Diagnostic Imaging Market Overview
The global diagnostic imaging market size is projected to cross $38.9 billion by 2022, growing at a CAGR of 4.9% during the forecast period. The growing geriatric population, increasing prevalence of chronic diseases, technological advancement and widening application of diagnostic imaging devices, increasing need for diagnostic imaging procedures, and increasing healthcare expenditure are driving the growth of the global market for diagnostic imaging.
Based on type, the global diagnostic imaging market is segmented into x-ray imaging, ultrasound imaging, MRI, CT, nuclear imaging and others. The x-ray imaging devices accounted for the major share in the global diagnostic imaging industry during the forecast period and it expected to account for more than 30% by 2022. The ultrasound imaging segment is expected to witness the fastest growth during the forecast period.
Geographically, North America is the largest market for diagnostic imaging and it is projected to account for 35% of the overall market by 2022. Among the countries in the North American region, the U.S. is the largest market for diagnostic imaging. The U.S. diagnostic imaging market is growing due to increasing healthcare expenditure and technological advancement of diagnostic imaging. Additionally, the growing geriatric population and increasing prevalence of chronic diseases are driving the growth of the U.S. diagnostic imaging market.
Diagnostic Imaging Market Dynamics
The growing number of product launches is the major trend witnessed in the global diagnostic imaging market. Diagnostic imaging device companies are actively involved in the launch of new products to offer more innovative and advance devices. The diagnostic imaging industry is focusing on the development of technological advances and affordable diagnostic imaging products to meet the demands of customer.
The increasing demand and penetration of diagnostic imaging devices in emerging economies would offer enormous revenue generating opportunities for the manufacturers of diagnostic imaging devices. Although the global diagnostic imaging business is growing at a considerable rate in the emerging economies, especially in Asia-Pacific and Latin America, there is still massive unexplored market in different countries. Countries such as China and India have a huge market potential. With the high economic growth and increasing government initiatives in Asia, the major manufacturers of the diagnostic imaging systems are penetrating the untapped diagnostic imaging market in the region.
One of the key growth drivers of the diagnostic imaging market is the growing geriatric population. The elderly population requires extensive care as they are prone to illness due to low immunity levels and high recovery time. The bones at older age are less dense and more fragile due to loss in mineral content of bones. Owing to the changes in tendons and ligaments with age, the flexibility of joints decreases, and their motion become more restricted. The elderly people are also more susceptible to chronic diseases, such as cancer, neurological disorders and cardiovascular diseases, thus leading to increase in demand for better diagnosis and therapies.
Also, diagnostic centers are the key end-users of diagnostic imaging systems. An increase in the number of diagnostic centers leads to the increase in demand for diagnostic imaging systems. Different diagnostic imaging tools such as MRI, ultrasound, CT, nuclear imaging and X-ray are used for the diagnosis of several disorders or abnormalities in human body. Diagnostic centers utilize the best features of these techniques. Improving healthcare infrastructure, increasing healthcare expenditure, and increasing healthcare awareness across the globe are leading to the increase in the number of diagnostic centers and hence driving the growth of the diagnostic imaging market.
Diagnostic Imaging Market Competitive Landscape
Some of the key companies operating in the global diagnostic imaging market include Koninklijke Philips N.V., Siemens AG, Hitachi Ltd., General Electric Company, Shimadzu Corporation, Toshiba Corporation, SAMSUNG, Esaote SpA and FUJIFILM Holdings Corporation.