Diagnostic Imaging Market Size, Share, Growth, Trends, and Global Industry Analysis: By Modality (X-Ray Radiography, Magnetic Resonance Imaging, Compound Tomography Scanning, Ultrasound Imaging, Nuclear Imaging, Others), By Application (OB/Gyn, Cardiology, Orthopedics disorders, Neurology, Others ), By End User (Diagnostic Centres, Research Centres, Homecare Settings) and Region.    

Diagnostic Imaging Market size was valued at US$ 29.6 billion in 2023 and is anticipated to grow at a CAGR of 4.8% from 2024-2030. Diagnostic imaging technologies are widely used in healthcare settings and enable the clinician or physician to view the internal parts of the patient’s body and examine or diagnose the underlying cause of the disease or any health condition. The increase in the prevalence of chronic diseases is the major driver fueling the demand for diagnostic imaging. As the incidence of chronic disorders rises, the demand for highly efficient diagnostics tools surges.

A diagnostic imaging test that includes the use of radiographs, ultrasound, fluoroscopy, or medicine to create visual representations of the internal structure of the body, is extremely suitable for the efficient diagnosis of numerous chronic or non-communicable diseases including, cancer, cardiovascular disease, diabetes, and chronic respiratory diseases. For instance, procedures such as X-rays, positron emission tomography (PET), computed tomography (CT), magnetic resonance imaging (MRI), and single-photon emission computed tomography (SPECT) are vital imaging techniques in cancer diagnosis, treatment and follow-up. Hence, this burgeoning demand for diagnostic imaging tools increases the market growth.

In addition, advancements in diagnostic imaging technologies are another major driver behind the growth of the market. Several advanced technologies are being adopted to increase the precision and efficiency of diagnostic imaging tools. Advancements in medical imaging modalities, such as AI, deep learning, augmented and virtual reality combined with 3D imaging, and sensor fusion, improve image quality, accuracy, and efficiency in diagnoses. Multimodal imaging and real-time image-guided procedures enable more personalized outpatient care, which ultimately enhances the overall patient outcome. Furthermore, the integration of several software also increases the diagnostic efficiency.

However, the high cost of diagnostic imaging, the risk of cancer due to radiation, and stringent regulatory procedures are hindering the market growth. Meanwhile, the rise in healthcare investment and supportive government policies provide a huge opportunity for the market growth. The market is surging owing to frequent acquisitions, launches, and collaborations by the market players. For example, in September 2023, Exo launched Exo Iris which is a portable ultrasound device that integrates point-of-care imaging, artificial intelligence, and health information technology (IT) systems.

Key Developments

• On September 30, 2024: Olympus Corporation (Olympus), a global MedTech company committed to making people’s lives healthier, safer and more fulfilling, announced the launch of VISERA S1, the all-in-one imaging platform with stroboscopy. The new video platform integrates advanced diagnostic capabilities, including NBI (Narrow Band Imaging) technology, and forms part of the expanding Ear, Nose and Throat (ENT) solution from Olympus. The company will first launch VISERA S from September 2024 in Europe and parts of Asia and Oceania. VISERA S will later be introduced in other regions after product registration has been approved by the local regulatory bodies.
• On February 19, 2024: FUJIFILM India, a pioneer in diagnostic imaging and information systems, has launched the groundbreaking ALOKA ARIETTA 850 Diagnostic Ultrasound System in India with its first-ever installation at Fortis Hospital in Bengaluru, Karnataka, the state’s leading healthcare services provider. Representing a remarkable advancement in endoscopic technologies, the high-tech ultrasound system aims to enhance diagnostic precision and image clarity for gastrointestinal diseases in the region.
• On November 26, 2023: Philips launched new-AI enabled innovations at #RSNA23 that free up healthcare providers to focus on patient care. New innovations help hospitals and health systems to consistently deliver accessible, high-quality care to patients in a sustainable way
• In October 2022, Google launched a new Medical Imaging Suite that includes cloud-based file storage with secure data exchange capabilities, automated image labeling through AI-assisted annotation, and tools to create training datasets for algorithms and accelerate the development of scalable machine learning models with less code.
• In January 2023, Viz.ai launched AI-Powered Vascular Imaging Software for vascular conditions, including aortic dissection and pulmonary embolism.