Diagnostic Imaging Market Dynamics
As per the report by Market Research Future (MRFR), the diagnostic imaging market is speculated to surge at a CAGR of 6.2 during the forecast period (2018–2023).
Diagnostic Imaging Market Growth Drivers and Key Challenges
One of the prominent factors driving the growth of the diagnostic imaging market is the expanding geriatric population. This is due to the fact that the elderly populace constantly requires extensive care owing to their susceptibility to illness backed by low immunity levels and high recovery time. Since the bones at an advanced age are more fragile and less dense because of the loss in mineral content of bones, elderly people are more prone to chronic diseases like neurological disorders, cancer, as well as cardiovascular diseases, resulting in the growing demand for better diagnosis and therapies.
Moreover, diagnostic centers are one of the largest end-users of diagnostic imaging systems. The increasing number of diagnostic centers goes hand in hand with the increasing demand for diagnostic imaging systems. Various types of diagnostic imaging tools like ultrasound, MRI, nuclear imaging, CT, and X-ray are used to diagnose numerous disorders or abnormalities in the human body.
Besides, expanding healthcare infrastructure and subsequently increasing healthcare expenditure, along with growing healthcare awareness around the world are resulting in the augmented number of diagnostic centers. This factor is benefitting the growth of the diagnostic imaging market to a large extent.
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Diagnostic Imaging Market Opportunities
The accelerated demand as well as penetration of diagnostic imaging devices in the developing economies is set to present huge revenue generating opportunities to the manufacturers of diagnostic imaging devices. The global diagnostic imaging industry is expanding at a substantial rate in the emerging nations, particularly in Latin America and Asia Pacific, there is still immense unexplored market in various countries around the world. Countries like India and China have a massive market potential. Therefore, in the wake of growing economy coupled with the increasing government initiatives in Asia, prominent manufacturers of the diagnostic imaging systems are striving to penetrate the untapped diagnostic imaging market in these regions.
Diagnostic Imaging Industry Trends
Focusing on effective growth strategies, various manufacturers in the global diagnostic imaging market are indulging in product launches, in order to offer more innovative and advance devices. The diagnostic imaging industry is riding high on the back of interesting trends, which includes the growing focus on the development of technologies coupled with cost-effective diagnostic imaging products that meet with every demand of customers.
Diagnostic Imaging Market Segmentation
The global diagnostic imaging market is segmented on the basis of product, source, and application.
The product types in the diagnostic imaging market are x-ray equipment, ultrasound imaging systems, nuclear imaging systems, magnetic resonance imaging (MRI), computed tomography (CT) scanners, and other products
The market, on the basis of application, is segmented into gynecology, oncology, orthopedics, cardiology, gastroenterology, neurology, and other applications.
The end-users in the diagnostic imaging market include hospitals and clinics, diagnostic centers, research institutes, and others.
Diagnostic Imaging Market Regional Analysis
Region-wise, the market for diagnostic imaging is segmented into the key regions of the Americas, Asia Pacific, Europe and the Middle East and Africa.
The diagnostic imaging market in the Americas is poised to be the leader among all the regions in the global diagnostic imaging market during the review period, on account of the increasing number of patients afflicted with chronic diseases, growing prevalence of cancer, expanding geriatric population, and well-established healthcare system in the region.
Additionally, the market in Europe is exhibited to acquire the second position in the global diagnostic imaging market, as a result of the strong government support as well as favorable regulatory policies, in addition to the increasing medical and diagnostic centers, and surging healthcare expenditure.
Moving ahead, the Asia Pacific market is presumed to be the fastest-growing in the global market during the forecast period, backed by the burgeoning population along with the subsequently increasing chronic diseases, increase in disposable income and growing investment in healthcare. The market in the Middle East & Africa will be responsible for the smallest share of the global diagnostic imaging market owing to slow economic growth and lack of healthcare infrastructure in the region.
Diagnostic Imaging Market Key Players
Some of the prominent competitors in the global diagnostic imaging market include Toshiba Medical Systems Corporation, CANON MEDICAL SYSTEMS CORPORATION, Koninklijke Philips N.V., Siemens Healthcare Private Limited, Shimadzu Corporation, Hitachi Medical Systems, Carestream Health,Esoate SpA, GE Healthcare, Hologic Inc. and FUJIFILM Holdings Corporation.
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Diagnostic Imaging Industry Update
February 2019 – UNC REX Healthcare has entered into a partnership with Wake Radiology, in a bid to improve access to specialized imaging services, in addition to reducing the costs for thousands of patients annually. The companies’ offices in various locations will be providing comprehensive and diagnostic imaging services like MRIs, CT scans, ultrasounds, X-rays, thereby expanding access to advanced medical imaging in an outpatient setting.