The increasing number of diagnostic imaging centers, rising healthcare expenditure, growing need for diagnostic imaging procedures, surging incidence of chronic diseases, technological advancements in diagnostic imaging, and burgeoning geriatric population are the major growth drivers for the global diagnostic imaging systems market. Due to the aforementioned factors, the industry is projected to generate $70.0 billion revenue by 2030, advancing at a CAGR of 5.8% during the forecast period (2020–2030).
At the beginning of 2020, manufacturing facilities in the diagnostic imaging systems industry were partially closed due to lockdowns. However, with the lifting of the lockdowns and resumption of non-essential movement and trade activities, the global market is expected to witness growth after 2020.
On the basis of product, the diagnostic imaging systems market is categorized into X-ray imaging systems, ultrasound systems, magnetic resonance imaging (MRI) systems, computed tomography (CT) scanners, nuclear imaging systems, and others. Among these, the X-ray imaging systems category dominated the industry during the historical period (2014–2019), and it is expected to retain its dominance during the forecast period. This would mainly be due to the cost-effectiveness and high usage of X-ray imaging systems in several medical application areas, including cardiology, dentistry, and orthopedics.
Furthermore, on the basis of application, the industry is categorized into cardiology, oncology, neurology, orthopedics, urology, dentistry, ophthalmology, obstetrics/gynecology (OB/GYN), and others. Out of these, there is a high usage of the diagnostic imaging systems in cardiological applications, owing to the huge prevalence of cardiovascular diseases (CVDs) across the world. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide, mainly due to smoking, obesity, hypertension, and diabetes, which are vastly prevalent in humans.
Geographically, North America was the largest contributor to the diagnostic imaging systems market during the historical period. This can be mainly attributed to the increasing cases of chronic diseases, a large number of diagnostic centers and hospitals, and high healthcare expenditure in the region. Moreover, the strong presence of market players, such as Hologic Inc., Analogic Corporation, and Carestream Health Inc., is leading to a significant rise in the demand for diagnostic imaging systems in the region.
Players in the global diagnostic imaging systems market are launching new products to gain a significant position. For instance, in July 2020, Hologic Inc. launched the SuperSonic MACH 40 cart-based ultrasound system in the U.S. It provides high-quality images and numerous imaging modes for better efficiency and accuracy.
Similarly, in May 2020, FUJIFILM Holdings Corporation announced the clearance of its artificial intelligence (AI)-based lung nodule detection technology, which is an algorithm to assist diagnostic imaging by automatically detecting lung nodules in chest CT scans, under the Pharmaceutical and Medical Device Act.
Some of the major players operating in the global market include General Electric Company, Siemens AG, Koninklijke Philips N.V., Shimadzu Corporation, Fonar Corp., Drägerwerk AG & Co. KGaA, FUJIFILM Holdings Corporation, Hitachi Ltd., Hologic Inc., Konica Minolta Inc., KARL STORZ SE & Co. KG, Del Medical Inc., and Canon Inc.