February 21, 2022 – The global diagnostic imaging market is expected to reach $35 billion by 2026, from $26.6 billion in 2020, at a CAGR of 5.7% from 2021 to 2026.
The growth of this market is mainly driven by increasing demand for early diagnosis of diseases and expanding scope of clinical applications, rapid growth of geriatric population and subsequent increase in prevalence of associated diseases, technological advancements in the diagnostic imaging industry and increased investment, funding and grants from public-private organizations.
However, the high cost of diagnostic imaging systems, technological limitations associated with stand-alone systems, declining reimbursements and increasing regulatory burden in the United States, and the shortage of helium availability are expected to limit to some extent market growth.
The CT scanner market segment accounted for the largest share of the global diagnostic imaging market in 2020
Based on product, the diagnostic imaging market is broadly segmented into six segments: x-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems and mammography. The CT scanner segment held the largest share of the global diagnostic imaging market in 2020.
The strong growth of this product segment can be attributed to the growing demand for early and accurate diagnostics, high adoption of CT scanners by hospitals and diagnostic centers around the world. There has been a steady increase in demand for CT scanners since the start of the COVID-19 pandemic.
Chest CT plays an important role in the diagnosis of COVID-19; almost all patients need a CT scan to monitor disease progression. Hence, the growing demand for disease treatment has favored the CT scanner market even with the delayed procedures.
General radiography application of x-ray systems accounted for the fastest growing market during the forecast period
Based on application, the diagnostic imaging market is segmented into respective modalities, namely MRI systems, ultrasound systems, X-ray imaging systems, CT scanners, nuclear imaging systems and mammography systems, and their respective applications.
Among the applications, the largest share in 2020 was represented by cardiology under CT scanners and cerebral and neurological MRI under MRI systems; general radiology/imaging using ultrasound systems; General radiography applications under X-ray imaging systems; and oncology under nuclear imaging systems.
General radiography applications under the application of x-ray imaging systems accounted for the largest market share among all application segments of the diagnostic imaging market in 2020.
Asia-Pacific region is expected to register the highest CAGR during the forecast period
The diagnostic imaging market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
The Asia-Pacific region is expected to register the highest CAGR during the forecast period. Growing incidence of chronic diseases, increasing awareness of the benefits of early diagnosis of diseases, improving healthcare systems, booming medical tourism market in APAC countries, increasing government initiatives to modernize the Healthcare infrastructure and the growing number of ongoing research activities related to the development of advanced diagnostic imaging modalities are some of the major drivers for market growth in this region.
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