With rising consciousness about the benefits of early-stage diagnosis which has resulted in a surge for the demand for diagnostic services.This is regarded as an essential and primary growth inducer for the global medical imaging market. Factors such as rising geriatric population and access to cost-effective medical imaging systems are also making a positive impact on the market. Technological improvements are playing an important role, as it is central to the particular healthcare vertical. Hence, market players are consistently exploring and innovating to develop more efficient medical imaging devices.
With the rise in geriatric population, the prevalence of chronic diseases is also on the rise. This is due to the erratic sedentary lifestyle and poor dietary patterns. Cardiovascular and cancerous ailments cause major casualties and are proven to be fatal. Early diagnosis can greatly increase patient survival rate, which is why developing countries are taking initiatives to spread awareness about medical imaging and diagnostics.
Demand for diagnostic services is anticipated to grow during the forecast period due to a rise in the number of patients gaining access to medical facilities. Medical imaging will remain a pivotal area of focus for healthcare technology companies.The market is likely to witness new entrants who will explore and fund unique and novel imaging solutions.The emphasis that is being placed on the technical aspects of medical imaging has led to increased processing speed, integrating 3D and 4D imaging technology and automation among others. Such technological enhancements are favoring the adoption of medical imaging in hospitals and diagnostic centers.
Globally, North America and Europe will collectively account for major market share in the diagnostic imaging systems market. This can be mainly attributed to the presence of established players, increasing adoption of telemedicine, and the rise in the prevalence of chronic diseases in these regions.
The governments across the globe are running awareness programs to educate people regarding early diagnosis of chronic diseases. Such initiatives make patients aware of the early diagnosis among healthcare providers and consumers. Diagnostic imaging has helped doctors to detect diseases in the beginning, thereby improving patient survival rates. Diagnostic imaging systems improve healthcare quality and reduce healthcare costs by shortening recovery time and avoiding unnecessary invasive procedures. Such factors are playing a pivotal role in the growth of the diagnostic imaging systems market.
The market is characterized by developments and strategies by main firms. For instance, in 2019, the U.S. Food and Drug Administration (USFDA) approved Siemens Healthineers’ MAGNETOM Lumina 3 Tesla MRI scanner. The system features BioMatrix patient personalization technology, which significantly improves productivity while reducing scan time. Furthermore, in 2018, Carestream Health Inc. received the USFDA 510(k) clearance for its OnSight 3D Extremity System. This imaging system uses cone beam CT technology to capture weight-bearing and other types of extremity exams. These developments fuel the market and advance it globally, thus helping it grow extensively.