in the forecast period.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Expensive imaging diagnostic procedures and the requirement for higher initial investment are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Siemens Healthcare GmbH, Shimadzu Corporation, General Electric Company, Samsung Medison Co., Ltd., Koninklijke Philips N.V., Hologic, Inc., Canon Medical Systems Corporation, Hitachi Healthcare Americas Corporation, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, application, end-user, and by region.
Ans: The X-RAY segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
