Asia Pacific is expected to grow at the highest CAGR during the forecast period
Northrook, IL -- (SBWIRE) -- 12/04/2019 -- The growth of Diagnostic Imaging Market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in the diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.5% during the forecast period, the global Diagnostic Imaging Market is estimated to reach USD 33.5 billion 33.5 billion by the end of 2024.
Based on product, the diagnostic imaging market is broadly segmented into six segments—X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The MRI systems segment held the largest share of the global diagnostic imaging market in 2018. The large share of this segment is attributed to the growing demand for early and accurate diagnosis, high adoption of MRI systems by hospitals and diagnostic centers across the globe, and advances in technology.
Based on application, the diagnostic imaging market is segmented into the respective modalities viz., MRI systems, ultrasound systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems, and their respective applications. Among the applications, the largest share in 2018 was accounted by brain & neurological MRI under MRI systems; radiology/general imaging under ultrasound systems; General radiography applications under X-ray imaging systems; cardiology (47.5%) under CT scanners; and oncology under nuclear imaging systems.
Based on end user, the diagnostic imaging market is segmented into hospitals, diagnostic imaging centers, and other end users. The hospitals segment commanded the largest share of the global diagnostic imaging market in 2018. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, growing inclination of hospitals towards the automation and digitization of radiology patient workflow, increasing adoption of minimally invasive procedures (including diagnostic imaging systems) in hospitals to improve the quality of patient care, and rising adoption of advanced imaging modalities to improve workflow efficiency in hospitals.
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What Drives the Market?
The growth of the global market for Diagnostic Imaging is primarily influenced by the following factors:
Rapidly Growing Geriatric Population and the Subsequent Increase in the Prevalence of Associated Diseases
Increasing Demand for Early Diagnosis and Widening Scope of Clinical Applications
Technological Advancements in Diagnostic Imaging Modalities
Increasing Investments, Funds, and Grants by Public-Private Organizations
Geographical growth scenario of Diagnostic Imaging Market:
The diagnostic imaging market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the RoW. In 2018, North America commanded the largest share of the global diagnostic imaging market. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due to the improving healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and the growing insurance coverage in several APAC countries.
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Leading market players and strategies adopted:
The prominent players in the scenario of Diagnostic Imaging Market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert N.V. (Belgium), Canon Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics (South Korea), Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (US), Shimadzu Corporation (Japan) among others
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