Global Diagnostic Imaging Market is expected to reach $38.30 billion by 2021| Market Data Forecast

The Global Diagnostic Imaging Market was worth $27.82 billion in 2016 and estimated to be growing at a CAGR of 6.60%, to reach $38.30 billion by 2021. Medical imaging is the method of making a visual image of the inside of the body for medical intervention. These devices aid in creating a databank of normal anatomy and physiology of internal organs so that any irregularity can be observed immediately.

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The capability to generate pictures of a patient’s internal anatomy and alter them to film through diagnostic imaging has transformed the way many diseases and injuries are spotted, diagnosed, and treated. This market has applications in several medical arenas like cardiology, neurology, and orthopaedics. Internationally, most of the industrialized nations are spending a huge part of their GDP on healthcare necessities. The US is set to devote almost 20% of its GDP on healthcare by 2017, a higher proportion than any other developed country.

The growth of the Global Diagnostic Imaging Market is mainly driven by factors such as an increasing prevalence of cancer and cardiac, neurological, and musculoskeletal disorders, rise in cognizance for prompt diagnosis, rising number of diagnostic imaging techniques, and improving healthcare infrastructure in developing markets. However, factors such as costly procedures & equipment, side effects of diagnostic imaging procedures and saturation in the industrialized countries are hindering the growth of the market.

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The Global Diagnostic Imaging market is segmented based on Type and Application. The market for Diagnostic Imaging, on the basis of type is segmented into X-Rays, Nuclear Medicine, Ultrasound, MRI, Tomography, Photoacoustic Imaging, Thermography, Tactile Imaging, Elastography, Functional near infrared spectroscopy, Echocardiography. Each modality is further separated into sub segments. The X-ray and ultrasound systems market is segmented on the basis of technology and portability respectively. The nuclear imaging systems market is characterised into Scintigraphy, PET Imaging, and SPECT Imaging. On the basis of Application, the global Diagnostic Imaging market is segmented into Cardiology, Oncology, Neurology, Orthopaedics, Gastroenterology, Gynaecology, and Others. Tomography is a widely used method as it increases the chances of cancer discovery and decreases the cases of the patient being called for further tests. 3D imaging is anticipated to grow in all markets during the forecast period.

The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America accounted for the largest share in the global Diagnostic Imaging market with nearly 20% of the GDP spent on healthcare by the USA. However, The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to reasons such as rapidly aging populace and surge in the chronic disease population.

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Companies are showing a strong interest in enhancing image quality by developing new technologies and creating new devices or novel techniques to achieve images with higher spatial resolution. Imaging will continue to progress and provide an important set of tools for clinical study, drug development, and disease diagnosis. The major companies dominating the Diagnostic Imaging market are GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., Fujifilm Corporation, and Shimadzu Corporation.

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