Westford USA, April 05, 2023 (GLOBE NEWSWIRE) -- SkyQuest predicts that the Diagnostic Imaging market will experience a compound annual growth rate of 5.8% and reach a value of USD 63.28 billion by 2030. This growth is attributed to the increasing prevalence of chronic diseases, technological advancements, a growing aging population, and rising demand for minimally invasive procedures. The World Health Organization reports that non-communicable diseases cause most deaths worldwide, making diagnostic imaging a critical tool for their detection, diagnosis, and treatment. X-rays, CT scans, and MRIs are among the most frequently performed imaging procedures in the US, used for diagnosing and managing various conditions.
SkyQuest's research reveals that imaging procedures have increased by over 200% in the past two decades, with 80% of these procedures ordered for evaluating suspected or known diseases. The National Cancer Institute reports that imaging is critical in cancer diagnosis and management, with over 75% of cancer patients undergoing imaging during treatment.
Browse in-depth TOC on "Diagnostic Imaging Market"
- Pages - 242
- Tables - 96
- Figures - 67
The diagnostic imaging is an essential aspect of contemporary medicine as it aids doctors in visualizing and identifying a diverse spectrum of medical conditions. It is employed to examine and track diseases, evaluate the efficacy of treatments, and screen for conditions that may be asymptomatic. The progression in imaging technology has also allowed for earlier and more precise diagnoses, leading to better patient health results and lowering healthcare costs.
Prominent Players in Diagnostic Imaging Market
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Canon Medical Systems Corporation
- Hitachi Medical Systems
- Fujifilm Holdings Corporation
- Hologic, Inc.
- Samsung Medison Co., Ltd.
- Carestream Health, Inc.
- Koninklijke Philips N.V.
- Shimadzu Corporation
- Analogic Corporation
- Esaote SpA
- Agfa-Gevaert Group
- NeuSoft Medical Co., Ltd.
- Bracco Imaging S.p.A.
- Mindray Medical International Limited
- Curium Pharma
- IBA Molecular
- Alliance Medical Group
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Radiology Application Segment to Drive Higher Sales Due to the Increasing Prevalence of Chronic Diseases
SkyQuest's recent analysis suggests that the Radiology Application segment played a significant role in the rapid growth of the Diagnostic Imaging market in 2021 and is expected to continue to do so from 2022 to 2030. This growth can be attributed to the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders, the growing demand for minimally invasive diagnostic procedures, and the increasing use of 3D imaging technologies. Furthermore, SkyQuest's findings reveal that radiology is the leading application area for medical imaging technology, with over 45% of respondents reporting that they work in radiology.
SkyQuest's research indicates that North America is set to emerge as a dominant player in the Diagnostic Imaging market from 2022 to 2030, with a projected CAGR of 6.82% during the forecast period. This expansion can be attributed to several factors, such as established healthcare infrastructure, favorable government policies, increasing prevalence of chronic diseases, and high adoption of advanced imaging technologies in the region. Recently, the University of Texas MD Anderson Cancer Center in Houston acquired a new PET/CT imaging system with higher resolution and faster scan times, which is expected to improve cancer detection and staging, leading to better treatment planning and improved patient outcomes. This development reflects the ongoing efforts to advance and innovate imaging technology.
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X-ray Type Segment to Exhibit Strong Growth Due to Affordability and Availability of X-ray Compared to Other Imaging Techniques
According to SkyQuest, X-ray imaging is expected to maintain its position as the dominant method in the Diagnostic Imaging market from 2022 to 2030. This trend is driven by factors such as the increasing prevalence of chronic diseases, the growing demand for minimally invasive procedures, and the relative affordability and availability of X-ray compared to other imaging techniques. SkyQuest also reported that X-ray imaging accounted for the largest percentage of total medical imaging expenses in the market in 2021, at 27.6%.
SkyQuest projects that the Asia Pacific region will remain a significant player in the Diagnostic Imaging market by 2030, with a projected CAGR of 7.67% during the forecast period. The region's growth is driven by the increasing demand for healthcare infrastructure investment, a rising prevalence of chronic diseases, and a growing aging population.
A comprehensive analysis of the major players in the Diagnostic Imaging market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Diagnostic Imaging Market
- Siemens Healthineers showcased its latest radiology products and technologies at the 74th National Conference, IRIA 2022, in Bengaluru, India, emphasizing the importance of being at the center of clinical decision-making across the entire healthcare spectrum. Among the solutions introduced was the MAGNETOM Free. Star and NAEOTOM Alpha® in the MRI and CT portfolio, respectively. MAGNETOM Free. Star, belonging to the new generation of Siemens Healthineers, is a virtually helium-free scanner with an ultra-compact footprint that is easier to install due to the latest DryCool technology. Additionally, myExam Companion leverages digitalization and AI to provide high-quality results while breaking down the barriers of complex MRI technologies.
- Google Cloud has introduced a new industry solution called Medical Imaging Suite, which aims to increase accessibility, interoperability, and utility of healthcare data imaging. The suite specifically targets the common challenges faced by organizations in developing machine learning and AI models, while also promoting data interoperability.
Key Questions Answered in Diagnostic Imaging Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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