DUBLIN--(BUSINESS WIRE)--The "Diagnostic Imaging Market by Product (MRI , Ultrasound (2D, 3D/4D, Doppler), CT, X-Ray (Digital, Analog), SPECT, Hybrid PET, Mammography), Application (OB/Gyn, Cardiology, Oncology), End User (Hospitals, Imaging Centers) - Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global diagnostic imaging market is projected to reach USD 33.5 billion by 2024 from USD 25.7 billion in 2019, at a CAGR of 5.5% from 2019 to 2024.
The growth of this 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. However, the high cost of diagnostic imaging systems, technological limitations associated with standalone systems, declining reimbursements and increasing regulatory burden in the US and the shortage of helium availability are expected to limit market growth to a certain extent.
The magnetic resonance imaging MRI systems segment accounted for the largest share of the global diagnostic imaging market in 2018
On the basis of the product, the diagnostic imaging market is segmented into magnetic resonance imaging MRI systems, ultrasound systems, CT scanners, X-ray imaging systems, nuclear imaging systems, and mammography systems. In 2018, the magnetic resonance imaging MRI systems segment accounted for the largest share of this market majorly due 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.
The general radiography application of X-ray systems accounted to be fastest market during forecast period
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 devices, and mammography systems, and their respective applications. Among the applications, the highest CAGR was estimated for diagnostic breast imaging by mammography systems. The second-highest CAGR was estimated for diagnostic vascular ultrasound applications. The growing demand for early diagnosis and technological advancements in diagnostic imaging modalities are some of the important factors that contribute to the high growth of these segments.
Asia Pacific region accounted for the second-largest share of the global market in 2018
The diagnostic imaging market is segmented into four major regions, namely North America, Europe, Asia Pacific, and Rest of the world. Asia Pacific region accounted for the second-largest share in 2018. The increasing incidence of chronic diseases, growing awareness about the benefits of early disease diagnosis, improvements in healthcare systems, the flourishing medical tourism market in APAC countries, increasing government initiatives for modernizing the healthcare infrastructure, and the growing number of ongoing research activities related to the development of advanced diagnostic imaging modalities are some of the major factors driving market growth in this region.
Market Dynamics
Drivers
- 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
Restraints
- High Cost of Diagnostic Imaging Systems
- Technological Limitations Associated With Standalone Systems
- Declining Reimbursements and Increasing Regulatory Burden in the US
- Shortage of Helium
Opportunities
- High Growth Opportunities in Emerging Countries
- Adoption of Artificial Intelligence and Analytics in Diagnostic Imaging
- Use of Blockchain in Diagnostic Imaging
- Increasing Adoption of Teleradiology
- Contract-Based Radiology Solutions and Mobile Solutions
Challenges
- Hospital Budget Cuts
- Increasing Adoption of Refurbished Diagnostic Imaging Systems
- Dearth of Trained Professionals
Trends & Burning Issues
- Increasing Adoption of Hybrid Diagnostic Imaging Modalities
-
Overutilization of Diagnostic Imaging Services Around the World
Company Profiles
- GE Healthcare (General Electric Company)
- Koninklijke Philips N.V.
- Siemens Healthineers (Subsidiary of Siemens Group)
- Canon Inc.
- Hitachi Ltd.
- Shimadzu Corporation
- Carestream Health
- Esaote S.p.A.
- FUJIFILM Holdings Corporation
- Samsung Electronics Co. Ltd.
- Agfa-Gevaert N.V.
- Hologic Inc.
- CurveBeam LLC
- Planmed OY
- Mindray Medical International Limited (A Subsidiary of Excelsior Union Ltd.)
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