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Diagnostic Imaging Systems Market is Driven by Technological Innovations, Forecasted to Reach $51.2 Billion by 2024

Published Date:   April 2019

The global diagnostic imaging systems market size is predicted to generate over $51.2 billion revenue by 2024, from $37.2 billion in 2018. The X-ray imaging systems category dominated the global market and generated revenue worth $15.2 billion in 2018, which is projected to reach $20.5 billion by 2024, progressing at a CAGR of 5.2% during the forecast period (2019–2024). Besides, the industry witnessed fastest growth in the category of nuclear imaging systems. The growth of this category is mainly driven by increasing prevalence of cancer, and rising demand for these systems across the globe. Furthermore, the market size for ultrasound systems, which stood at $5.9 billion in 2018, is expected to reach $8.3 billion by 2024, witnessing a CAGR of 6.0% during the forecast period.

Strategic activities by the key players will mark the growth of the market

Increasing number of product launches and approvals, collaborations, and acquisitions by key players to expand their footprint and consumer base is the key trend observed in the diagnostic imaging systems market. Players, such as General Electric Company, Shimadzu Corporation, Koninklijke Philips N.V., Siemens AG, Carestream Health Inc., Canon Medical Systems Corporation, and Samsung Electronics Co. Ltd., are actively focusing on these strategic measures to expand their product portfolio and market share in the industry. For instance, in January 2019, Canon Medical Systems Corporation introduced its global illumination rendering technology within the Vitrea platform. This technology allows physicians to visualize anatomy prior to autopsy and to interact in real-time with photorealistic images and visualize patient’s anatomy in all dimensions.

Growing government initiatives will accelerate the demand for imaging systems

The governments across the globe are running awareness programs to educate people regarding early diagnosis of chronic diseases, especially breast cancer, lung cancer, cardiovascular diseases, diabetes, arthritis, and tuberculosis. Such initiatives are leading to increase in awareness regarding early diagnosis of diseases among healthcare providers and patients. Diagnostic imaging has helped doctors to diagnose diseases earlier, thereby improving patient outcomes. Diagnostic imaging systems improve healthcare quality and reduce healthcare cost by shortening recovery time and avoiding unnecessary invasive procedures. Such factors are playing pivotal role in the growth of diagnostic imaging systems market.

Diagnostic Imaging Systems Market Segmentation Analysis

Diagnostic Imaging Market Segmention Analysis

  • The largest share of the market for X-ray imaging systems can be attributed to the surging world population, increasing number of chronic diseases, and growing awareness of early diagnosis and prevention of diseases.
  • Globally, diagnostic imaging systems are largely used for cardiovascular diseases, across the globe. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of deaths worldwide. Moreover, due to rise in the number of cancer cases, globally, diagnostic imaging systems are also increasingly being used for cancer diagnosis.
  • Diagnostic imaging centers are the largest end-user category in the diagnostic imaging systems market. This can be attributed to the increasing number of hospitals, availability of large variety of diagnostic imaging facilities at diagnostic imaging centers and active participation of government organizations in installing advanced imaging technologies in preventive care settings, globally.

Diagnostic Imaging Systems Market Scenario

Globally, North America and Europe, will together account for over 60% share in the diagnostic imaging systems market by 2024. This can be mainly attributed to the presence of established players, increasing adoption of telemedicine, and increase in prevalence of chronic diseases in these regions.

APAC, LATAM, and MEA also hold considerable shares in the global diagnostic imaging systems market, on account of the technological advancements, surging geriatric population, rising prevalence of chronic diseases, increasing healthcare expenditure, and rising awareness about early detection of diseases in these regions.

Japan is expected to lead the APAC diagnostic imaging systems market, generating over $4.6 billion by 2024, with a CAGR of 7.3% during the forecast period. This growth can be mainly attributed to technological advancements and developed healthcare infrastructure in the country.

Mexico is a growing marketplace for diagnostic imaging systems in the LATAM and is expected to generate around $1.5 billion by 2024. This can be attributed to the surging geriatric population, and increasing prevalence of chronic diseases in the country as compared to other countries in the region.

Due to technological advancements and rapid urbanization, Saudi Arabia is expected to hold larger share, of 32.2%, by 2024, in the MEA market. However, due to large patient population and increasing government initiatives to make healthcare accessible to every citizen, the industry is expected to witness faster growth in South Africa, registering a CAGR of 6.3% during the forecast period.

Competitive Landscape of the Diagnostic Imaging Systems Market

The diagnostic imaging systems market is consolidated in nature; and General Electric Company, Koninklijke Philips N.V., Siemens AG, Canon Medical Systems Corporation, Shimadzu Corporation, Carestream Health Inc., Esaote S.p.A., FUJIFILM Holdings Corporation, Samsung Electronics Co. Ltd., Hologic Inc., and DEL MEDICAL Inc. are some of the major players engaged in the development and commercialization of diagnostic imaging systems.

In January 2019, the U.S. Food and Drug Administration (USFDA) approved Siemens Healthineers’s MAGNETOM Lumina 3 Tesla MRI scanner. The system features BioMatrix patient personalization technology, which significantly improves productivity while reducing scan time. Furthermore, in September 2018, Carestream Health Inc. received the USFDA 510(k) Clearance for its OnSight 3D Extremity System. This imaging system uses cone beam CT technology to capture weight-bearing and other types of extremity exams.

Other prominent players in the diagnostic imaging systems market include Konica Minolta Inc., Dornier MedTech GmbH, SternMed GmbH, MinFound Medical Systems Co. Ltd., DRGEM CO. LTD., SonoScape Medical Corporation, Analogic Corporation, and Fonar Corporation.

Market Segmentation by Product

 

  • X-Ray Imaging Systems
    • By technology
      • Digital
      • Analog
    • By portability
      • Stationary
      • Portable
  • Magnetic Resonance Imaging (MRI) Systems
    • By type
      • Closed
      • Open
    • By field strength
      • Mid
      • High
      • Low
  • Ultrasound Systems
    • By technology
      • Three-dimensional (3D) and four-dimensional (4D)
      • Two-dimensional (2D)
      • Doppler imaging
    • By portability
      • Trolley/cart-based
      • Compact/portable
  • Computed Tomography (CT) Scanners
    • By slice
      • High
      • Mid
      • Low
  • Nuclear Imaging Systems
  • Others

Market Segmentation by Application

  • Cardiology
  • Oncology
  • Neurology
  • Orthopedics
  • Urology
  • Dentistry
  • Ophthalmology
  • Obstetrics/Gynecology (OB/GYN)
  • Others

Market Segmentation by End User

  • Diagnostic Imaging Centers
  • Hospitals
  • Others

Market Segmentation by Region

  • North America Diagnostic Imaging Systems Market
    • By product
    • By application
    • By end user
    • By country
      • U.S. diagnostic imaging systems market
        • By product
        • By application
        • By end user
      • Canada diagnostic imaging systems market
        • By product
        • By application
        • By end user
  • Europe Diagnostic Imaging Systems Market
  • By product
  • By application
  • By end user
  • By country
    • Germany diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • France diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • Italy diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • Spain diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • U.K. diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • Netherlands diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • Russia diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • Switzerland diagnostic imaging systems market
      • By product
      • By application
      • By end user
    • Sweden diagnostic imaging systems market
      • By product
      • By application
      • By end user
  • Asia-Pacific (APAC) Diagnostic Imaging Systems Market
    • By product
    • By application
    • By end user
    • By country
      • Japan diagnostic imaging systems market
        • By product
        • By application
        • By end user
      • China diagnostic imaging systems market
        • By product
        • By application
        • By end user
      • India diagnostic imaging systems market
        • By product
        • By application
        • By end user
      • Australia diagnostic imaging systems market
        • By product
        • By application
        • By end user
      • South Korea diagnostic imaging systems market
        • By product
        • By application
        • By end user
  • Latin America (LATAM) Diagnostic Imaging Systems Market
    • By product
    • By application
    • By end user
    • By country
      • Brazil diagnostic imaging systems market
        • By product
        • By application
        • By end user
      • Mexico diagnostic imaging systems market
        • By product
        • By application
        • By end user
  • Middle East and Africa (MEA) Diagnostic Imaging Systems Market
    • By product
    • By application
    • By end user
    • By country
      • Saudi Arabia diagnostic imaging systems market
        • By product
        • By application
        • By end user
      • South Africa diagnostic imaging systems market
        • By product
        • By application
        • By end user