Diagnostic Imaging Market Trends, Size, Share, Forecast -2028

Diagnostic Imaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality (X-Ray, CT, Endoscopy, Ultrasound, MRI, Nuclear Imaging, Mammography, and Others), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Obstetrics and Gynecology, and Others), and End User (Hospital and Clinics, Diagnostic Imaging Centers, Ambulatory Surgical Centers, and Others)

Publication Month : Jun 2022

  • Report Code : TIPHE100001107
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 211
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The diagnostic imaging market is projected to reach US$ 53,410.59 million by 2028 from US$ 38,034.56 million in 2022; it is expected to grow at a CAGR of 5.8% from 2022 to 2028.

Technological advancements in diagnostic imaging equipment drive the market growth. According to the World Health Organization (WHO) report, diagnostic imaging has developed rapidly and plays a central role in healthcare by supporting the diagnosis and treatment of diseases. Diagnostic imaging services include confirming, assessing, and documenting the course of many conditions for ultimately drawing the response to treatment. The WHO collaborates with partners and manufacturers to develop a technical solution for improving the diagnostic imaging services for patients' safety. In March 2018, GE Healthcare announced launching a new diagnostic imaging product supported by AI technology and involved in quickly capturing data and reconstructing images as the product was fast approved by the FDA. The newly launched product is efficient for fast connectivity and advanced algorithm, ensuring 48 times more data throughput and ten times the processing power of the previous system.

On the other hand, through the support of technological advancements, diagnostic imaging has played a crucial role in cancer diagnosis. For example, diagnostic imaging takes pictures inside of the body and has a pivotal role in diagnosing and managing cancer patients. The first method is the utilization of CT and MRI, which offers detailed information on the location, size, morphology, and structural changes of the surrounding tissues of the tumor. The second method is the utility of PET and SPECT, which offers insights related to tumor physiology with anatomical details. Combining these two methods enables the integration of anatomy and function in a single approach, and applying such "hybrid" imaging techniques allows the characterization of tumors at all stages. Additionally, integration of various diagnostic imaging techniques such as X-ray spectrometry-related techniques and methodologies can be deployed more efficiently intended for different interdisciplinary uses. With the advent of such advanced technologies, the global diagnostic imaging market will grow exponentially during the forecast period.

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Diagnostic Imaging Market: Strategic Insights

Market Size Value inUS$ 38,034.56 million in 2022
Market Size Value byUS$ 53,410.59 million by 2028
Growth rateCAGR of 5.8% from 2022 to 2028.
Forecast Period2022-2028
Base Year2022
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The shortage of skilled professionals and high costs of diagnostic imaging equipment hinder the growth of the diagnostic imaging market. According to a WHO report, there has been a drastic shortage of healthcare professionals or workers trained to use diagnostic imaging equipment. For example, ultrasound imaging (sonography) is considered a safe procedure with low risk for pregnant women. However, the risk may increase with unnecessary prolonged exposure to ultrasound energy or in cases of untrained healthcare professionals operating the device. Handling diagnostic imaging devices by untrained professionals could expose the fetus to prolonged and unsafe energy levels and may lead to incorrect interpretation of information by the user.

Additionally, the high cost associated with diagnostic imaging equipment further acts as a restraint on their adoption. Prices incurred by hospitals and diagnostic centers for diagnostic imaging procedures include facility and imaging equipment, technical team and support staff, and physicians to plan and interpret the studies, prepare a permanently written report, and share the study results with referring physician/provider by the technical staff. Such factors are responsible for the sluggish growth of the overall global diagnostic imaging market during the forecast period.


Regional Overview

In North America, the US holds a considerable share of the diagnostic imaging market. The uptake of diagnostic imaging in the US is high due to technological advancements in imaging modalities by the Food and Drug Administration (FDA) approval. In September 2021, FDA announced clearance for the first new significant technological advancement in computed tomography (CT) imaging. The device utilizes the emerging CT technology of photon-counting detectors to measure every individual X-ray passing through a patient's body. The FDA also reviewed a new diagnostic imaging device, "NAEOTOM Alpha," manufactured by Siemens in 2021. The FDA has approved the NAETOM Alpha through the 510 (k) premarket clearance pathway. 510 (k) is a premarket submission by the FDA demonstrating that a new device is substantially equivalent to a legally marketed predicate device. Such technological advancements in imaging modalities accelerate the uptake of diagnostic imaging in the US.

The US' aging population is also high, accelerating the demand for diagnostic imaging services. For instance, the Rural Health Information Hub report states that currently, there are more than 46 million older adults aged 65 years, and it is estimated that the number will reach 90 million by 2050. Also, between 2020 and 2030, the geriatric population is projected to increase by almost 18 million; that is, by 2030, 1 in 5 Americans is projected to be 65 years old. For instance, the Centers for Disease Control and Prevention (CDC) report states that the aging population will account for roughly 20% of the total US population by 2030. As the US population ages, the demand for diagnostic imaging technologies is expected to rise at a high pace for diagnosing, detecting, and treating many chronic health conditions and diseases common in the aging population. These factors are expected to fuel the uptake of diagnostic imaging in the US during the forecast period.

Lucrative Regions for Global Diagnostic Imaging Market

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Application Insights

Based on application, the global diagnostic imaging market is segmented into cardiology, oncology, orthopedics, gastroenterology, neurology, obstetrics & gynecology, and others. The cardiology segment is estimated to account for the largest market share during 2022–2028. Cardiovascular diseases (CVD) are the leading cause of death (about 31%). ~92.1 million Americans suffer from at least one type of cardiovascular disease. As per the American Heart Association, CVD accounted for ~800,000 deaths in the US. Coronary Heart Disease (CHD) accounts for most cardiovascular diseases, followed by stroke and heart failure. The selection of cardiac imaging modality depends on the indication, individual patient characteristics, and local accessibility. In many cases of echocardiography, such as stress echocardiography, it provides the required clinical information and avoids radiation exposure.

Recent technological advancements in cardiac ultrasound imaging such as Tissue Doppler imaging, strain imaging, contrast echocardiography, 3D echocardiography, point-of-care echocardiography, 3D volumetric flow assessments, and elastography are expected to aid in the clinical diagnosis of many cardiovascular diseases. With these advancements, ultrasound imaging is rapidly changing the domain of cardiac imaging. Moreover, according to a recent study, the rate of c-Positron Emission Tomography (CPET) imaging in cardiology offices has increased because it enables extremely clear images of heart muscle defects and is much faster than its predecessor, single-photon emission computed tomography (SPECT). A PET exam is performed in ~75 seconds compared to more than an hour with SPECT. PET also uses a small, on-demand isotope generator instead of the cyclotron required by SPECT. Thus, aforementioned factors would drive the global diagnostic imaging market growth for this segment during 2022–2028.

Global Diagnostic Imaging Market, by Application – 2022 and 2028

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Companies operating in the diagnostic imaging market adopt the product innovation strategy to meet the evolving customer demands worldwide, which also permits them to maintain their brand name in the market.

Global Diagnostic Imaging Market – Segmentation

Based on modality, the global diagnostic imaging market is segmented into X-ray, computed tomography, endoscopy, ultrasound, magnetic resonance imaging, nuclear imaging, mammography, and others. By application, the market is segmented into cardiology, oncology, neurology, orthopedics, gastroenterology, obstetrics & gynecology, and others. By end user, the global diagnostic imaging market is segmented into hospitals & clinics, diagnostic imaging centers, ambulatory surgical centers, and others. By geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Spain, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of MEA), and South and Central America (Brazil, Argentina, and the Rest of South and Central America (SCA).

Global Diagnostic Imaging Market - Company Profiles

  • General Electric Company
  • Siemens Healthineers
  • Koninklijke Philips N.V.
  • FUJIFILM Holdings Corporation
  • Canon Inc.
  • Hologic, Inc.
  • Carestream Health Inc.
  • Stryker Corporation
  • Olympus Corporation
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Modality, Application, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What is the Diagnostic Imaging market?

Diagnostic imaging is the technique or process of creating visual illustrations of the inner body for clinical examination and medical interpolation, along with the visual representation of the function of certain organs or tissues. It has a broad range of applications in a variety of oncological, orthopedic, gastroenterology, and gynecological fields.

What are the driving factors for the diagnostic imaging market across the country?

The factors that are driving and restraining factors that will affect the diagnostic imaging market in the coming years. Factors such as the rising prevalence of chronic diseases and technological advancements in diagnostic imaging equipment are likely to boost the diagnostic imaging market.

Who are the major players in the diagnostic imaging market?

The diagnostic imaging market majorly consists of the players such as General Electric Company; Siemens Healthineers; Koninklijke Philips N.V.; KARL STORZ LTD.; FUJIFILM Holdings Corporation; CANON; HOLOGIC, Inc.; Carestream Health, Inc.; Stryker Corporation; and Olympus Corporation.

Which segment is dominating the diagnostic imaging market?

The global diagnostic imaging market based on modality, is segmented into endoscopy, X-ray, ultrasound, MRI, CT, nuclear imaging, mammography, and other. The X-Ray segment holds the largest share of the market in 2022. Moreover, the CT segment is anticipated to register the highest CAGR in the market from 2022 to 2028.

The List of Companies - Diagnostic Imaging Market

  1. General Electric Company
  2. Siemens Healthineers
  3. Koninklijke Philips N.V.
  5. FUJIFILM Holdings Corporation
  6. Canon Inc.
  7. Hologic, Inc.
  8. Carestream Health Inc.
  9. Stryker Corporation
  10. Olympus Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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