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What Are the Projected Market Size and Growth Rates for the Diagnostic Imaging Equipment Market From 2025 To 2029?
The market for diagnostic imaging equipment has seen robust growth in the past few years, going from a size of $56.96 billion in 2024, it is projected to reach $60.86 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. Factors such as an aging population, a rising burden of disease, health insurance reimbursement policies, and regulatory approvals have all played roles in driving this historic growth.
What Is the Projected Market Size of the Diagnostic Imaging Equipment Market?
In the coming years, the diagnostic imaging equipment market is projected to undergo consistent expansion, ballooning to a worth of $71.44 billion by 2029 with a compound annual growth rate (CAGR) of 4.1%. This surge during the projection period is due to factors like the incorporation of artificial intelligence (AI), provision of remote imaging services, personalized medicine revolution, growth of emerging markets, and the rise of minimally invasive techniques. Noticeable trends for the same timeframe include the increased use of 3D and 4D imaging modalities, point-of-care imaging, reduction in radiation dose, hybrid imaging and an emphasis on environmental sustainability.
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Who are the Major Competitors in the Diagnostic Imaging Equipment Market Outlook?
Major companies operating in the diagnostic imaging equipment market include Siemens AG, Koninklijke Philips NV, Fujifilm Holdings Corporation, General Electric Company, Elekta AB, Carestream Health Inc., Hologic Inc., Medtronic plc, Mindray Medical International Limited, Canon Medical Systems Corporation, Esaote SpA, Shimadzu Medical Systems USA, Samsung Electronics Co. Ltd., Koning Corporation, Toshiba Medical Systems Corporation, Hitachi Medical Systems America Inc., Agfa-Gevaert NV, Analogic Corporation, Bracco Imaging SpA, Del Medical Inc., Esaote North America Inc., Imaging Dynamics Company Ltd., InfiMed Inc., Mediso Medical Imaging Systems Kft., NeuroLogica Corp., Planmed Oy, Shimadzu Corporation, SonoScape Medical Corp., SuperSonic Imagine SA, Terason, Toshiba America Medical Systems Inc., Ziehm Imaging GmbH, Zonare Medical Systems Inc.
What Is Fueling Growth in the Diagnostic Imaging Equipment Market?
The rise in chronic illnesses worldwide is predicted to stimulate the expansion of the diagnostic imaging equipment market. Chronic diseases, which include conditions like cancer and diabetes and last a year or more, require ongoing medical attention and may limit day-to-day activities. To detect a range of diseases including diabetes, cancer, and heart diseases, radiology uses imaging methods. Thus, diagnostic imaging can discover chronic illnesses even before they exhibit any signs. For example, the World Health Organization, a US-based intergovernmental body, noted in September 2023 that noncommunicable diseases (NCDs) are responsible for 41 million deaths each year, equating to 74% of global deaths. With 17 million of these people dying before reaching 70 and 86% living in low to middle-income countries. With this in mind, the upsurge in chronic diseases globally is pushing forward the demand in the diagnostic imaging equipment market.
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Which Diagnostic Imaging Equipment Market Segments Are Growing the Fastest?
The diagnostic imaging equipment market covered in this report is segmented –
1) By Type: X-Ray Systems Devices And Equipment, Ultrasound Systems Devices And Equipment, Computed Tomography (CT) Scanners Devices And Equipment, Magnetic Resonance Imaging Systems Devices And Equipment, Cardiovascular Monitoring And Diagnostic Devices And Equipment, Nuclear Imaging Devices And Equipment
2) By End User: Hospitals And Clinics, Diagnostic Laboratories, Other End Users
3) By Type of Expenditure: Public, Private
4) By Product: Instruments Or Equipment, Disposables
Subsegments:
1) By X-Ray Systems Devices And Equipment: Analog X-Ray Systems, Digital X-Ray Systems, Fluoroscopy Systems, Portable X-Ray Systems, Mammography Systems
2) By Ultrasound Systems Devices And Equipment: Diagnostic Ultrasound Systems, Therapeutic Ultrasound Systems, 2D Ultrasound Systems, 3D Or 4D Ultrasound Systems, Portable Ultrasound Systems
3) By Computed Tomography (CT) Scanners Devices And Equipment: Conventional CT Scanners, Spiral Or Helical CT Scanners, Multislice CT Scanners, Portable CT Scanners
4) By Magnetic Resonance Imaging Systems Devices And Equipment: Closed MRI Systems, Open MRI Systems, Extremity MRI Systems, High-Field MRI Systems, Low-Field MRI Systems
5) By Cardiovascular Monitoring And Diagnostic Devices And Equipment: ECG Systems, Echocardiography Systems, Stress Testing Systems, Cardiac Catheterization Equipment, Holter Monitoring Systems
6) By Nuclear Imaging Devices And Equipment: Positron Emission Tomography (PET) Scanners, Single-Photon Emission Computed Tomography (SPECT) Scanners, Hybrid PET Or CT Scanners, Gamma Cameras
Which Industry Trends Are Shaping the Future of the Diagnostic Imaging Equipment Market?
Prominent businesses in the diagnostic imaging equipment market are concentrating on the evolution of innovative technologies like medical imaging, geared towards enhancing the precision of diagnostic methods and patient results. The intention is to simplify procedures and broaden the availability of superior imaging techniques. Medical imaging employs various methods to form visual representations of body interiors for diagnostic and treatment purposes, with prevalent methods including X-rays, MRI, CT scans, and ultrasound systems. For instance, in April 2022, Wipro Ltd, a technology company based in India, formed an alliance with GE HealthCare Technologies, Inc., a medical technology firm from the US, to pursue a significant update to the Aspire CT scanner, a leading computed tomography system manufactured entirely in India following the guidelines of the Atmanirbhar Bharat initiative. The upgraded scanner, with enhanced imaging features, up to 50% increased operational efficiency, and 30% improved image quality, was produced in a recently set up facility, supported by an investment exceeding INR 100 crore via the government’s Production Linked Incentives (PLI) Scheme. The aim of this scanner is primarily to augment accessible quality healthcare, particularly in the tier 2 and tier 3 cities.
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Which Countries Are Leading the Diagnostic Imaging Equipment Market?
Western Europe was the largest region in the global diagnostic imaging equipment market in 2023. North America was the second largest region in the global diagnostic imaging equipment market. Africa. was the smallest region in the global diagnostic imaging equipment market. The regions covered in the diagnostic imaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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This Report Delivers Insight On:
1. How big is the diagnostic imaging equipment market, and how is it changing globally?
2. Who are the major companies in the diagnostic imaging equipment market, and how are they performing?
3. What are the key opportunities and risks in the diagnostic imaging equipment market right now?
4. Which products or customer segments are growing the most in the diagnostic imaging equipment market?
5. What factors are helping or slowing down the growth of the diagnostic imaging equipment market?
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