The Global Diagnostic Imaging Market is witnessing increasing prospects that can guide the Diagnostic Imaging Market towards a CAGR 6.2% and it would happen during the forecast period of 2018 to 2023, as per the latest published report by Market Research Future (MRFR).
This report charts the course of the diagnostic imaging market and reveals possibilities in terms of factors and demography. Rising number of geriatric population, increasing registration of chronic disease patients, better technological inclusion, and others are expected to impact the market in the coming years. Governments are also ensuring a steady influx of investments that can trigger growth in research scopes that can impact better innovations.
The Global Diagnostic Imaging Market Growth is expected to grow during the forecast period (2018–2023) at a CAGR ~6.2%.
However, the machines are quite costly, which can be a growth-deterring factor in developing regions. In several cases, unfavorable reimbursement policies are distracting patients from availing such services, which can be a hurdle for the market.
Many of the key players in the global diagnostic imaging market are launching their own strategic schemes to make sure that they do not lag behind in the market. This includes primarily areas like mergers and acquisitions with special focus on product launches and innovations. These companies are Carestream Health, Esoate SpA, Hitachi Medical Systems, Koninklijke Philips N.V., CANON MEDICAL SYSTEMS CORPORATION, Toshiba Medical Systems Corporation, GE Healthcare, Siemens Healthcare Private Limited, FUJIFILM Holdings Corporation, Hologic Inc., and Shimadzu Corporation.
In December 2019, Fujifilm announced that they are getting ready to buy Hitachi’s diagnostic imaging system to expand their own portfolio.
The global diagnostic imaging market, as it has been discussed in the MRFR report, includes product type, application, and end-user to ensure that the players get a proper scope to get themselves armed with the latest market dynamics and insights.
By product type, the market for diagnostic imaging can be studied by having it segmented into ultrasound imaging systems, x-ray equipment, computed tomography (CT) scanners, magnetic resonance imaging (MRI), nuclear imaging systems, and other products.
By application, the market for diagnostic imaging has been segmented into oncology, gynecology, cardiology, orthopedics, neurology, gastroenterology, and other applications. The oncology segment is witnessing a surge in diagnostic cases as the rise in the early demand for cancer detection is impacting the medical strategies.
By the end-user, the report with a detailed understanding of the global diagnostic imaging market can be segmented into hospitals & clinics, research institutes, diagnostic centers, and others. The hospitals & clinics segment is set to grow more in the coming years as their space and investment capacity are better than the others, which can ensure higher cases of installation of such devices.
The Americas has a well-established healthcare industry, which can boost the global practice of diagnostic imaging. This is primarily due to the high investment capacity, which is allowing easy inclusion of these technologies and expansion of the research & development sector. In addition, the regional awareness regarding the benefits of early diagnosis of these diseases can also trigger market growth. Increasing cases of chronic disorders and better reimbursement policies are set to redefine the regional market growth in the coming years. The number of patients seeking treatment for diabetes and cancer is quite high, which can ensure better growth.
In Europe, the market is mostly doing well in countries like Germany, Russia, France, and the UK where the tailwinds are quite a few that can trigger market growth. These countries are known for their better industrial setup, improved research & development sector, and high spending capacity. In addition, early diagnostic procedures, led by reimbursement claims and growing awareness can also make sure that the market gets better growth opportunities.
The Asia Pacific region can register the fastest CAGR over the forecast period. This growth would gain better traction from the expanding record of chronic diseases. Emerging economies are also trying to revamp the healthcare sector that can inspire better uptake of latest types of machinery. This would be beneficial for the market as well.