Diagnostic Imaging Market: Meticulous Research® Reveals Projects a CAGR of 5.2% for this Market to Reach $35.65 billion by 2025
Meticulous Research® – a leading global market research company published a research report titled “Diagnostic Imaging Market by Product (X-ray Imaging (Digital, Analog), MRI (Closed, Open), Ultrasound, CT, Nuclear Imaging (SPECT, PET)), Application (OB/GYN, MSK, Cardiology, Oncology), End User (Hospital, Imaging Centers) – Global Forecast to 2025”
With upgraded health care policies and increasing availability of medical equipment, there is an increase in number of imaging-based procedures which are effective, safe, and important for medical decision-making and can reduce unnecessary treatments/procedures. The diagnostic imaging market is driven by increasing investments and funding by government bodies for modernization of imaging facilities, growing number of hospitals and diagnostic imaging centers, rising prevalence of cancer, increasing geriatric population and growing incidence of chronic diseases, and increasing preference for minimally invasive treatments. In addition, emerging countries, growing medical tourism, and development of low-cost & technologically advanced systems offer key growth opportunities for players in this market. Diagnostic Imaging Market will increase at a CAGR of 5.2% from 2019 to 2025 to reach $35.65 billion by 2025.
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Diagnostic imaging market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025– by product, application, and end-user. The study also evaluates industry competitors and analyzes the market at regional and country level.
Based on product type, X-ray systems commanded the largest share of the global diagnostic imaging market. The growth of this segment is attributed to the rising demand for mobile X-ray systems, growing adoption of digital X-rays, increasing number of hospitals and diagnostic imaging centers, painless and non-invasive nature of procedures, low prices as compared to other modalities, wide usage of X-ray images in diagnosis of any injury or deformities, and increase in aging population and subsequent rise in fractures.
The report covers the major applications of each imaging modality including obstetrics/gynecology (OB/GYN), mammography, orthopedics and musculoskeletal, radiology, neurology, cardiovascular, general imaging, and others. In terms of application of ultrasound systems, the gynecology/obstetrics segment dominates the market.
Based on end-user, the diagnostic imaging market is segmented into hospitals, diagnostic imaging centers, and other end users. Hospitals commanded the largest share owing to rising aging population and burden of chronic diseases, significant pool of patient population treated in hospitals, growing number of minimally invasive surgeries, and greater budgets to install advanced equipment. However, diagnostic centers are expected to witness the highest CAGR during the forecast period.
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The report includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2015-2018). For instance, in July 2018, Siemens Healthineers launched Acuson Sequoia, an ultrasound system to address industry challenges in ultrasound imaging. Similarly, in May 2017, GE Healthcare expanded its existing magnet resonance imaging (MRI) components production operations in Columbia, SC.
The major players operating in the global diagnostic imaging market are GE Healthcare (U.S.), Siemens Healthineers (Germany), Koninklijke Philips N.V. (The Netherlands), Canon Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Fujifilm Corporation (Japan), Samsung Medison (South Korea), and Shimadzu Corporation (Japan).
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Key questions answered in the report:
Hospitals accounted for the largest share of the global diagnostic imaging market
What factors contribute to the frequent usage of diagnostic imaging in hospitals?
Which region is expected to experience the fastest growth in the usage of diagnostic imaging in hospitals, diagnostic imaging centres, and other end users?
How does the penetration of diagnostic imaging in hospitals differ from other end users such as diagnostic imaging centres?
Diagnostic Imaging market favours both larger and local manufacturers that compete in multiple segments
What are the top competitors in this market and what strategies do they employ to gain shares?
What is driving growth and which market segments have the most potential for revenue expansion over the forecast period?
What strategies should new companies looking to enter in this market use to compete effectively?
What are the major drivers, restraints, opportunities, and challenges in the diagnostic imaging market?
Who are the major players in various countries and what share of the market do they hold?
What are the geographical trends and high growth regions/ countries?
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