Diagnostic Imaging Market to Value Over USD 33 Billion by 2026 End

  • 13 Aug 2019

Global Diagnostic Imaging Market to value over US $ 33 billion and grow at a CAGR of over 5% during the forecast period of 2019 to 2026.

The rising prevalence of chronic diseases and improved devices and advanced technologies in medical imaging, along with increased acceptance are major contributing factors in the global growth of the diagnostic imaging market.

A rise in the geriatric population leads to rising incidences of chronic diseases and the global diagnostic imaging market plays a vital role in the accurate diagnosis and treatment process.

The expansion of the ageing community and differences in societal habits are adding to the uniform increment of prevalent and expensive prolonged health problems. The highest number of fatal chronic diseases death cases are attributable to cardiovascular diseases, obesity, and diabetes. According to the WHO, the global burden of chronic diseases is expected to reach 57% by 2020. This would have a significant effect on emerging markets, as the population growth is anticipated to be most notable in developing areas thus encouraging the growth of the global market.

Advancements in technology and medical sciences is helping the market to expand the customer base. New models for therapy and diagnoses are being generated, which provide accurate results, aid in the quick discovery of diseases, and assist in reducing the expenditure of treating diseases. With the rise in disposable income, patients are growing to be more competent to have access to imaging methods for early diagnosis of ailments.

The medical imaging field has developed at a steady pace, spurred by improvements in digital and communication technologies. New imaging procedures that exhibit greater anatomical details are accessible in numerous diagnostic labs and hospitals. The purpose is to develop and provide access to such facilities along with precision, cost efficiency, and reduce the impact of hazardous radiation. There is a paradigm shift from a portable equipment to improved technologies. For instance, size and electricity provision has hindered the maximization of ultrasound technologies. With improvements, lately, more miniature ultrasound equipment can provide color-flow doppler imaging, solely through battery power. This shift has helped in market promotion and in increasing the reach, thus helping the patients.

A growing number of new product launches and approvals, mergers, and acquisitions by major firms help foster the market’s growth worldwide. In order to increase and establish their footprint and widen their consumer base in the diagnostic imaging systems market, major firms adopt the strategies of collaborations and endorsements in order to reach out to the public. Firms, such as General Electric Company, Shimadzu Corporation, Koninklijke Philips N.V., Siemens AG, Carestream Health Inc., Canon Medical Systems Corporation, and Samsung Electronics Co. Ltd., are actively focusing on these strategic propositions to augment their product portfolio and market share in the industry. For instance, in 2019, Canon Medical Systems Corporation introduced its global illumination rendering technology within the Vitrea platform. This technology enables physicians to visualize anatomy prior to autopsy and to interact in real-time with photorealistic images and visualize the patient’s anatomy in all dimensions. This is a huge step in the field of diagnostic imaging and has significantly helped the global market.

The MRI systems segment held the largest share of the global diagnostic imaging market. This is associated with the increasing demand for quick and precise diagnosis, high acceptance of MRI systems by hospitals and diagnostic centers across the globe, and advancements in technology.

 The hospital segment held the largest share of the global diagnostic imaging market. 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.

North America dominated the largest share of the global diagnostic imaging market. However, the Asia Pacific market is predicted to grow at the highest CAGR during the forecast period primarily due to the developing healthcare infrastructure, rising investments in diagnostic imaging, improving reimbursement scenario, and the growing insurance coverage in several APAC countries

 

Recent Developments in the Market: 

● In 2019, Koninklijke Philips N.V. (Netherlands) launched the EPIQ Elite ultrasound system for general imaging as well as obstetrics & gynecology platforms.This technology integrated into the gynecology sphere has boosted the global market. In 2018, CurveBeam LLC. (US) launched an improved version of the Planmed Verity CBCT scanner with a 3D imaging solution for orthopaedic as well as head and neck imaging. In 2017, GE Healthcare (US) launched the CardioGraphe, a dedicated cardiovascular computed tomography (CT) system.

● Siemens Healthineers (Germany) launched the Biograph Vision PET/CT system.

● Hitachi Ltd. (Japan) launched the ECHELON Smart, a 1.5T superconductive MRI system.

● Shimadzu Corporation (Japan) launched the MobileDaRt Evolution MX8 version digital mobile X-ray system with a Flat Panel Detector (FPD). Hologic Inc. (US) launched the 3Dimensions Mammography System in Europe. All these innovations have tapped the potential of the market representing the market scope to grow during the forecast period.

Major firms in the market are 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.

 

Market Segmentation

By Product

● MRI Systems

o By Architecture

● Closed MRI Systems

● Open MRI Systems

 

By Field Strength

● High and Very-High Field MRI Systems

● Low-To-Mid-Field Systems

● Ultra-High-Field Systems                              

● Ultrasound Imaging Systems

 

By Technology

● 2D Ultrasound

● 3D and 4D Ultrasound

● Doppler Ultrasound

                           

o By Portability

● Trolley/Cart-Based Ultrasound Systems

● Compact/Portable Ultrasound Systems

● 6.4 CT Scanners

 

o By Type

●  Conventional CT Scanners

■  High-Slice CT Scanners

■  Mid-Slice CT Scanners

■  Low-Slice CT Scanners

■ Cone Beam CT Scanners

 

● Nuclear Imaging Systems

o Spect Systems

■     Hybrid Spect System

■     Standalone Spect Systems

o Hybrid PET Systems

 

● X-Ray Imaging Systems

o By Type

■ Digital X-Ray Imaging Systems

■ Direct Radiography Systems

■ Computed Radiography Systems

■ Analog X-Ray Imaging Systems

 

o By Portability          

■ Stationary Systems

■ Portable Systems

■ Mammography Systems

    

By Application

● X-Ray Imaging Systems

o General Radiography

o Dental

o Fluoroscopy

 

● MRI Systems

o  Brain & Neurological MRI

o Spine & Musculoskeletal MRI

o Vascular MRI

o Pelvic & Abdominal MRI

o Breast MRI

                

● Ultrasound Systems

o Radiology/General Imaging

o Obstetrics/Gynecology (OB/GYN)

o Cardiology

o Vascular

o Urology

o Other Applications

 

● CT Scanners

o Cardiology

o Oncology

o Neurology

o Other Applications

 

●  Nuclear Imaging Systems

o Cardiology

o Oncology

o Neurology

o Other Applications

 

●  Mammography Systems

 

By End-User

● Hospitals

● Diagnostic Imaging Centers

● Other End Users

 

By Region

●  Europe

● North America

● APAC

● Latin America

●  Rest of the World

 

Competitive Landscape:

● Tier 1 players- established companies in the market with a major market share

● Tier 2 players

● Emerging players which are growing rapidly

● New Entrants 


FutureWise Takeaways:

● Growth prospects

● SWOT analysis

● Key trends

● Key data points affecting market growth

 

Objectives of the Study:

● To provide an exhaustive analysis on the global diagnostic imaging market by product, by application, by end-user and by region

● To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

● To evaluate and forecast micro-markets and the overall market

● To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world

● To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

● Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

Get unlimited analyst support and customise this study further to your requirements, contact sales@futurewiseresearch.com