Factors such as the escalating healthcare expenditure, burgeoning number of diagnostic imaging centers, growing requirement for diagnostic imaging procedures, booming population of the elderly, continuous technological developments in diagnostic imaging, and rising prevalence of chronic diseases are expected to drive the diagnostic imaging systems market at a CAGR of 5.8% during the forecast period (2020–2030). This market generated $38.9 billion in 2019, which will increase to $70.0 billion in 2030.

One of the leading factors supporting the diagnostic imaging systems market growth is the surge in the geriatric population. According to the World Population Ageing report of 2019 of the United Nations (UN), the population of people aged 65 years and above is expected to reach nearly 1.5 billion in 2050. Older people need extensive care, as they are more susceptible to chronic diseases due to their weak immunity levels. Due to this, the demand for diagnostic imaging systems will continue to escalate during the forecast period.

Moreover, the rising cases of cancer, cardiovascular diseases (CVDs), type 2 diabetes, and chronic obstructive pulmonary disease (COPD) are fueling the demand for such equipment across the globe. According to the Centers for Disease Control and Prevention (CDC), 6 in 10 adults in the country suffer from chronic disease. Moreover, the International Agency for Research on Cancer (IARC) states that 2018 registered 18.1 million cases of cancer and 9.6 million related deaths across the world. Therefore, the demand for medical imaging devices for diagnosis and regular checkups is rising.

Currently, the diagnostic imaging systems market is witnessing the trend of product launches. The new high-quality imaging systems are facilitating access to advanced diagnosis with fast and accurate results. For instance, Carestream Health Inc. launched the DRX-Compass X-ray System in August 2020 to provide a scalable and flexible approach to digital imaging. The system, marketed to diagnostic imaging centers and hospitals, assists in vertical auto-centering and auto-tracking. Similarly, in July 2020, Hologic Inc. launched a cart-based system ultrasound system, named SuperSonic MACH 40, in the U.S. to offer a high image quality and various imaging modes.

Geographically, the North American region held the largest share in the diagnostic imaging systems market in 2019 due to the increasing cases of chronic ailments, surging healthcare expenditure, and presence of numerous state-of-the-art hospitals and diagnostic centers in the region. During the forecast period, the Asia-Pacific (APAC) region is projected to register the highest growth rate owing to the spurring number of diagnostic imaging centers and rising prevalence of chronic diseases. As per the World Health Organization (WHO), low- and middle-income countries account for 80% of the global chronic disease mortality.

Thus, the rising cases of chronic diseases and swelling population of the elderly are projected to drive the market growth during the forecast period.