Diagnostic Imaging Market Size, Share, Growth Analysis, By Type(Magnetic Resonance Imaging (Closed MRI and Open MRI), X-Ray Imaging (X-ray Digital Imaging Systems and X-ray Analog Imaging Systems), Ultrasound Imaging (2D Ultrasound, 3D and 4D Ultrasound), By Application(General Imaging, Cardiology, Gynecology, Oncology), By End-User(Hospitals & Clinics and Diagnostic Imaging Centers), By Region - Industry Forecast 2024-2031

Diagnostic Imaging Market size was valued at USD 26267 million in 2019 and is poised to grow from USD 27685.42 million in 2023 to USD 42167.31 million by 2031, growing at a CAGR of 5.4% in the forecast period (2024-2031).

Regional firms such as Shimadzu and Mindray and Shimadzu are focussing on the development of specialized imaging technologies to level up their game in the market competition. On the other side, budding competitors such as Hologic and Fujifilm are making significant investments in quality improvement of their already existing products, thereby gaining a notable market share. The integration of artificial intelligence, portable imaging, telemedicine, and developments in 3D/4D imaging are key topics that have substantial growth potential in emerging countries. Leading companies in the diagnostic imaging industry worldwide provide a comprehensive variety of imaging services, including MRI, CT, and ultrasound. 'Shimadzu Corporation', 'Samsung', 'GE Healthcare', 'Siemens Healthineers', 'Philips Healthcare', 'Canon Medical Systems', 'Hitachi Medical Systems', 'Fujifilm Holdings Corporation', 'Hologic Inc.', 'Carestream Health', 'Toshiba Medical Systems Corporation', 'Esaote SpA', 'Koninklijke Philips N.V.', 'Analogic Corporation', 'Bracco Imaging S.p.A.', 'Agfa-Gevaert N.V.', 'Varian Medical Systems, Inc.', 'Terarecon, Inc.', 'Ziehm Imaging GmbH', 'Mindray Medical International Limited'

Rising investments in healthcare infrastructure and growing government initiatives are majorly driving the diagnostic imaging market. Several developed and developing nations are heavily investing in healthcare equipment improving diagnostic imaging services. Moreover, there are numerous policies that are aimed at enhancing healthcare quality and accessibility mostly comprise upgrading imaging facilities. 

Advanced Visualization and 3D Imaging: The growing use of 3D printing and improved reconstruction methods are notably trending in the diagnostic imaging market. 3D printing is majorly used to develop anatomical models or designs from imaging data. This helps in planning of pre-surgeries and educate patients for the same. Moreover, advanced reconstruction methods improve details and clarity of 3D images in computed tomography and magnetic resonance imaging. 

Geographically, North America dominated the market in the previous years and is expected to lead over the forecast period owing to improved healthcare infrastructure, growing healthcare expenditure, and supportive regulatory norms. North America holds a well-developed healthcare infrastructure with easy access to cutting-edge imaging technologies. Major investments are seen in healthcare technologies and services that positively impact the adoption of modernized imaging modalities. The region is also a leading center for research and development, that considerably boosts improvements in imaging practices and technologies. Furthermore, favorable reimbursement policies and regulations streamline the demand for diagnostic imaging. The prominent players profiled in the region are Siemens Healthineers, GE Healthcare, Philips Healthcare, Canon Medical Systems USA, Carestream Health, Hologic, and more.