Diagnostic Imaging Market Size, Share and Forecast 2026
Added: (Mon Sep 23 2019)
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Market Overview
• Diagnostic imaging is a medical technique of non-invasive imaging tests for diagnosing and monitoring diseases or injuries by getting visual images of internal structures and organs of the patient's body. Diagnostic imaging technologies are used extensively by doctors to examine and diagnose exact medical conditions of patients. Diagnostic imaging is helpful in identifying cardiac abnormalities, broken bones, aneurysms, gastrointestinal issues, and various types of cancer.
o The global diagnostic imaging market will exhibit an 7.7% CAGR from 2019 to 2026, having estimated market value of US $ XX billion by 2026.
Market Outlook
• The major drivers fueling the growth of market are growing geriatric population, increasing prevalence of chronic diseases, technological advancement and increase in funds and grants by government bodies.
• There is a wide range of applications of diagnostic imagining in operation planning, computer-based surgery, clinical applications, and medical diagnosis. Government expenditure over healthcare facilities is also increasing that aid the growth of market.
• According to World Health Organization (WHO), about 31% of the population were affected with cardiovascular diseases in 2015. Moreover, in 2016, there was 15.21 million death due to stroke and Ischemic heart disease which contributes to around 50% of death in the world. Moreover, there is a rapid increase in cases of aneurysm, according to Brain Aneurysm Foundation, around 40 million people in the world are suffering from cerebral aneurysm, this accounts for one in every 50 people.
Market Segmentation
• The global diagnostic imaging market can be segmented by type as X-Ray, MRI, Nuclear Medicine, Ultrasound, Tomography, Tactile Imaging and Functional near Infrared Spectroscopy. X-Ray is further segmented on the basis of portability as Mobile and Stationary and by technology as Analog Imaging and Digital Imaging. MRI is further segmented on the basis of structure as Closed MRI and Open MRI and by resolution as Low-Field MRI Scanners, High-Field MRI Scanners and Mid-Field MRI Scanners. Nuclear medicine is further segmented as Scintigraphy, PET Imaging and SPECT Imaging. Ultrasound is further segmented as 2D Ultrasound, 3D/4D Ultrasound and Doppler Imaging. Tomography is further segmented as High-End Slice CT scanners, Mid End Slice CT Scanners and Low-End Slice CT Scanners. The market is segmented on the basis of application as Orthopedic, Neurology, Oncology, Cardiology and Others.
• An X-ray is a noninvasive medical test that helps physicians diagnose and treat medical conditions. X-ray segment holds the most significant share of diagnostic imaging market and is expected to grow at a CAGR of 7.7.% owing to the versatility of the system and convenience in use. Technological advancement like digital flat panel detector system and increasing incidents of cancer & orthopedic disease are the prime factors boosting the growth of this segment. Digital flat panel detector system has increased usage of X-ray in veterinary practice.
• On the basis of application cardiology acquires around 20% of the market share. Cardiovascular diseases are a major cause of global deaths with predictions of coronary artery disease causing 11.1 million deaths globally in 2020 according to United Nations data.
Geographical Analysis
• Geographically, the global diagnostic imaging market is divided into
• North America,
• Europe,
• South America,
• Asia-Pacific
• Middle East
• and Africa.
Competitive Trends
• Some of the major key players in the market are
• GE Healthcare,
• Siemens Healthcare,
• Carestream Health Inc.,
• Hitachi Medical Corporation,
• Others
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