Europe Diagnostic Imaging Market - 2024 - 2031

Report Overview

Europe Diagnostic Imaging Market reached US$ 7.6 billion in 2023 and is expected to reach US$ 12.32 billion by 2031, growing at a CAGR of 6.2% during the forecast period 2024-2031.

Diagnostic imaging refers to a range of techniques used to visualize the body's internal structures to identify the causes of illness or injury and confirm diagnoses. It also helps doctors assess how effectively a patient's body responds to treatment for conditions such as fractures or diseases.

Diagnostic imaging includes MRI, MRA scans, CT scans, ultrasound, bone density scans, mammography, X-rays, arthrograms, and myelograms. Diagnostic imaging technology plays an important role in diagnosing the disease condition and analyzing the abnormalities of the therapies.

Market Dynamics: Drivers & Restraints

Rising geriatric population

Cancer, cardiovascular disease, and osteoarthritis have grown increasingly important among the elderly, emphasizing the need for different diagnostics such as X-rays, MRIs, and CT scans. This transition has increased market demand for diagnostic imaging services. Healthcare providers are constantly investing in improved imaging technology to cater to this growing generation, fueling market development.

Germany has the most elderly citizens among European nations, followed by France, Italy, and the United Kingdom. In addition, it is anticipated that the aging of the population will increase the incidence of numerous chronic diseases, thereby increasing the demand for medical imaging devices.

In addition, demographic shifts toward an aging population and an increasing demand for early detection of recurrent infections are anticipated to provide support for the European market over the forecast period.

High costs of the equipment

High costs of diagnostic imaging equipment such as MRI, PET scan, and CT scans could restrict many clinics and hospitals from adopting them due to their lower budgets. The hospitals and clinics in the middle-income and lower-income countries choose the diagnostic equipment that suits their budget. This could show an overall impact on the market expansion.

Market Segment Analysis

The Europe diagnostic imaging market is segmented based on type, application, and end-user.

MRI segment is expected to dominate the market share

The MRI segment is expected to hold a significant portion of the market share. This is due to their versatility in producing detailed images of the organs, and the technological advancements in product innovations.

Magnetic resonance imaging (MRI) is a medical imaging technology that employs a magnetic field and computer-generated radio waves to produce detailed images of the tissues and organs in the body. MRI can image a variety of tissues and organs, including the brain, spine, joints, and internal organs.

Its versatility makes it an important diagnostic tool for a wide range of medical specialties. MRI is particularly beneficial at detecting early changes in tissue and organ structure, allowing for earlier identification of diseases like cancers, neurological problems, and musculoskeletal diseases. The technological advancements in new product innovation and also the rise in number of launches of advanced MRI systems could drive the segment's growth.

For instance, in July 2022, Canon Medical unveiled the Vantage Fortian at ECR 2022. The new MRI system features innovative workflow solutions, image enhancement, and accelerated scan technology, which together contribute to reducing the time required for MRI procedures.

Market Segmentation

By Type

MRI

SPECT Imaging

X-Ray

Ultrasound

Computed Tomography

Tactile Imaging

Functional Near Infrared Spectroscopy

Others

By Application

Orthopedic

Neurology

Oncology

Cardiology

Others

By End-User

Hospitals

Diagnostic Centers

Others

Market Competitive Landscape

The major players in the market include Siemens Healthineers AG, GE Healthcare, Hitachi Medical Corporation, Hologic Inc., Philips Healthcare, Canon Medical Systems Europe BV, Shimadzu Europe, Esaote Europe B.V., Probo Medical, LLC, and Braun & Co. Limited among others.

Why Purchase the Report?

To visualize the Europe diagnostic imaging market segmentation based on type, application, and end-user, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel data sheet with numerous data points of diagnostic imaging market-level with all segments.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as Excel consisting of key products of all the major players.

The Europe diagnostic imaging market report would provide approximately 53 tables, 47 figures, and 176 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies