Image: Global diagnostic imaging market is driven by technological advancements (Photo courtesy of Pexels)
The global diagnostic imaging market is one of the most critical segments of the healthcare sector. Medical imaging helps in early detection and diagnosis of diseases at a stage when they can be easily treated and of late has been assuming even greater importance as world healthcare focuses on preventative care. Better diagnosis has a direct and a positive impact on therapy procedures and treatment planning. The global diagnostic imaging market is projected to grow at a CAGR of 4.9% from an estimated USD 27.5 billion in 2022 to over USD 33 billion by 2026, driven by technological advancements, favorable demographic factors in the developed regions, growing access to healthcare and rising income levels of the middle class population in the developing regions.
These are the latest findings of Global Industry Analysts Inc. (San Jose, CA, USA), a market research company.
The growth of the global diagnostic imaging market is being fueled by the increasing incidence of chronic diseases, rising awareness about benefits of early diagnosis, and constant expansion of clinical applications. Increasing cost efficiency and reliability of various imaging procedures, as well as continued focus on developing advanced imaging procedures, involving higher resolution and dimensions, are the major factors driving the growth of the diagnostic imaging market. The market growth can also be attributed to advancements in the functional imaging segment, coupled with healthcare reforms undertaken the world over. A growing elderly population across the world will also act as a major growth driver of the diagnostic imaging market.
Based on products, the MRI diagnostic imaging segment is expected to dominate the diagnostic imaging market with the largest share over the forecast period. MRI is a popular imaging technique that utilizes a mix of radio waves and magnetic fields for imaging purposes. Besides being a non-invasive technique, MRI is unique due to its ability to identify soft tissues. Growing clinical acceptance of MRI technology over the years has enabled imaging of areas that were earlier considered impossible, such as vascular, cardiac, true dynamic imaging or high spatial resolution. The emphasis has also shifted onto reducing acquisition times associated with the technology, which has boosted the development of improved coil designs and new sequences, and fostered advancements in the hardware sector. As a result, new markets and applications are being constantly developed for this modality.
Geographically, the US is the largest regional market for diagnostic imaging and is projected to reach close to USD 10 billion by 2026. The US dominates the global diagnostic imaging market in terms of market share, due to the presence of leading companies and continuous inflow of advanced products into the market. The US is known for its notably high per person healthcare expenditure, thus providing significant scope for market expansion.
The growth of the Asia-Pacific diagnostic imaging market is anticipated to be driven by government initiatives, adequate reimbursement, rising insurance coverage and growth of the medical tourism industry. The market growth is expected to be the highest in the region’s developing nations, such as China and India, where there is increased emphasis on healthcare, along with growing government spending on improving healthcare units. China is expected to spearhead the growth of the Asia-Pacific diagnostic imaging market and emerge as the fastest growing regional market with a CAGR of 7.1% over the forecast period. Japan accounts for a major share of the diagnostic imaging market in Asia-Pacific owing to technological advancements and the presence of leading companies in the country. Japan is benefitting from the strong contribution from ultrasound and X-ray, which are the primary market segments in terms of sales revenue. On the other hand, India and China represent the fastest growing markets in Asia-Pacific due to favorable reimbursement policies related to diagnostic imaging, increasing government funding and rising investment by private and public hospitals in diagnostic imaging systems.
Global Industry Analysts Inc.