The global Diagnostic Imaging Industry was valued at USD 29.47 billion in 2022 and is anticipated to increase at a significant CAGR of 4.83% from 2023 to 2030.
Grand View Research’s diagnostic imaging industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Computed Tomography Market Insights
The global computed tomography market size was estimated at USD 4.29 billion in 2022 and is expected to grow at a CAGR of 7.43% from 2023 to 2030. Technological advancements in computed tomography (CT) technology, coupled with the growing prevalence of chronic disorders, such as cancer, orthopedics, and cardiovascular & neurological conditions, are expected to accelerate market growth. Furthermore, increasing awareness and focus on preventive healthcare measures have led to a surge in routine diagnostic procedures, contributing to the expanding market for computed tomography. The introduction of CT has been of great benefit to medical care. This technology improves diagnoses, prevents unnecessary medical procedures, improves treatment by providing detailed anatomical imaging, and is a cost-effective imaging technique.
It is an essential diagnostics tool, especially for scanning bone, soft tissue, and blood vessels all at the same time. Since CT imaging is quick and easy during emergency cases, internal injuries can be detected early enough to save lives. Thus, increasing demand for advanced assessment tools in the emergency department and growing number of ambulatory emergency care units are the factors expected to have a positive impact on market growth. Technological advancements, such as the integration of artificial intelligence (AI) and the development of accessories to enhance image quality obtained by conventional CT scanners are the major factors expected to fuel market growth. For instance, in May 2023, Royal Philips launched an AI-powered CT scanner, Philips CT 3500 aiming at the need of routine radiology and high-volume screening programs.
The system is being launched at China International Medical Equipment Fair (CMEF 2023) and Deutscher Röntgenkongress (ROKO 2023), Germany in May 2023. In addition, In May 2021, Siemens Healthineers launched Somatom X. need CT scanner. It is a high-speed, high-resolution CT scanner with an intelligent operation approach that makes procedures easier for medical staff and patients. Also, in September 2021, GE Healthcare introduced a new CT system, Revolution Ascend which uses AI to improve operational efficiency and patient comfort. R&D activities remain competitive & flexible in healthcare owing to gradually advancing technologies & an uncertain economic environment. Companies are focusing on basic research to late-stage manufacturing of computed tomography technologies, using R&D efforts to gain a competitive edge.
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Magnetic Resonance Imaging Market Insights
The global magnetic resonance imaging market size was estimated at USD 5.25 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.81% over the forecast period. Magnetic resonance imaging (MRI) is a highly effective diagnostic tool for identifying conditions associated with spinal lesions, tumors, as well as strokes affecting blood vessels and the brain. The increasing prevalence of these diseases is expected to play an important role in the market growth. For instance, according to the National Center for Health Statistics, in 2023, almost 1,958,310 new cancer cases and 609,820 cancer deaths are estimated to occur in the U.S. In addition, the growing demand for quick and effective diagnostic procedures is expected to contribute to the adoption of MRI machines. Various countries are installing these machines.
Advancements in MRI machines to enhance their usage for various applications are expected to drive market growth during the forecast period. Various recent innovations, such as diffusion and diffusion tensor imaging with tractography, perfusion imaging, neuroimaging techniques including MR spectroscopy, and functional imaging employing the BOLD technique, are anticipated to significantly bolster magnetic resonance imaging market growth in the coming years. Furthermore, the increasing development of intraoperative MRI and its diverse applications in fields like neurosurgery are expected to drive market growth during the forecast period. In addition, diffusion-weighted MR imaging is primarily utilized for the rapid detection of strokes within 30 minutes of onset.
Therefore, ongoing advancements in MRI technology geared towards enhancing its utility across various applications are poised to be a driving force for market growth in the foreseeable future. Despite of various advantages associated with the MRI system, the costs incurred in buying and installing these machines are significant, which, in turn, is impacting the market growth, especially in the developing regions. The average cost of a low- to mid-strength machine is more than USD 1 million. In addition, the increasing requirement of depleting deposits of helium gas for cooling of MRI machines is resulting in increasing wait time and is reducing productivity. Delayed product approval and frequent product recalls, mainly due to stringent regulatory framework, are also majorly impacting the market growth.
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Diagnostic Imaging Industry Data Book Competitive Landscape
Market leaders are constantly undertaking developmental initiatives such as acquisitions, partnerships, collaboration, and mergers to strengthen their market presence.
Key players operating in the Diagnostic Imaging Industry are:
- FUJIFILM Corporation
- Koning Corporation
- Koninklijke Philips NV
- NeuroLogica Corp
- Neusoft Corporation
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