diagnostic imaging Market

The global 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.

Rise in prevalence of chronic diseases drives the market growth. Also, the use of Artificial Intelligence (AI) and analytics in diagnostic imaging equipment would act as a future trend in the global diagnostic imaging market.

According to the Centers for Disease Control and Prevention (CDC) report, six in ten Americans live with at least one chronic disease, including heart disease and stroke, cancer, and diabetes. Chronic disease are the leading causes of death and disability in North America and stand as a leading healthcare cost. According to CDC, the leading chronic diseases accounted for almost US$ 4.1 trillion in annual healthcare costs in America in 2020. Additionally, diagnostic imaging is widely adopted for chronic conditions of the geriatric population as the population is more vulnerable to the above chronic indications. For instance, JMIR Publications revealed that the population aged >60 is expected to rise to 2 billion by 2050 worldwide. Thus, with the increasing prevalence of aging and chronic diseases, it is essential to focus on healthcare innovation to improve health services. For example, innovation in diagnostic imaging with the support of information and communication technology (ICT) has been used in several settings that assist individuals in diagnosing, treating, and managing chronic diseases better. Also, ICT interventions in diagnostic imaging provide solutions to some of the challenges associated with aging and chronic diseases.

Osteoporosis is a significant health problem globally and is responsible for a severe clinical and financial burden owing to increasing life expectancy. Moreover, osteoporosis increases the chances of falls, fractures, hospitalization, and mortality. The age-standardized prevalence of osteoporosis among the European population is 12% for women and 12.2% for men aged 50-79 years, per the statistics of the National Library of Medicine in 2020. Therefore, it is mandatory to conduct clinical assessments for early diagnosis and to prevent the onset of complications. Several diagnostic imaging techniques such as computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound imaging provide information on different aspects of the same pathologies for the detection of osteoporosis at an early stage. For example, MRI provides information on various aspects of bone pathophysiology, and its results play an essential role in diagnosing diseases early in preventing clinical onset and consequences. The factors mentioned above are responsible for driving the overall global diagnostic imaging market.

Artificial intelligence helps improve numerous aspects of the healthcare industry, and diagnostic imaging technique is one of the fields that would benefit greatly. Diagnostic imaging equipment manufacturers worldwide are integrating AI into their products. For example, in September 2018, Nvidia announced launching the Nvidia Clara platform, a combination of software and hardware working together in diagnostic imaging equipment. Such ground-breaking technology can address the challenges of medical instruments and process enormous amounts of data generated every second that doctors and scientists can easily interpret. Additionally, in August 2018, Google's DeepMind announced launching an AI system that can quickly detect over 50 eye disorders using routine medical scans. DeepMind's AI assistant for diagnostic imaging can automatically tackle eye-related issues by identifying disease symptoms within seconds and prioritizing patients who seek urgent care.

AI supportive diagnostic imaging equipment play a vital role in diagnosing and classifying cancers. AI plays a pivotal role in the automated recognition of features from sample medical images while performing diagnostic imaging tasks. For example, automated AI applications enhanced clinicians' qualitative potentials, including detection of numerous tumor lesions at a time among patients, prediction of the resultant tumor by referring to the various databases within a short period, translation of phenotypic variations to genotypic, and persistent monitoring of patients. Further, AI generalizes disease imaging techniques with minimal errors resulting in an earlier and more significant diagnosis of diseases.

The global diagnostic imaging market is segmented on the basis of modality, application, and end user. Based on modality, the market is segmented into endoscopy, computed tomography, X-ray, ultrasound, magnetic resonance imaging (MRI), nuclear imaging, mammography, and others. The X-ray segment is estimated to account for the largest market share during 2022-2028. However, the computed tomography (CT) segment is likely to register the highest CAGR during the forecast period. Computed Tomography (CT) is an imaging process that customizes special X-ray equipment to generate a sequence of detailed images or scans of areas inside the body. CT scans are considered the most critical diagnostics tool, especially for lung cancer and traumatic brain injuries. The prevalence of these diseases is boosting the demand for CT. As per the data published by the American College of Chest Physicians in July 2020, lung cancer is one of the most frequently diagnosed cancers. It accounts for 11.6% of the total cancer cases globally. Worldwide, lung cancer incidents are estimated to increase by 38%, to reach 2.89 million, by 2030. According to the International Osteoporosis Foundation (IOF) 2019, one in three women and one in five men aged 50 years and above sustain osteoporosis-related fractures. Approximately 200 million people are affected by osteoporosis worldwide, resulting in a fracture every three seconds. A CT scan provides 3D images of bones and helps in better diagnosis and surgeries for orthopedics. Thus, the rising burden of orthopedic disorders bolsters the demand for CT scanners in the global diagnostic imaging market.

Market Opportunities of Global Diagnostic Imaging Market

Government initiatives that sanction funds and grants for diagnostic imaging services to reach globally are expected to create lucrative opportunities for the overall global diagnostic imaging market growth in the coming years. The WHO collaborates with partners and manufacturers to develop effective solutions targeting to improve diagnostic services in remote locations. Additionally, the WHO and its partners provide training programs on the use and management of diagnostic imaging, focusing on patient safety. For example, in February 2022, Siemens Healthineers announced a partnership with UNICEF that assisted in improving access to healthcare in Sub-Saharan Africa for diagnostic techniques.

Additionally, governments play a vital role in purchasing, pricing, and distributing medical devices worldwide. Moreover, governments undertake various initiatives for developing healthcare infrastructure, focusing on offering safe and cost-effective medical products through funding and assistance in opening new healthcare facilities. For instance, in the UK, the National Health Service targets addressing patients' unmet medical needs through cost-effective ways to enhance the country's economic growth in 2018. Also, Small Business Research Initiative for Healthcare by the National Health Service provided a US$ 1.1 million contract to fuel the adoption of 3D technologies and develop 3D diagnostic imaging systems in 2018. Further, the Government of Canada paid US$ 1,400 per scan per patient to hospitals, owing to a lack of private funding in the country in 2020. Such factors mentioned above are responsible for offering lucrative opportunities for accelerating the growth of the global diagnostic imaging market.

Indian Brand Equity Foundation (IBEF), National Institute of Health (NIH), International Trade Administration (ITA), and Japan Radiological Society (JRS) are a few of the primary and secondary sources referred to while preparing the report on the global diagnostic imaging market.