Diagnostic Imaging Industry Data Book - Computed Tomography, Magnetic Resonance Imaging, Nuclear Imaging, Ultrasound Device and X-ray Systems Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

Database Overview 

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. 

The following data points will be included in the final product offering in 5 reports and one sector report overview:

Diagnostic Imaging Industry Data Book Scope

Diagnostic Imaging Industry Data Book Coverage Snapshot 

Computed Tomography Market Analysis and Forecast

The global computed tomography market size was valued at USD 4.2 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 7.43% from 2023 to 2030. Technological advancements in CT technology, coupled with the growing prevalence of chronic disorders such as cancer, orthopedics, and cardiovascular and neurological conditions are expected to accelerate the market growth.

CT scan is a most important diagnostic tool, predominantly for traumatic brain injuries and lung cancer. The prevalence of these illnesses is fostering market expansion. The growing elderly population, the prevalence of chronic diseases, the change in medical care toward image-guided interventions, and technology improvements are further market drivers. Lung cancer is one of the most frequently diagnosed cancer, according to the American Cancer Society, Inc., around 238,340 residents in the U.S. are expected to get diagnosed with lung cancer, and 127,070 deaths are estimated in 2023.

Additionally, the organization has stated that 654,620 inhabitants have a history of lung cancer, among which about 80% of patients were of age 65 years or above as of January 2022. Incidences of lung cancer are predicted to rise by 38% to 2.89 million globally by 2030. A CT scan produces 3D images of the bones that aid in orthopedic surgery and improved diagnosis. Consequently, as the prevalence of orthopedic problems rises, so does the need for CT increases, leading to the market growth.

Additionally, innovations & technological advancements such as the incorporation of artificial intelligence (AI) and the production of accessories to improve the image quality captured by conventional CT scanners are some of the major factors anticipated to fuel market growth. For instance, in April 2022, Wipro GE Healthcare introduced its Revolution Aspire CT scanner, which is an advanced imaging solution designed & manufactured in India, at the newly developed Wipro GE Medical Device Manufacturing Plant. It is launched under the government’s Production Linked Incentives (PLI) Scheme & it is aligned with the ‘Atmanirbhar Bharat’ initiative.

 Computed Tomography Market: Key Technology Segment

Magnetic Resonance Imaging Market Analysis And Forecast

The global magnetic resonance imaging market size was valued at USD 5.25 billion in 2022 and is expected to expand at a CAGR of 6.81% from 2023 to 2030. Magnetic Resonance Imaging (MRI) is an efficient diagnostic machine for identifying diseases related to spine lesions, tumors, and strokes impacting the area of blood vessels and the brain. The increasing prevalence of diseases is driving the market growth.

Moreover, Magnetic resonance imaging is a crucial technique to diagnose cancer/tumor and to plan treatment such as radiation therapy or surgery for cancer patients. Hence, the increasing burden of cancer is expected to fuel the MRI market globally. For instance; according to 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 United States.

The following table gives the projected numbers of new cases and deaths for each common cancer type in 2023 in the U.S.:

 Source: National Cancer Institute

Additionally, factors such as the increasing geriatric population, technological advancements such as the introduction of hybrid MRI equipment, high-field MRI, superconducting (SC) magnets, and installation of software, availability of universal health coverage, and the growing burden on chronic diseases are fueling the market’s growth. 

Nuclear Imaging Market Analysis And Forecast

The global nuclear imaging market size was estimated at USD 4.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.95% from 2023 to 2030. Factors such as changing preference from standalone devices to hybrid imaging modalities, growing focus on personalized medicinal treatments, advancements in the healthcare infrastructure, and rising prevalence of chronic diseases such as cardiac ailments & cancer are fueling the nuclear imaging market’s growth during the forecast period.

Rising awareness levels among physicians and clinical researchers regarding the benefits of nuclear imaging coupled with increasing application areas such as cases in oncology, and neurological diseases are the factors driving PET and SPECT market. Furthermore, the increasing geriatric population and expanding horizon of applications in SPECT and PET imaging owing to constant discovery and developments of new radiopharmaceuticals are driving the diagnostic imaging market.

The leading players operating in the nuclear imaging market are GE Healthcare, Cardinal Health, Inc., Koninklijke Philips NV, Siemens Healthineers, and others. Leading market players are opting for geographical expansion, strategic collaborations, partnerships, new product launches, and production capacity expansion to gain market share. For instance,

• In October 2022, United Imaging announced the total-body PET/CT, uEXPLORER.

• In October 2022, GE Healthcare launched introduced Omni Legend PET/CT System at the 35th Annual Congress of the European Association of Nuclear Medicine (EANM) in Barcelona, Spain

• In June 2022, Symbia Pro.specta, a single-photon emission computed tomography/computed tomography (SPECT/CT) system with advanced CT and SPECT imaging technologies developed by Siemens Healthineers has received approval from the Food and Drug Administration (FDA)

Ultrasound Device Market Analysis And Forecast

The global ultrasound device market size was valued at USD 7.36 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.03% from 2023 to 2030. The rising use of ultrasound equipment for diagnostic imaging and therapy, as well as the rising prevalence of chronic and lifestyle-related illnesses are the key factors anticipated to drive the market’s growth. Additionally, technological advancements in ultrasound devices, and rising demand for minimally invasive surgeries are expected to create lucrative growth opportunities.

Ultrasound technology is used in various application areas such as cardiology, obstetrics/ gynecology, vascular, orthopedic, and general imaging. The rising prevalence of cardiac disorders is expected to boost the ultrasound device market globally. According to WHO, Cardiovascular diseases (CVDs) are the major cause of death globally, taking approximately 17.9 million lives each year. Additionally, as per the Centers for Disease Control & Prevention, in the United States, every year about 805,000 people have a heart attack and about 1 in 20 adults age 20 and older have Coronary Artery Disease (about 5%).

Additionally, a new report published by WHO suggests that Nearly 17.5% of adult inhabitants, around 1 in 6 worldwide are suffering from infertility, creating an urgent demand for affordable and high-quality fertility care. Moreover, according to the American Society of Clinical Oncology (ASCO), around 66,200 inhabitants in the United States are expected to be diagnosed with uterine, or endometrial cancer in 2023. The number of people detected with uterine cancer in the United States is increasing by around 2% every year in women aged 49 and below and by 1% every year in women older than that. Ultrasound devices are used to assess the pelvic anatomy of the uterus, including the uterine lining and bilateral ovaries. These aforementioned factors suggest the expected market growth in the forecast period.

Market Participants

• Koninklijke Philips N.V.

• GE Healthcare

• Siemens Healthineers AG

• Canon Medical Systems

• Mindray Medical International Limited

• Samsung Medison Co., Ltd.

• FUJIFILM SonoSite, Inc.

• Konica Minolta Inc.

• Esaote

X-ray Systems Market Analysis And Forecast

The global x-ray systems market size was valued at USD 7.89 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 2.28% from 2023 to 2030. Rising demand for early disease diagnosis, constant technological advances, increase in product development, favorable healthcare funding, and rising government investments in developing countries are expected to fuel the market growth.

Additionally, the rising geriatric population and growing prevalence of orthopedic trauma due to severe accidents are some of the inevitable factors supporting the market’s growth. According to United Nations, the number of people aged 65 years or above is expected to reach 1.6 billion in 2050, accounting for more than 16% of the global population. The geriatric population is prone to develop conditions such as arthritis, osteoporosis, and bone fractures. According to the Centers for Disease Control and Prevention, around 23.7% or nearly 58.5 million inhabitants are diagnosed with arthritis. More women (23.5%) are predominantly suffering from the disease compared to men (18.1%).

Additionally, chest radiography is a widely used technique to identify pulmonary infections as it is a non-invasive and comparatively inexpensive technique. According to WHO, Pneumonia is the largest infectious disease causing death in children globally. Around 740,180 children under the age of 5 are deceased due to pneumonia in 2019, which is almost 14% of all the deaths of children below 5 years. The first imaging procedure that played an important role in the treatment of COVID-19 was chest radiography since it plays a major role in the diagnosis of COVID-19. Furthermore, the demand for mobile X-ray systems has increased as a result of the COVID-19 pandemic.

The key players are developing high-end mobile X-ray systems, which gained popularity since the COVID-19 pandemic, as well as integrating Artificial Intelligence (Al) into these imaging systems, which have demonstrated impressive accuracy and sensitivity in the detection of imaging abnormalities. As a result, it is being more widely adopted and used in the field of medical imaging. For instance,

• In August 2022, GE Healthcare announced the release of its Definium 656 HD X-ray system

• In July 2022, Fujifilm launched FDR cross, which is a new hybrid C-arm and portable X-ray device

• In November 2021, GE Healthcare received FDA clearance for its artificial intelligence (AI) algorithm to help healthcare professionals evaluate Endotracheal Tube (ETT) placements.

 X-Ray Systems Key Modality Segment

Competitive Insights

Market leaders are constantly undertaking developmental initiatives such as acquisitions, partnerships, collaboration, and mergers to strengthen their market presence. New government approvals, product launches, and innovations in the existing product have further led to boost their growth. Moreover, the competition between key players will turn intense in the coming years as they are focusing more on geographical expansion, strategic collaborations, and partnerships through mergers & acquisitions.

This section in the final deliverables also highlights various initiatives taken by the key companies in the recent past that strongly impacts this market space. The below figure represents the various strategic developments initiated by these market participants:

Key Drivers

• The increasing prevalence of lifestyle-related diseases, rising demand for early detection tools, technological advancements to improve turnaround time, increased investment & reimbursement initiatives undertaken by the government, and expansions of new facilities by market players in developing nations, are said to boost the market growth.

• The collaboration with advanced surgical suit manufacturers and imaging modalities is expected to have a positive influence on the diagnostic imaging market growth as well as on robot-assisted surgery systems, owing to the rising preference for minimally invasive surgeries.

• Introduction of digital imaging and its advancements offer various clinical and economic benefits, such as instant access to radiology studies, and a lesser risk of data damage, and theft.