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Growing Need for Diagnostic Imaging: As a result of rising consumer demand for cutting-edge medical imaging technologies, the diagnostic imaging market is expanding rapidly. In order to offer patients with high-quality treatment, diagnostic imaging is essential as healthcare practitioners concentrate on prompt and accurate diagnosis.
Technological Progress: Market dynamics are being driven by the rapid improvements in imaging technologies, including CT (Computed Tomography), MRI (Magnetic Resonance Imaging), ultrasound, and X-ray. Advancements such as three-dimensional imaging, the incorporation of artificial intelligence (AI), and higher picture quality are augmenting the capacity for diagnosis, supporting the medical field.
Growing Prevalence of Chronic Diseases: One major factor affecting the diagnostic imaging market is the prevalence of chronic diseases, which include cancer, neurological disorders, and cardiovascular disorders. The requirement for precise and timely identification of these illnesses grows as they spread, which raises the need for diagnostic imaging techniques.
Population Aging Worldwide: Globally, the aging population has a substantial impact on market dynamics. For a variety of health assessments, such as bone density scans, cancer screenings, and cardiovascular evaluations, older people frequently need diagnostic imaging. The need for diagnostic imaging is predicted to increase steadily as the world's population ages.
Government Programs and Policies Regarding Healthcare: Market dynamics are influenced by government initiatives and policies aimed at enhancing the healthcare infrastructure. Diagnostic imaging technology adoption is fueled by investments in modernizing healthcare facilities, reimbursement schemes, and heightened public awareness campaigns about the value of early diagnosis.
Budgetary Restrictions and Accessibility: Cost is still a major problem despite advances in technology. Healthcare institutions have difficulties because of the high initial cost and ongoing maintenance requirements of modern imaging technology, especially in environments with limited resources. Sustainable market growth requires finding a balance between cost-effectiveness and technological innovation.
Artificial Intelligence (AI) Integration: One revolutionary development in diagnostic imaging is the incorporation of AI. AI systems improve image interpretation speed and precision, assisting medical practitioners in making defensible judgments. AI-driven solutions are starting to take center stage in the market, opening up new possibilities for both well-established businesses and startups.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product Type, Application And End-User Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors Koninklijke Philips N.V., CANON MEDICAL SYSTEMS CORPORATION, Carestream Health, Esoate SpA, GE Healthcare, Toshiba Medical Systems Corporation, FUJIFILM Holdings Corporation, Siemens Healthcare Private Limited, Hitachi Medical Systems, Hologic Inc., and Shimadzu Corporation Key Market Opportunities路 Rising R&D spending路 Aggressive strategies adopted by the top players such as new product launches Key Market Drivers路 Growing geriatric population路 Rising number of chronic disease路 Advancement in technology |
Diagnostic Imaging Market Highlights:
Global Diagnostic Imaging Market Overview
The diagnostic imaging market is expected to reach USD 49.66 billion by 2032 at grow at a CAGR 4.7% during the forecast period 2023-2032. Diagnostic imaging is used to detect medical complications and help in illness or condition therapy. The drivers driving market expansion include an aging population, an increase in chronic illnesses, and technological advancements. Furthermore, increased R&D investment and aggressive methods used by leading companies, such as new product releases, are driving market expansion.
For example, General Electric Company developed the Mammography System in September 2017, which allows patients to regulate their compression via remote control. The expense of diagnostic imaging systems, unfavorable reimbursement rules, and a shortage of experienced employees for the optimal use of diagnostic imaging systems may impede market growth over the assessment period.
Diagnostic Imaging Market Segment Insights
The diagnostic imaging market has been segmented on the basis of product type, application and end-user.
On the basis of product type, the market has been classified as x-ray equipment, ultrasound imaging systems, nuclear imaging systems, magnetic resonance imaging (MRI), computed tomography (CT) scanners, and other products.
The application segment has been further divided into gynecology, oncology, orthopedics, cardiology, gastroenterology, neurology, and other applications
The market, by end-user, has been segmented into hospitals and clinics, diagnostic centers, research institutes, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The diagnostic imaging market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary:
The Americas are likely to dominate the global diagnostic imaging market owing to the rising prevalence of chronic diseases in the aging population, increase in the number of cancer patients, the presence of a well-established healthcare system, and adoption of highly advanced technology. According to National cancer institute, in 2016, 15.5 million cancer cases were registered in united states, and it is expected to reach 20.3 million by the end of 2016. Also, the expenditure on cancer care in 2017 was 147.3 billion.
The European market is expected to be the second-largest market. The market growth in this region can be attributed to the favorable regulatory policies, increasing number of hospitals and diagnostic centers, and increasing healthcare expenditure. Moreover, increasing cases of chronic disorders is contributing to the growth of the market in this region. According to the Organization for Economic Co-operation and Development, in 2016 chronic diseases such as heart attacks, strokes, diabetes and cancer were responsible for 550,000 premature deaths in Europe and it cost around USD 130 billion to the economy.
Asia-Pacific is expected to be the fastest-growing market during the forecast period owing to the rising prevalence of chronic diseases, increasing investments in healthcare and expansions by market players in the region, and increase in disposable income.
The market in the Middle East & Africa is expected to account for the smallest share of the global market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Recent Development
Koninklijke Philips is a technology firm that offers products, solutions, and services in healthcare, consumer living, and lighting. The firm provides healthcare, illumination, and oral healthcare goods to professionals, as well as professional dictation and display solutions and innovation services. It provides customers with electrical items such as sound and vision, personal care, mother and child care, housewares, lighting, PCs and phones, and more.
Canon Medical Equipment USA Inc. markets sell, distributes, and supports radiology and cardiovascular systems in the United States, as well as organizes clinical diagnostic imaging research across all modalities. Canon Medical Systems Corporation, a wholly-owned subsidiary of Canon Inc., is a global leader in diagnostic imaging systems such as CT, MRI, ultrasound, X-ray, and clinical laboratory systems. Canon Medical Systems Corporation has been improving the quality of life for all people. It fulfilled this objective by developing medical breakthroughs that are "Made for Life"—that is, they are designed to better the lives of patients, physicians, and administrators.
Diagnostic Imaging Market Segmentation
Diagnostic Imaging Product Type Outlook
- X-Ray Equipment
- Ultrasound Imaging Systems
- Nuclear Imaging Systems
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT) Scanners
- Other Products
Diagnostic Imaging Application Outlook
- Gynecology
- Oncology
- Orthopedics
- Cardiology
- Gastroenterology
- Neurology
- Other Applications
Diagnostic Imaging End-User Outlook
- Hospitals and clinics
- Diagnostic centers
- Research institutes
- Others
Diagnostic Imaging Region Outlook
Americas North America
- US
- Canada
South America Europe Western Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Western Europe
Eastern Europe Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
The Middle East & Africa
- Middle East
- Africa
Company Profiles
- Koninklijke Philips N.V.
- CANON MEDICAL SYSTEMS CORPORATION
- Carestream Health.
- Esoate SpA
- GE Healthcare
- Toshiba Medical Systems Corporation
- FUJIFILM Holdings Corporation
- Siemens Healthcare Private Limited
- Hitachi Medical Systems
- Hologic Inc.
- Shimadzu Corporation
Intended Audience
- Diagnostic imaging product manufacturers
- Medical devices distributors and suppliers
- Healthcare providers
- Medical device manufacturers
- Research institutes and academic centers
- Government associations
- Market research and consulting
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