Global Diagnostic Imaging Market to Reach $30.4 Billion by 2024

Medical imaging helps in early detection and diagnosis of diseases at a stage when they can be easily treated and of late has been assuming even greater importance as the world healthcare migrates to the tenets of preventative care. Better diagnosis has a direct and a positive impact on therapy procedures and treatment planning. Amid the COVID-19 crisis, the global market for Diagnostic Imaging is projected to reach US$30.4 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.1% over the analysis period. United States represents the largest regional market for Diagnostic Imaging, accounting for an estimated 31.2% share of the global total. The market is projected to reach US$9.6 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 7.6% over the analysis period.

The global diagnostic imaging market is one of the most critical segments of the healthcare sector, driven by technological advancements, favorable demographic factors in developed regions, growing access to healthcare and rising income levels of the middle class population in developing regions. The market growth is fueled by increasing incidence of chronic diseases, rising awareness about benefits of early diagnosis, and constant expansion of the clinical application scope. Increasing cost efficiency and reliability of various imaging procedures, as well as continued focus on developing advanced imaging procedures, involving higher resolution and dimensions, are the major factors driving growth of the diagnostic imaging market. The US dominates market share, due to the presence of leading companies and continuous inflow of advanced products into the market. The US is known for notably high per person healthcare expenditure, providing significant scope for market expansion. Market growth is expected to be highest in developing nations, such as China and India, where there is an increased emphasis on healthcare, along with growing government spending to improve healthcare units.

The market for MRI diagnostic imaging is forecast to dominate market share over the analysis period. MRI is a popular imaging technique that utilizes a mix of radio waves and magnetic fields for imaging purposes. Besides being a non-invasive technique, MRI is unique due to its ability to identify soft tissues. Growing clinical acceptance of MRI technology over the years has enabled imaging of areas that were earlier considered impossible, such as vascular, cardiac, true dynamic imaging or high spatial resolution. The emphasis has also shifted onto reducing acquisition times associated with the technology, which has boosted the development of improved coil design and new sequences, and fostered advancements in the hardware sector. As a result, new markets and applications are being constantly developed for the modality.