|Status : Published||Published On : Dec, 2021||Report Code : VRHC1059||Industry : Healthcare||Available Format :||Page : 250|
The global diagnostic imaging market was valued at USD 25.6 billion in 2020 and is projected to reach USD 36.8 billion by 2027, having a CAGR of 5.8% during the forecast period 2021-2027. Diagnostic imaging is a procedure to generate an image of internal and external body parts for clinical purpose. It has its application in several medical fields such as neurology, cardiology, orthopedics, and oncology. The global diagnostic imaging market is growing at a significant rate, due to mounting occurrence of chronic diseases and boosting number of diagnostic centers. Different product contributed to the diagnostic imaging market size. The market has witnessed a high demand for x-ray imaging systems in the coming years due to the mounting demand for mobile x-ray system, expanding the geriatric population and mounting occurrence of diseases and injuries.
Insight by Product
On the basis of product, the diagnostic imaging market is subdivided computed tomography (CT) scanners, x-ray imaging systems, ultrasound imaging systems, nuclear imaging systems, and magnetic resonance imaging (MRI). Of all products, x-ray imaging systems segment accounted the largest share in the market, due to mounting demand for mobile x-ray system, painless and non-invasive procedure, less costly as compared to other modalities expanding the geriatric population and mounting occurrence of diseases and injuries.
The CT scanners market is further subdivided into mid-slice, high-slice, and low-slice. The nuclear imaging system market is further subdivided into Spect systems and hybrid Pet systems. In addition, the x-ray imaging systems market is further subdivided on the basis of technology into digital, and analog. Moreover, the x-ray imaging market is further subdivided on the basis of portability into portable and stationary. The portable x-ray imaging segment is expected to grow at the fastest rate in the x-ray imaging system market.
The ultrasound imaging system market is further subdivided on the basis of technology into 3D and 4D imaging system, 2D imaging system, and Doppler imaging. In addition, the ultrasound imaging market is further subdivided on the basis of portability into trolley based ultrasound system and compact ultrasound system. The MRI market is further subdivided into architecture into open and closed MRI systems. In addition, the MRI market is further subdivided on the basis of field strength into low to midfield MRI, ultra-high MRI and high to very high MRI.
Insight by End User
The different end users of the market are diagnostic imaging centers, hospitals, and others. Mounting demand for diagnostic imaging procedures and escalating number of diagnostic centers are the factors growing the demand for diagnostic imaging centers. Among all end users, the diagnostic imaging centers are expected to grow at the fastest rate in the diagnostic imaging market.
Expanding geriatric population, escalating funds, grants, and investments by government bodies for modernization imaging facilities, mounting demand for the diagnostic imaging procedure, technological developments in diagnostic imaging modalities, escalating alertness of early diagnosis of clinical disorders, and mounting inclination for minimally invasive treatment are the primary growth drivers for diagnostic imaging market,
In addition, boosting investment from public-private organizations, refining healthcare infrastructure, mounting occurrence of chronic diseases and boosting the number of diagnostic centers are also facilitating the growth for the diagnostic imaging market. For instance, according to GLOBOCAN globally, approximately 14.1 million new cancer cases were diagnosed and there were 8.2 million cancer deaths in 2012. In addition, according to the World Health Organization (WHO), globally in 2015 approximately 8.8 million people died due to cancer. Moreover, approximately 70% of the deaths from cancer occur in low and middle-income countries.
Mounting implementation of refurbished diagnostic imaging systems, lack of skilled professionals, elevated price of diagnostic imaging systems, disapproving healthcare reforms in the U.S., and technological restrictions associated with standalone systems are the major challenges for the growth of diagnostic imaging market.
Globally, the manufacturing companies trying to enter the diagnostic imaging market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest diagnostic imaging market as in the region the occurrence of chronic diseases is increasing. For instance, according to GLOBOCAN in the U.S., approximately 1.6 million new cancer cases were diagnosed and there were 0.6 million cancer deaths in 2012. Expanding geriatric population, technological developments in diagnostic imaging modalities and mounting inclination for minimally invasive treatment are also up surging growth of the North American diagnostic imaging market.
Asia-Pacific is observed to witness the fastest growth in the market, due to mounting occurrence of chronic diseases. In addition, expanding the geriatric population, mounting medical tourism, improving healthcare infrastructure and mounting healthcare expenditure are also creating a positive impact on the diagnostic imaging market growth in the region.
Key players in the diagnostic imaging market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In February 2016, Carestream introduced digital X-ray technology that delivers rapid access to diagnostic images. Carestream’s Cone Beam CT System helps physicians to assess players’ injuries during the matches. It is specially designed for orthopaedic imaging. GE Healthcare, Hitachi Ltd., Siemens AG, Samsung Medison, Carestream Health, Koninklijke Philips N.V., Esaote S.P.A, Shimadzu Corporation, Toshiba Corporation, and Fujifilm Holdings Corporation are the key players offering diagnostic imaging.
Source: VynZ Research