Global Diagnostic Imaging Services Market is Predicted to Grow at a CAGR of ~6% During 2023-2033; Growing Inclination Toward Medical Imaging Technology and Rising Healthcare Expenditure to Elevate Growth

Research Nester

Key Companies Covered in the Global Diagnostic Imaging Services Market Research Report by Research Nester are Fonar Corporation, Siemens Healthcare GmbH, Shimadzu Corporation, General Electric Company, Samsung Medison Co., Ltd., Koninklijke Philips N.V., Hologic, Inc., Canon Medical Systems Corporation, Hitachi Healthcare Americas Corporation, Carestream Health, and other key market players.

New York, Oct. 21, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on ‘Global Diagnostic Imaging Services Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:

  • Market growth over the forecast period

  • Detailed regional synopsis

  • Market segmentation

  • Growth drivers

  • Challenges

  • Key market players and their detailed profiling

Global Diagnostic Imaging Services Market Size:

The global diagnostic imaging services market is anticipated to gain robust revenue by the end of 2033 by growing at a CAGR of ~6% over the forecast period. Additionally, the market generated significant revenue in the year 2022. The growth of the market can be attributed to the increasing geriatric population across the globe with severe diseases and chronic disorders. According to the World Bank’s data, the geriatric population across the world hit 747,238,580 in 2021.  Furthermore, global diagnostic imaging services market trends including higher penetration of neurological disorders and constantly increasing research and development spending on medical imaging technology are estimated to influence the growth of the market positively over the forecast period. According to Pan American Health Organization (PAHO), nearly 533,172 men and 320,043 women lost their lives on account of some sort of neurological condition.

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Global Diagnostic Imaging Services Market: Key Takeaways

  • North America region gains the largest portion of the revenue

  • Cardiology segment to dominate the revenue graph

  • X-Ray sub-segment remains prominent in the product segment

Growing Inclination Toward Medical Imaging Technology and Rising Expenditure in Healthcare Sector to Boost Market Growth

In recent times, drastic growth has been seen in medical imaging technology on account of the launch of several new technologies. Moreover, medical imaging technology plays an important role in the treatment and diagnosis of various diseases and disorders. Further, some of the major technologies used in the services are nuclear medicine, ultrasonography, computed tomography, X-RAYs, mammography, MRI, and others. Hence such a higher penetration of associated applications is estimated to flourish the market over the forecast period. For instance, as of 2022, the total worth of diagnostic imaging devices is predicted to be around USD 45 billion.

Along with this, rising neurological disorders, advantageous healthcare reimbursement policies, and more expendable income which in tare urn expected to increase overall health spending, are some of the usual drivers predicted to spur market expansion over the forecast period. As per the World Health Organization, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP up from 8.5 percent in 2000. Additionally, the rising prevalence of chronic healthcare issues such as diabetes, stroke, and heart attack is predicted to drive market growth over the forecast period.

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Global Diagnostic Imaging Services Market: Regional Overview

The global diagnostic imaging services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.

Increasing Geriatric population to Drive Growth in the North America Region

By the end of 2033, the market in North America region is anticipated to gain the largest market share. The rising elderly population and the increasing awareness of early disease diagnosis are the main factors predicted to boost the market growth in the area. According to the World Bank, the total number of elderly people in the USA alone was 56,545,938 in 2021. Additionally, other elements including ongoing technological advancement in diagnostic imaging systems and the presence of well-organized healthcare infrastructure are predicted to fuel the market’s expansion in the area throughout the forecast period.

Rising Neurological Disorders to Drive Growth in the Asia Pacific Region

Moreover, the market in Asia Pacific region is estimated to witness significant market growth over the forecast period owing to the increasing burden of neurological diseases in the region. For instance, in 2019, 64.4 million people in southeast Asia and 85 million people in western pacific regions were diagnosed with neurological disorders. However, the increasing awareness among the people and improving healthcare facilities in the region are anticipated to drive market growth over the estimated time period.

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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:

  • North America (U.S., Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America)

  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)

  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Global Diagnostic Imaging Services Market, Segmentation by Product

  • MRI

  • SPECT

  • PET

  • X-RAY

  • Ultrasound

  • Tomography

  • Nuclear Imaging

Among these, the X-RAY segment is anticipated to experience a notable increase during the projection period. The increase in medical examinations worldwide caused by the increasing frequency of various diseases and disorders in the current population can be attributed to the segment’s growth. According to information from the World Health Organization (WHO), 3.6 billion X-RAY medical examinations are conducted annually all over the world.

Global Diagnostic Imaging Services Market, Segmentation by Application

  • Gynecology

  • Oncology

  • Orthopedics

  • Neurology

  • Cardiology

  • Others

Out of these, the cardiology segment is predicted to gain a significant market share over the forecast period. The growth of the segment can be ascribed to the rising incidence of cardiovascular diseases (CVDs), mortality on account of CVDs, and the increasing incidence of hypertension around the world. For instance, one in four men and one in five women, or more than a billion individuals, suffer from hypertension, which affects 1.13 billion people globally. Additionally, the growing investment in the segment by leading market players is predicted to propel segment growth.

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Global Diagnostic Imaging Services Market, Segmentation by End-User

Few of the well-known market leaders in the global diagnostic imaging services market that are profiled by Research Nester are Fonar Corporation, Siemens Healthcare GmbH, Shimadzu Corporation, General Electric Company, Samsung Medison Co., Ltd., Koninklijke Philips N.V., Hologic, Inc., Canon Medical Systems Corporation, Hitachi Healthcare Americas Corporation, Carestream Health, and others.

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Recent Developments in the Global Diagnostic Imaging Services Market

  • In August 2022, the Launch of the LuminousQuester NI near-infrared imaging system by Shimadzu Corporation. By producing near-infrared light, this imaging technology is designed to aid drug discovery research.

  • In July 2022, Cios Spin, a mobile 3D imaging system with an endoluminal technology, will be unveiled by Siemens Healthcare GmbH. The system has the ability to automatically send 3D image updates to a specific lesion location.

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