The increasing demand for quick and easy use of diagnostic imaging and increasing prevalence of diseases that need diagnosis are the major driving factors. In addition, technological advancements that minimize time and provide high-quality scans are expected to boost market growth over the forecast period. Furthermore, the aging population is more susceptible to musculoskeletal diseases and rising investments and an increase in healthcare expenditures are expected to bolster the diagnostic imaging market.
The burden of chronic diseases is on the rise globally, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. The increase in the aging population and changes in societal behavior are contributing to a steady increase in these common and costly long-term health problems. Most of the deaths by chronic diseases are attributable to cardiovascular diseases, obesity, and diabetes. According to WHO, the global burden of chronic diseases is expected to reach 57% by 2020. The most affected would be the emerging markets, as the population growth is anticipated to be most significant in developing areas. However, the side effects of diagnostic imaging and high costs of diagnostic imaging are expected to hamper the growth of the market over the forecast period.
Key Market Trends
X-ray Equipment Segment Holds the Major Share in the Diagnostic Imaging Market
The diagnostic imaging equipment market is classified on the basis of product type and application. Product type is further segmented into X-ray, fluoroscopy, MRI, ultrasound, computed tomography, nuclear imaging, and mammography. The X-rays are further segmented into analog systems and digital systems. X-ray equipment segment holds the major market share in the diagnostic imaging equipment market and it is anticipated to sustain its dominance during the forecast period, owing to factors, such as the rise in the prevalence of accidents, sports injuries and orthopedic, which is facilitating the sale of portable devices. Furthermore, companies are focusing on developing new devices with additional innovative features and low prices.
Diagnostic imaging plays a vital role in interventional oncology (with rising opportunities to diagnose and treat in a targeted and minimally or non-invasive manner) as well as in chemo and radiation therapy. Tools, such as CT, are the highly beneficial and preferred method of imaging for many conditions, which is expected to fuel the market growth.
North America Holds A Dominating Position in the Diagnostic Imaging Equipment Market
North America is expected to be a major market for diagnostic imaging due to the well-established healthcare infrastructure and regulatory policies coupled with the rising number of diagnostic procedures increasing on a yearly basis. Globally, most of the industrialized countries are spending a large part of their GDP on healthcare requirements. However, the European diagnostic imaging equipment market is expected to grow at notable rates owing to the increase in the geriatric population who are susceptible to diseases and an increase in healthcare infrastructure. Asia-Pacific is expected to be the fastest-growing market owing to the developing healthcare infrastructure and raising funding from the government to improve the hospital facilities and an increase in the prevalence of the diseases that require radiography for diagnosis.
Competitive Landscape
Diagnostic imaging technology is a rapidly changing field and healthcare organizations have multiple options for new acquisitions. Many players in this market are trying to expand their product portfolio in order to top the global market. A few companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market. The market has many big multinational companies and local market players with high competition. There are several new developments afoot in the medical imaging world. Imaging science is a dynamic, evolving field of multi - and interdisciplinary activities with a lot of scope and importance.
Reasons to Purchase this report:
The burden of chronic diseases is on the rise globally, and medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases. The increase in the aging population and changes in societal behavior are contributing to a steady increase in these common and costly long-term health problems. Most of the deaths by chronic diseases are attributable to cardiovascular diseases, obesity, and diabetes. According to WHO, the global burden of chronic diseases is expected to reach 57% by 2020. The most affected would be the emerging markets, as the population growth is anticipated to be most significant in developing areas. However, the side effects of diagnostic imaging and high costs of diagnostic imaging are expected to hamper the growth of the market over the forecast period.
Key Market Trends
X-ray Equipment Segment Holds the Major Share in the Diagnostic Imaging Market
The diagnostic imaging equipment market is classified on the basis of product type and application. Product type is further segmented into X-ray, fluoroscopy, MRI, ultrasound, computed tomography, nuclear imaging, and mammography. The X-rays are further segmented into analog systems and digital systems. X-ray equipment segment holds the major market share in the diagnostic imaging equipment market and it is anticipated to sustain its dominance during the forecast period, owing to factors, such as the rise in the prevalence of accidents, sports injuries and orthopedic, which is facilitating the sale of portable devices. Furthermore, companies are focusing on developing new devices with additional innovative features and low prices.
Diagnostic imaging plays a vital role in interventional oncology (with rising opportunities to diagnose and treat in a targeted and minimally or non-invasive manner) as well as in chemo and radiation therapy. Tools, such as CT, are the highly beneficial and preferred method of imaging for many conditions, which is expected to fuel the market growth.
North America Holds A Dominating Position in the Diagnostic Imaging Equipment Market
North America is expected to be a major market for diagnostic imaging due to the well-established healthcare infrastructure and regulatory policies coupled with the rising number of diagnostic procedures increasing on a yearly basis. Globally, most of the industrialized countries are spending a large part of their GDP on healthcare requirements. However, the European diagnostic imaging equipment market is expected to grow at notable rates owing to the increase in the geriatric population who are susceptible to diseases and an increase in healthcare infrastructure. Asia-Pacific is expected to be the fastest-growing market owing to the developing healthcare infrastructure and raising funding from the government to improve the hospital facilities and an increase in the prevalence of the diseases that require radiography for diagnosis.
Competitive Landscape
Diagnostic imaging technology is a rapidly changing field and healthcare organizations have multiple options for new acquisitions. Many players in this market are trying to expand their product portfolio in order to top the global market. A few companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market. The market has many big multinational companies and local market players with high competition. There are several new developments afoot in the medical imaging world. Imaging science is a dynamic, evolving field of multi - and interdisciplinary activities with a lot of scope and importance.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Canon Medical Systems Corporation
- Carestream Health Inc.
- Esaote SpA
- Fujifilm Holdings Corporation
- GE Healthcare
- Hitachi, Ltd.
- Hologic Corporation
- Koninklijke Philips N.V.,
- Shimadzu Medical
- Siemens Healthineers AG
Methodology
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