Diagnostic imaging market worth USD 34.6B by 2028

The diagnostic imaging industry is poised for remarkable advancements in the near future, driven by groundbreaking technologies and evolving healthcare needs. Artificial intelligence and machine learning algorithms will become integral in image analysis, enabling faster and more accurate diagnoses. Miniaturization and portability will make imaging devices more accessible and convenient, with handheld and point-of-care options revolutionizing patient care. Furthermore, the integration of 3D printing and augmented reality will enhance surgical planning and training, while molecular imaging techniques promise personalized and precise treatments. With these innovations, the diagnostic imaging industry is set to redefine healthcare, offering improved diagnostic capabilities, reduced costs, and ultimately, better patient outcomes.

Diagnostic imaging market in terms of revenue was estimated to be worth $26.5 billion in 2023 and is poised to reach $34.6 billion by 2028, growing at a CAGR of 5.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include the launch of technologically advanced products by the key players and increasing prevalence of chronic diseases.

Mammography systems segment to register significant growth rate over the forecast period of 2023-2028
Based on the product, the global diagnostic imaging market is segmented into CT scanners, X-ray imaging systems, ultrasound systems, MRI systems, nuclear imaging systems, and mammography systems. The mammography systems segment is anticipated to register the highest growth rate over the forecast period. The CT scanners segment accounted for the highest share of the diagnostic imaging market in 2022.

Cardiology application segment accounted for the largest share of the CT scanners market, by application in 2022
Based on application, the diagnostic imaging market is segmented into MRI systems – brain and neurological MRI, spine and musculoskeletal MRI, pelvic and abdominal MRI, vascular MRI, breast MRI, cardiac MRI, ultrasound systems – radiology/general imaging, cardiology, obstetrics/gynecology, vascular applications, urology, other applications, X-ray imaging systems – general radiography, fluoroscopy, dentistry, CT scanners- cardiology, oncology, neurology, and other applications, nuclear imaging systems – cardiology, oncology, neurology, and other applications, and mammography systems. Cardiology application segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.

Factors such as the introduction of novel software and rising adoption of high-end instruments in end user facilities drive the growth of the market.

The hospitals segment accounted for the largest share of the diagnostic imaging market, by end user, in 2022
Based on end user, the global diagnostic imaging market is segmented into hospitals, diagnostic imaging centers, and other end users. The hospitals segment accounted for the largest share of the market in 2022. Significant rise in the number of hospitals and rising old-age population are driving the growth of this segment.

The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific diagnostic imaging market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of high-end equipment. Improvements in healthcare systems and government initiatives for modernizing the healthcare infrastructure are offering significant growth opportunities for the key players.

Key market players:
As of 2022, prominent players in the diagnostic imaging market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan) among others. MarketsandMarkets™