The worldwide diagnostic imaging sector is anticipated to achieve a value of US$ 53,410.59 million by 2028, rising from US$ 38,034.56 million in 2022, with a projected compound annual growth rate (CAGR) of 5.8% from 2022 to 2028.
The increasing incidence of chronic illnesses is a significant factor propelling market expansion. Furthermore, the integration of Artificial Intelligence (AI) and advanced analytics into diagnostic imaging technologies is expected to be a prominent trend in the global diagnostic imaging market.
As reported by the Centers for Disease Control and Prevention (CDC), approximately 60% of Americans are living with at least one chronic condition, such as heart disease, stroke, cancer, or diabetes. These chronic diseases are the primary contributors to mortality and disability in North America and represent a substantial healthcare expenditure. In 2020, the CDC noted that the leading chronic diseases accounted for nearly US$ 4.1 trillion in healthcare costs in the United States. Moreover, diagnostic imaging is increasingly utilized for managing chronic conditions, particularly among the elderly, who are more susceptible to these health issues. For instance, JMIR Publications projects that the global population aged over 60 will reach 2 billion by 2050. Consequently, addressing the rising prevalence of aging and chronic diseases necessitates a focus on healthcare innovations to enhance health services. Innovations in diagnostic imaging, supported by information and communication technology (ICT), have been implemented in various settings to assist in the diagnosis, treatment, and management of chronic diseases. Additionally, ICT interventions in diagnostic imaging offer solutions to challenges associated with aging and chronic health conditions.
Osteoporosis represents a significant global health challenge, contributing to considerable clinical and financial burdens due to increased life expectancy. This condition heightens the risk of falls, fractures, hospitalizations, and mortality. According to the National Library of Medicine, the age-standardized prevalence of osteoporosis among Europeans aged 50-79 is 12% for women and 12.2% for men as of 2020. Therefore, conducting clinical assessments for early diagnosis is crucial to prevent complications. Various diagnostic imaging modalities, including computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound, provide critical information for the early detection of osteoporosis. For example, MRI can reveal various aspects of bone pathophysiology, playing a vital role in early disease diagnosis and the prevention of clinical complications. These factors collectively contribute to the growth of the global diagnostic imaging market.
Artificial intelligence is enhancing numerous facets of the healthcare sector, with diagnostic imaging being one of the areas poised for significant improvement. Manufacturers of diagnostic imaging equipment are increasingly incorporating AI into their devices. For instance, in September 2018, Nvidia introduced the Nvidia Clara platform, which combines software and hardware to enhance diagnostic imaging capabilities. This innovative technology addresses challenges faced by medical instruments and processes vast amounts of data generated continuously, making it easier for healthcare professionals to interpret. Additionally, in August 2018, Google's DeepMind unveiled an AI system capable of swiftly identifying over 50 eye disorders through routine medical scans. DeepMind's AI assistant for diagnostic imaging can automatically detect eye-related issues by recognizing disease symptoms within seconds and prioritizing patients requiring urgent attention.
AI-enhanced diagnostic imaging tools are crucial for the detection and classification of cancers. AI significantly aids in the automated identification of features from medical images during diagnostic imaging processes. For instance, AI applications have improved clinicians' capabilities, enabling the simultaneous detection of multiple tumor lesions, predicting tumor outcomes by referencing various databases in a short timeframe, translating phenotypic variations into genotypic data, and continuously monitoring patients. Furthermore, AI minimizes errors in disease imaging techniques, leading to earlier and more accurate disease diagnoses.
The global diagnostic imaging market is categorized based on modality, application, and end user. In terms of modality, the market includes endoscopy, computed tomography, X-ray, ultrasound, magnetic resonance imaging (MRI), nuclear imaging, mammography, and others. The X-ray segment is projected to hold the largest market share from 2022 to 2028, while the computed tomography (CT) segment is expected to exhibit the highest CAGR during the forecast period. CT imaging utilizes specialized X-ray equipment to produce a series of detailed images or scans of internal body areas. CT scans are critical diagnostic tools, particularly for lung cancer and traumatic brain injuries, driving demand for CT technology. According to the American College of Chest Physicians, lung cancer is among the most commonly diagnosed cancers, accounting for 11.6% of all cancer cases globally. The incidence of lung cancer is projected to rise by 38%, reaching 2.89 million cases by 2030. The International Osteoporosis Foundation (IOF) reported that one in three women and one in five men aged 50 and older experience osteoporosis-related fractures, affecting approximately 200 million individuals worldwide, resulting in a fracture every three seconds. CT scans provide three-dimensional images of bones, facilitating improved diagnosis and surgical planning in orthopedics. Thus, the increasing prevalence of orthopedic disorders is driving demand for CT scanners in the global diagnostic imaging market.
Opportunities in the Global Diagnostic Imaging Market
Government initiatives that allocate funding and grants for diagnostic imaging services are expected to create significant opportunities for growth in the global diagnostic imaging market in the coming years. The World Health Organization (WHO) collaborates with partners and manufacturers to develop effective solutions aimed at enhancing diagnostic services in remote areas. Additionally, the WHO and its partners offer training programs focused on the use and management of diagnostic imaging, emphasizing patient safety. For example, in February 2022, Siemens Healthineers partnered with UNICEF to improve healthcare access in Sub-Saharan Africa through enhanced diagnostic techniques.
Governments also play a crucial role in the procurement, pricing, and distribution of medical devices globally. They undertake various initiatives to develop healthcare infrastructure, aiming to provide safe and cost-effective medical products through funding and support for new healthcare facilities. For instance, the UK's National Health Service (NHS) has targeted addressing unmet medical needs through cost-effective solutions to promote economic growth since 2018. Additionally, the NHS's Small Business Research Initiative for Healthcare awarded a US$ 1.1 million contract in 2018 to promote the adoption of 3D technologies and the development of 3D diagnostic imaging systems. Furthermore, the Government of Canada compensated hospitals US$ 1,400 per scan per patient in 2020 due to a lack of private funding. These factors contribute to creating lucrative opportunities for accelerating the growth of the global diagnostic imaging market.
Sources such as the Indian Brand Equity Foundation (IBEF), the National Institute of Health (NIH), the International Trade Administration (ITA), and the Japan Radiological Society (JRS) were utilized in preparing the report on the global diagnostic imaging market.