NEW
YORK, July 31, 2024 /PRNewswire/ -- The
global diagnostic imaging market size is estimated to grow by
USD 8.69 billion from 2023-2027,
according to Technavio. The market is estimated to grow at a CAGR
of almost 5.93% during the forecast period. Increasing
prevalence of chronic conditions is driving market
growth, with a trend towards integration of ai with
diagnostic imaging. However, high costs associated with
diagnostic imaging poses a challenge. Key market players include
Agfa Gevaert NV, Allengers Medical Systems Ltd., BCL XRay Canada
Inc., Carestream Health Inc., CurveBeam AI Ltd., Esaote Spa,
Fujifilm Corp., General Electric Co., Hitachi Ltd., Hologic Inc.,
Konica Minolta Inc., Mediso Ltd., Neusoft Corp., Northrop Grumman
Corp., Planmeca Oy, Shenzhen Mindray BioMedical Electronics,
Shimadzu Corp., Siemens AG, SternMed GmbH, and Thales Group.
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
snapshot of this report
Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Product (X-ray,
Ultrasound, Magnetic resonance imaging, Computed tomography, and
Others), End-user (Hospitals and clinics, Diagnostic centers,
Research laboratories and institutes, and Others), and Geography
(North America, Europe, Asia, and Rest of World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
Agfa Gevaert NV,
Allengers Medical Systems Ltd., BCL XRay Canada Inc., Carestream
Health Inc., CurveBeam AI Ltd., Esaote Spa, Fujifilm Corp., General
Electric Co., Hitachi Ltd., Hologic Inc., Konica Minolta Inc.,
Mediso Ltd., Neusoft Corp., Northrop Grumman Corp., Planmeca Oy,
Shenzhen Mindray BioMedical Electronics, Shimadzu Corp., Siemens
AG, SternMed GmbH, and Thales Group
|
Key Market Trends Fueling Growth
The diagnostic imaging market is experiencing significant growth
due to the integration of artificial intelligence (AI). This
technology automates and standardizes complex diagnostic
procedures, enhances equipment features, and improves patient
outcomes while reducing costs. AI techniques, such as object
detection and image segmentation, enable faster and more accurate
identification of relevant patterns. Leading healthcare companies
like Siemens Healthineers and GE Healthcare are collaborating with
tech firms to incorporate AI into their imaging equipment. For
instance, Siemens Healthineers and Intel Corp. Are working together
on AI-based cardiac MRI for real-time diagnosis of cardiovascular
diseases. Startups like NANOX IMAGING are also entering the market,
receiving FDA clearance for their AI-enabled digital X-ray system.
These investments and collaborations will drive the growth of the
diagnostic imaging market by improving imaging quality and
increasing adoption of AI technology.
The Diagnostic Imaging Market is experiencing significant trends
in various segments. Age-related macular degeneration and chronic
diseases like cardiovascular disorders and neurology disorders are
driving the demand for advanced imaging technologies. Computer
vision and AI-enabled diagnostic equipment from companies like
Google Cloud and Siemens Healthineers are becoming popular. The
Economic setback has led to an increase in demand for teleradiology
services and refurbished equipment in the market. The Computed
Tomography market, including CT scanners from Siemens Healthineers,
leads the pack. Ultrasound segment, with portable devices and
advanced transducers, is also growing. Hospitals and teaching
hospitals are major consumers. Government initiatives like
India's X-Ray Setu and AI
platforms from Google's Deepmind and Moorfields Eye Hospital are
revolutionizing early detection tools and turnaround time.
Molecular imaging and orthopedic disorders are other emerging
areas. Market leaders like Siemens Healthineers are expanding their
cardiovascular ultrasound portfolio with offerings like Affiniti
CVx. Overall, the market is competitive, with state-of-the-art
imaging modalities like X-ray, MRI, CT, and ultrasound continuing
to dominate. Product recalls and safety concerns are
challenges.
Discover 360° analysis of this market. For
complete information, schedule your consultation- Book
Here!
Market Challenges
- Diagnostic imaging is an essential component of healthcare,
particularly in fields such as oncology, cardiology, and
gynecology. However, the high costs associated with diagnostic
imaging equipment and procedures are a significant barrier to
market growth. For instance, an MRI machine costs between
USD150,000 and USD300,000, and additional costs are incurred for
installation, remodeling, and annual service maintenance. The cost
of annual service maintenance includes preventative maintenance,
parts, labor charges, and technician allowances, which can amount
to USD95,000-USD120,000 for a PET/CT scanner and USD100,000-USD140,000 for a CT system tube replacement. The
cost of diagnostic imaging procedures also varies, with an MRI
procedure costing between USD200 and
USD2,200, a CT scan between
USD50 and USD1,500, and an X-ray between USD50 and USD450.
These costs cover hospital facilities, physician fees, and support
staff fees. The cost of diagnosis can also depend on the healthcare
infrastructure, potentially discouraging people from seeking
necessary imaging in developing countries. Overall, the high costs
of diagnostic imaging equipment and procedures can limit market
growth.
- The Diagnostic Imaging Market faces several challenges in 2023.
Aging populations and chronic diseases like age-related macular
degeneration drive demand for advanced imaging technologies.
However, economic setbacks and product recalls can impact market
growth. Teleradiology services and AI-enabled diagnostic equipment
from companies like Google Cloud and Siemens Healthineers are
transforming the industry. The Computed Tomography market,
including CT scanners and advanced transducers, dominates, but
Ultrasound, including portable devices, also gains popularity.
Hospitals, teaching hospitals, and surgical suites in developed
regions require state-of-the-art imaging modalities like MRI, CT,
X-ray, and molecular imaging for cardiovascular disorders,
neurology disorders, orthopedic disorders, and early detection
tools. Government initiatives like India's X-Ray Setu and AI platforms from
companies like Google's Deepmind and Moorfields Eye Hospital are
shaping the future of diagnostics. However, challenges remain,
including turnaround time, product recalls, and the refurbished
equipment market. Companies like Siemens Healthineers, with
market-leading positions and cardiovascular ultrasound portfolios
like the Affiniti CVx, are addressing these challenges and driving
innovation in radiology operations.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This diagnostic imaging market report extensively covers market
segmentation by
- Product
- 1.1 X-ray
- 1.2 Ultrasound
- 1.3 Magnetic resonance imaging
- 1.4 Computed tomography
- 1.5 Others
- End-user
- 2.1 Hospitals and clinics
- 2.2 Diagnostic centers
- 2.3 Research laboratories and institutes
- 2.4 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 X-ray- The global digital X-ray systems market is
experiencing robust growth, with the digital X-ray segment leading
the charge. This growth is driven by the increasing adoption of
digital radiography (DR) systems in developed regions, particularly
North America and Europe. The shift to digital X-ray systems is
due to their numerous advantages, such as improved image quality,
faster processing times, and lower radiation doses. In contrast,
conventional X-ray systems have larger image receptors, moderate
resolution, and longer processing times, and their use is
associated with higher radiation doses. According to the World
Health Organization, breast cancer was the most common cancer in
2020, with 2.3 million diagnoses and 685,000 deaths worldwide.
Digital X-ray systems' ability to detect abnormalities more
effectively, particularly in low-contrast environments, makes them
increasingly essential for diagnosing chronic diseases like breast
cancer and spinal disorders. Despite the benefits, the digital
X-ray systems market faces regulatory challenges. In the US, all
X-ray equipment is classified as Class III medical devices,
requiring extensive regulatory processes to ensure safety and
efficacy. The US Food and Drug Administration (FDA) prevents unsafe
and ineffective devices from entering the market, which may
negatively impact sales and profit margins for manufacturers.
However, technological advances and the growing adoption of
portable and mobile digital X-ray systems are expected to drive
market growth. New generation mobile X-ray units offer increased
efficiency and cost savings compared to standalone systems.
Wireless mobile X-ray systems provide flexibility in healthcare
facilities by enabling the sharing of medical images between mobile
and fixed systems. Vendors are investing in innovative mobile and
portable digital X-ray systems to enhance market growth. For
instance, Nanox recently received FDA approval for its NANO-X
IMAGING's single-source Nanox.ARC Digital X-ray technology, which
has the potential to lower diagnostic imaging system costs and
deliver early detection services effectively. These factors are
expected to fuel market growth during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
The Diagnostic Imaging Market is witnessing significant growth
due to the increasing demand for early detection tools in various
diseases. The turnaround time for diagnostic imaging is a crucial
factor driving market growth, with governments and private players
investing in initiatives like India's X-Ray Setu to improve access and
efficiency. Advanced state-of-the-art imaging modalities, such as
cardiovascular ultrasound, are leading the market, with companies
like Siemens Healthineers holding a strong market position.
Artificial intelligence (AI) platforms, like those developed by
Google's Deepmind and Moorfields Eye Hospital, are revolutionizing
radiology operations by improving accuracy and efficiency. The
economic setback caused by the pandemic has led to an increased
focus on teleradiology services and the Computed Tomography market.
The Ultrasound segment, with its advanced ultrasound transducers,
is also experiencing growth due to its non-invasive nature and
cost-effectiveness. Age-related macular degeneration, computer
vision, and optical CT scanners are some of the key applications
driving the market.
Market Research Overview
Diagnostic imaging market is witnessing significant growth due
to the increasing demand for early detection tools for various
chronic diseases such as cardiovascular disorders and neurology
disorders. The market is driven by advancements in state-of-the-art
imaging modalities like MRI, CT, X-ray, and ultrasound. The
turnaround time for diagnostic imaging is a critical factor, and
companies are investing in AI platforms to enhance efficiency. The
Indian government's initiative, X-Ray Setu, aims to provide
affordable diagnostic services using AI-enabled imaging
technologies. Siemens Healthineers holds a strong market position
with a comprehensive cardiovascular ultrasound portfolio, including
Affiniti CVx. Radiology operations are being revolutionized with
the integration of AI in imaging equipment from companies like
Google's Deepmind and Moorfields Eye Hospital. The development of
an optical CT scanner for age-related macular degeneration is a
significant breakthrough in ophthalmology. The economic setback
caused by the pandemic has led to an increase in demand for
teleradiology services and refurbished equipment in developing
regions. The Computed Tomography market is expected to grow due to
the rising prevalence of chronic diseases, while the Ultrasound
segment benefits from portable ultrasound devices. Advanced
ultrasound transducers and surgical suits are essential accessories
for hospitals. Developed regions are investing in AI-enabled
diagnostic equipment, while teaching hospitals focus on molecular
imaging for research and development. Product recalls and
regulatory issues are challenges for the market.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- X-ray
- Ultrasound
- Magnetic Resonance Imaging
- Computed Tomography
- Others
- End-user
-
- Hospitals And Clinics
- Diagnostic Centers
- Research Laboratories And Institutes
- Others
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/diagnostic-imaging-market-size-is-set-to-grow-by-usd-8-69-billion-from-2023-2027--increasing-prevalence-of-chronic-conditions-to-boost-the-market-growth-technavio-302209882.html
SOURCE Technavio