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Valued at $37.2 billion in 2018, the global diagnostic imaging systems market size is projected to surpass $51.2 billion by 2024, witnessing a CAGR of 5.6% between 2019 and 2024. Among all regions, the Asia-Pacific (APAC) market is expected to witness the fastest growth during the forecast period. This can be mainly attributed to the increasing healthcare expenditure, favorable reimbursement policies, presence of a significant number of market players, rising awareness regarding early disease detection through the use of advanced diagnostic imaging technologies, and increasing prevalence of chronic diseases.
Increasing number of product launches by market players to expand their footprint and consumer base is a key trend observed in the diagnostic imaging systems market. For instance, in January 2019, Koninklijke Philips N.V. launched Azurion with FlexArm, an image-guided therapy platform for patient imaging and positioning flexibility. The product makes it easier for clinician to perform imaging in both 2D and 3D formats.
Moreover, increasing number of diagnostic imaging centers is a major factor which tends to increase the demand for diagnostic imaging systems, globally. Different diagnostic imaging systems, such as magnetic resonance imaging (MRI) systems, ultrasound systems, computed tomography (CT) scanners, nuclear imaging systems, and X-ray systems are used for the diagnosis of several disorders or abnormalities in human body. Diagnostic centers utilize the best features of these systems. In addition, improving healthcare infrastructure and growing healthcare awareness across the globe are leading to increase in the number of diagnostic centers, which in turn, will boost the demand for diagnostic imaging systems during the forecast period.
When segmented on the basis of product, X-ray imaging systems category held the largest share, of 41.0%, in the diagnostic imaging systems market in 2018. This can be attributed to the increasing number of chronic diseases, rising world population, and growing awareness of early diagnosis and prevention of diseases.
In terms of application, diagnostic imaging systems are largely used for cardiological applications. This category is expected to hold 23.5% share in the diagnostic imaging systems market by 2024. This can be mainly ascribed to the growing prevalence of cardiovascular diseases across the globe. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of deaths worldwide.
Among all end users, diagnostic imaging centers are the largest end-user category in the diagnostic imaging systems market. The category held 51.8% share in the market in 2018, mainly on account of a large variety of diagnostic imaging facilities available at diagnostic imaging centers and rising demand for diagnostic imaging procedures for disease diagnosis and treatment, globally.
Globally, North America is the largest market for diagnostic imaging systems, with the region anticipated to contribute 34.6% share to the global market by 2024. Major factor responsible for high demand in this region is increasing prevalence of chronic diseases, which require diagnostic imaging systems for their diagnosis and treatment. Considering the future scenario of the industry, the U.S. is expected to lead the North American diagnostic imaging systems market, with an expected contribution of 90.1% share in the regional market by 2024, mainly on account of rising number of private diagnostic imaging centers and growing cases of chronic diseases in the country.
However, during the forecast period, the global diagnostic imaging systems market is expected to witness the fastest growth in APAC, with 7.0% CAGR, mainly on account of the increasing healthcare expenditure, growing geriatric population, government reimbursement policies, and presence of established players. Japan is expected to lead the APAC diagnostic imaging systems market, exhibiting 7.3% CAGR during this period.
In recent years, major players in the diagnostic imaging systems market have taken several strategic measures, such as product launches, collaborations, acquisitions, and product approvals to sustain and improve their position in the industry. For instance, in January 2019, Canon Medical Systems Corporation introduced its global illumination rendering technology within the Vitrea platform. This technology allows physicians to visualize anatomy prior to autopsy and use global illumination to interact in real-time with photorealistic images and visualize patient anatomy in all dimensions.
Moreover, in November 2018, GE Healthcare announced partnership with Veterans Affairs (VA) Puget Sound Health Care System (a research program within the national VA system), Washington, the U.S., to accelerate the use of 3D imaging in healthcare. Prior to this agreement, the VA was using 3D software that was not designed for medical use. Now, the VA is using GE Healthcare’s visualization AW Volume Share workstations with 3D printing software, designed specifically for the medical field, across its facilities in Seattle, San Francisco, Minneapolis, Cleveland, and Salt Lake City. Such types of partnerships are expected to contribute in the growth of diagnostic imaging systems market, globally.
General Electric Company, Koninklijke Philips N.V., Siemens AG, and Canon Medical Systems Corporation are major players offering a broad range of diagnostic imaging products. Besides, Shimadzu Corporation, Carestream Health Inc., Esaote S.p.A., FUJIFILM Holdings Corporation, Samsung Electronics Co. Ltd., Hologic Inc., DEL MEDICAL Inc., Konica Minolta Inc., and Dornier MedTech GmbH are other important companies operating in the diagnostic imaging systems market.