Advances in technology, rising incidence of chronic diseases, and growth of the geriatric populace are factors expected to drive the market growth. Early diagnosis of diseases, large scope of clinical applications, and prevalence of diseases provide plenty of opportunities to the market. Emergence of minimally invasive procedures which aid in surgeries can bode well for the market.The global Diagnostic Imaging Market Share is predicted to enjoy 6.2% CAGR from 2018 to 2023 (forecast period).
High prevalence of gynecological diseases and demand for effective treatments can fuel the global diagnostic imaging market. According to the United Nations, the female population is expected to exceed in numbers and induce the need for imaging devices for preventive check-ups. Expansion opportunities in developing countries and awareness of these devices can open up new avenues for market players. Adoption of these systems across hospitals and clinics in order to improve quality patient care, digitization of patient information, and automation are factors which can influence the market demand. In this regard, MRI systems are bound to be procured by hospital chains to improve the diagnosis and overall outcome rate.
But lack of skilled personnel for handling equipment and high costs of diagnostic systems can hamper market growth.
Key Players for Global Diagnostic Imaging Market
Market Research Future (MRFR) recognizes the following companies as the key players in Diagnostic Imaging Market: There are plenty of large and small market players which operate in this market all over the globe.
Major industry participants in the global diagnostic imaging market include Carestream Health, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, FUJIFILM Holdings Corporation, Canon Medical Systems Corporation, Siemens Healthcare Private Limited, Esoate SpA, Shimadzu Corporation, GE Healthcare, Hitachi Medical Systems, Hologic Inc., and others.
Segments for Global Diagnostic Imaging Market
The global diagnostic imaging market is segmented by product type, application, and end-user.
By product type, it is segmented into computed tomography (CT) scanners, magnetic resonance imaging (MRI), X-ray equipment, nuclear imaging systems, ultrasound imaging systems, and others.
By application, it is segmented into gastroenterology, neurology, cardiology, oncology, gynecology, orthopedics, and others.
By end-user, it is segmented into research institutes, hospitals & clinics, diagnostic centers, and others.
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Regional Analysis for Global Diagnostic Imaging Market
The Middle East & Africa (MEA), the Americas, Asia Pacific (APAC), and Europe are regions taken into consideration in the compilation of the global diagnostic imaging market report.
The Americas can lead in the market due to large number of cancer cases, rising prevalence of chronic diseases in the aging populace, and presence of a well-set healthcare system. The large expenditure for cancer care allocated by governments in the countries can instrumental in driving the regional market growth.
Europe is predicted to register a healthy growth rate due to favorable policies, increased healthcare budget, and rise in number of hospitals and clinics. Large number of chronic disorders is one of the major drivers of the region. According to the Organization for Economic Co-operation and Development (OECD), chronic diseases accounted for close to USD 130 billion to the region. Imaging devices can be used as a preventive measure.
The APAC is expected to be one of the fastest growing regions due to rising disposable income levels, investments in healthcare, and rising prevalence of chronic diseases. Improvements in reimbursement schemes, investments in imaging, and improving healthcare infrastructure are other drivers of the market.
On the other hand, the MEA diagnostic imaging market can account for a low share due low awareness levels and unorganized healthcare sector.