Emerging Diagnostic Imaging Market Size, Share, and COVID-19 Impact Analysis, By Product (Computed Tomography, Magnetic Resonance Imaging (MRI), Mammography, Nuclear Imaging, Ultrasound & X-Ray Devices), By End User (Hospitals, Specialty Clinics, Diagnostic Imaging Centers & Others), and by Region (North America, Europe, Asia-Pacific, South America, Middle East, and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Emerging Diagnostic Imaging Market was valued at USD 30.02 Billion in 2021 and is projected to reach USD 51.34 Billion by 2030, at a CAGR of 4.8%. The use of electromagnetic radiation and specific other technologies to create images of the internal organs and tissues of the body for the goal of precise diagnosis is known as diagnostic imaging, also known as medical imaging.

However, other technologies, such as endoscopy and comparable techniques, in which flexible optical equipment is outfitted with a camera for imaging, may also be utilized. These techniques use sound waves to visualize tissues. A visual representation of the body's organs is necessary to be treated further. The internal anatomy is revealed via diagnostic imaging, which is typically invisible to healthcare practitioners. Diagnostic imaging also makes it simple to maintain the anatomy database. Also, it has a wide range of uses, including cancer, cardiology, urology, and radiology, amongst others.

The growth of the emerging diagnostic imaging market is thought to be fueled by increased government investment and reimbursement programs, an increase in the demand for early detection tools, technological advancements to speed up turnaround times, and the construction of new facilities by market participants in developing nations. As an example, the Indian government unveiled X-Ray Setu in June 2021 as a free platform powered by Artificial Intelligence (AI) to assist doctors with early COVID-19 therapy. To meet the rising demand for CT scanners and strengthen its market position, Siemens Healthineers opened a new CT scanner production facility in India in 2022.

COVID-19 ANALYSIS

The COVID-19 pandemic had a negative impact on the emerging diagnostic imaging market. The care of patients following COVID-19 also includes the use of medical imaging techniques. The severity of COVID-19 infections can be assessed using chest X-rays, ultrasonography, and CT scans, which can also be used to look for disease dissemination in the lungs. These elements contribute to an increase in worldwide emerging diagnostic imaging market demand.

Integration with Advanced Technologies Fueling the Product Demand

One of the key factors driving the emerging diagnostic imaging market's growth is the introduction of cutting-edge imaging equipment. Also, significantly contributing to the increasing product demand throughout the forecast period is the increasing adoption of powerful AI-enabled diagnostic equipment for speedy diagnosis and predictive analysis in developed countries. For instance, in November 2021, IBM Watson Health launched AI orchestration providing to support image businesses in gaining the advantages of integrating AI software.

Rising Rate of Chronic Diseases Among Population to Surge Demand

The demand for medical imaging in hospitals and diagnostic facilities is rising as a result of the rising frequency of chronic diseases, particularly in the geriatric population. Medical imaging is becoming more reliable courtesy of several technical developments, which raised the demand for it in the healthcare industry.

Rising Healthcare Expenditure Aiding the Market Growth

The rising healthcare expenditure will lead to the demand for the diagnostic imaging market. Medical imaging is increasingly in demand as healthcare costs continue to rise in both developed and developing nations. Over the projected period, the medical imaging industry will be driven by all of these drivers combined. In the upcoming years, the emerging diagnostic imaging market expansion is anticipated to be fueled by rising R&D activities, expanding healthcare infrastructure, and the adoption of high-tech medical imaging modalities.

Concerns About High Cost of Product to Hamper Market Growth

The total cost-benefit ratio of medical equipment is higher for small and medium-sized healthcare facilities, which has resulted in less demand across the globe. There are various requirements such as high operator dependence rate, ultrasound devices having limited tissue depth penetration, and the need for physical touch which are hindering the growth of the global emerging diagnostic imaging market.

SEGMENTATION INSIGHTS

Based on the product, the emerging diagnostic imaging market is categorized into computed tomography, magnetic resonance imaging (MRI), mammography, nuclear imaging, ultrasound & x-ray devices. Based on end-user, the market is categorized into hospitals, specialty clinics, diagnostic imaging centers & others. Based on the region, the emerging diagnostic imaging market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

REGIONAL INSIGHTS

The global emerging diagnostic imaging market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is expected to dominate the market share of the global emerging diagnostic imaging market owing to the presence of major key players and technological advancements. Existence of established healthcare facilities combined with the growing geriatric population demand cutting-edge healthcare systems. Additionally, the increasing geriatric population and diseases connected with it, the simple availability of diagnostic imaging techniques, and widespread acceptance of new technologies.

However, Asia-Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The market is driven by the increase in the frequency of chronic diseases and the demand for cutting-edge diagnostic tools. Additionally, a sizable and outdated installed base of imaging equipment in the Asia Pacific is providing market competitors with profitable potential. The demand for new medical imaging equipment is predicted to be driven by this as well as a fast-increasing healthcare and hospital infrastructure in the area, particularly in nations like China and India.

LIST OF KEY COMPANIES PROFILED:

· Canon Medical Systems Corporation

· Cubresa Inc.

· ESAOTE SPA

· FUJIFILM VisualSonics Inc.

· General Electric Company

· Hologic, Inc.

· IBM Corporation

· Koning Health

· Koninklijke Philips N.V.

· PaxeraHealth

· PerkinElmer Inc.

· Samsung Medison Co., Ltd.

· Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

· Siemens

· Others

KEY INDUSTRY DEVELOPMENTS:

May 2022- FUJIFILM VisualSonics launched the new multi-modal Vevo F2 imaging platform for a preclinical ultrasound that will enable better imaging clarity and processes improved frame rates over traditional platforms.

November 2021- Philips launched an AI-enabled MR portfolio of smart diagnostic systems to streamline workflows, optimize quality and ensure the operation of diagnostic imaging solutions.

August 2020- Philips has launched Affiniti CVx and Release 7.0 of EPIQ CVx to support cardiology departments by improvising its cardiovascular ultrasound solutions.

SEGMENTATION

By Product

• Computed Tomography
• Magnetic Resonance Imaging (MRI)
• Mammography
• Nuclear Imaging
• Ultrasound
• X-Ray Devices

By End User

• Hospitals
• Specialty Clinics
• Diagnostic Imaging Centers
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of the Middle East & Africa