Diagnostic Imaging Market: By Modality (X-Ray Radiography, Magnetic Resonance Imaging, Compound Tomography Scanning, Ultrasound Imaging, Nuclear Imaging, Others), By Application (OB/Gyn, Cardiology, Orthopedics disorders, Neurology, Others ), By End User (Diagnostic Centres, Research Centres, Homecare Settings) Geography.    

Diagnostic Imaging Market size was valued at USD XX million in 2022 and is anticipated to grow at a CAGR of XX % over 2023-2029. Diagnostic imaging technologies are widely used in healthcare settings and enable the clinician or physician to view the internal parts of the patient’s body and examine or diagnose the underlying cause of the disease or any health condition.

The increase in the prevalence of chronic diseases is the major driver fueling the demand for diagnostic imaging. As the incidence of chronic disorders rises, the demand for highly efficient diagnostics tools surges. A diagnostic imaging test that includes the use of radiographs, ultrasound, fluoroscopy, or medicine to create visual representations of the internal structure of the body, is extremely suitable for the efficient diagnosis of numerous chronic or non-communicable diseases including, cancer, cardiovascular disease, diabetes, and chronic respiratory diseases. For instance, procedures such as X-rays, positron emission tomography (PET), computed tomography (CT), magnetic resonance imaging (MRI), and single-photon emission computed tomography (SPECT) are vital imaging techniques in cancer diagnosis, treatment and follow-up. Hence, this burgeoning demand for diagnostic imaging tools increases the market growth. In addition, advancements in diagnostic imaging technologies are another major driver behind the growth of the diagnostic imaging market. Several advanced technologies are being adopted to increase the precision and efficiency of diagnostic imaging tools. Advancements in medical imaging modalities, such as AI, deep learning, augmented and virtual reality combined with 3D imaging, and sensor fusion, improve image quality, accuracy, and efficiency in diagnoses. Multimodal imaging and real-time image-guided procedures enable more personalized outpatient care, which ultimately enhances the overall patient outcome. Furthermore, the integration of several software also increases the diagnostic efficiency.

However, the high cost of diagnostic imaging, the risk of cancer due to radiation, and stringent regulatory procedures are hindering the diagnostic imaging market growth. Meanwhile, the rise in healthcare investment and supportive government policies provide a huge opportunity for the Diagnostic imaging market growth. The Diagnostic imaging market is surging owing to frequent acquisitions, launches, and collaborations by the market players. For example, in September 2023, Exo launched Exo Iris which is a portable ultrasound device that integrates point-of-care imaging, artificial intelligence, and health information technology (IT) systems.

Diagnostic Imaging Market Key Developments:

• In October 2022, Google launched a new Medical Imaging Suite that includes cloud-based file storage with secure data exchange capabilities, automated image labeling through AI-assisted annotation, and tools to create training datasets for algorithms and accelerate the development of scalable machine learning models with less code.
• In January 2023, Viz.ai launched AI-Powered Vascular Imaging Software for vascular conditions, including aortic dissection and pulmonary embolism.