Diagnostic Imaging Equipment Market Outlook:
Diagnostic Imaging Equipment Market size was over USD 42.8 billion in 2024 and is estimated to reach USD 73.1 billion by the end of 2034, expanding at a CAGR of 6.1% during the forecast timeline, i.e., 2025-2034. In 2025, the industry size of diagnostic imaging equipment is projected assessed at USD 45.4 billion.
The increasing number of patients with chronic illnesses is creating a surge in early and accurate disease detection, and hence is fueling the market. According to the World Health Organization (WHO), approximately 71.2% deaths around the world are attributable to chronic diseases, such as cancer and cardiovascular disorders (CVD). Besides, the National Cancer Institute (NCI) recorded the annual count of new cancer-afflicted patients in the U.S. to surpass 2.1 million. The growing epidemiology reflects the presence of a sustainable demand for advanced imaging solutions, securing a stable cash inflow in this sector. Moreover, unmet diagnostic requirements and inadequate infrastructure in underserved regions are amplifying the need for affordable and scalable imaging solutions.
The market is experiencing an unavoidable pricing pressure due to volatilities in the semiconductor supply chain and limitations in optimum deployment. As evidence of the impact of this inflation, the U.S. Bureau of Labor Statistics (BLS) recorded an 8.2-12.4% rise in hardware costs. Further, in 2023, the upstream flow of payers' pricing was observed through a 4.6% increase in the producer price index (PPI) for medical imaging devices and a 3.3% hike in the consumer price index (CPI) for diagnostic services. Thus, the continuous transition in key economic indicators signifies the urgent need for balanced procurement strategies and cost-optimized production.
