According to the report titled ‘Global Diagnostic Imaging Market Size study, by Product (MRI (Open, Closed), Ultrasound (2D, 3D/4D, Doppler), CT, X-Ray (Digital, Analog), SPECT, Hybrid PET, Mammography), by Application (OB/Gyn, Cardiology, Oncology), by End User (Hospitals, Imaging Centers) and Regional Forecasts 2020-2027’, available with Market Study Report, global diagnostic imaging market was worth USD 25.70 million in 2019 and is expected to grow with a CAGR of 5.5% during 2020-2027.
 

Growing elderly population and increasing instances of chronic diseases are primarily driving the growth of global diagnostic imaging market. As per the World Health Organization, it is predicted that the global population aged 60 years or above will hit 2 billion mark by 2050, up from 900 million in 2015. While the global burden of chronic diseases is expected to hit 57% by end of 2020.
 

Notably, visual representation of the inside of the body for medical intervention is achieved through diagnostic imaging. It helps establish a record of normal anatomy and physiology of internal organs to detect any abnormality. The human body anatomy is used to reliably diagnose the patient using electromagnetic radiation and find applications in various medical fields such as neurology, orthopedics cardiology, and oncology.
 

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Worldwide diagnostic Imaging market expansion is expected to be fueled by healthcare expenditure growing at a significant pace across the globe along with innovation in medical technology due to focus towards early detection of diseases and rapid treatment, claims the report.
 

Based on product terrain, the market is split into mammography, hybrid PET, SPECT, X-Ray, CT, Ultrasound, and MRI. Speaking of application spectrum, global diagnostic imaging industry is divided into oncology, cardiology, and OB/Gyn. In terms of end user scope, the industry is bifurcated into imaging centers, and hospitals.
 

Citing the regional landscape, worldwide diagnostic imaging market sphere is segmented into North America, Europe, Latin America, Asia Pacific, and Rest of the World. The report cites that North America holds significant market share currently and is expected to grow further over the assessment period. The regional growth is credited to technological advancements owing to increasing investments in research & development projects.
 

Meanwhile, Asia Pacific diagnostic imaging industry is poised to accrue notable gains by the year 2027, on account of rising customer awareness about benefits of early & accurate diagnosis of diseases, supportive government expenditure, and growing population.
 

Major players impacting global diagnostic imaging market dynamics are Fujifilm Holdings Corporation, Hologic Inc., Esaote S.p.A., Carestream Health Inc., Hitachi Ltd., Canon Medical Systems Corporation, Agfa-Gevaert N.V., Koninklijke Philips N.V., Siemens Healthineers, and GE Healthcare Systems.