Diagnostic Imaging Market Size, Growth, Trends, Share and Analysis

Diagnostic Imaging Market

Market Overview:

The major factors that increase the growth of the diagnostic imaging market include the rise in chronic disease prevalence, increased adoption of advanced medical imaging technologies, and an increase in the geriatric population.

Chronic disease burden is rising globally, and medical imaging procedures play a crucial role in chronic disease accuracy diagnosis. The rise in the aging population and changes in societal behavior contribute to a steady increase in these common and expensive long-term health issues. Most chronic disease deaths are caused by cardiovascular disease, obesity, and diabetes. The global chronic disease burden is expected to reach 57 percent by 2020, according to the WHO. The most affected would be the emerging markets, as population growth in developing areas is expected to be the most important.

New therapy and diagnostic models are being developed that provide accurate results, assist in early disease detection and help minimize the cost of treating these diseases. With the increasing disposable income, people become sufficiently capable of accessing imaging procedures to detect diseases early.

The field of medical imaging has also advanced at a great pace, stimulated by advances in digital technology and communication. There are new imaging techniques available in most diagnostic laboratories and hospitals that reveal more anatomical details. The goal is to improve access and accuracy, reduce costs and make the radiation impact less harmful. The trend shifts from fixed equipment to portable equipment. For instance, the need for size and electricity has hindered the proper use of ultrasound until recently. Smaller ultrasound equipment can now provide Doppler imagery for color flow, relying solely on battery power.

Report Portfolio:

As per the reports scope, a wide range of medical devices used for diagnostic purposes are covered by the diagnostic imaging market. It has a wide range of applications in various fields of oncology, orthopedic, gastro-and gynecology. North America is expected to dominate this market, followed by the European region, with advanced healthcare facilities and rising healthcare spending. The market is segmented by type, application and geography of the product.

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Key Market Trends: –

Oncology Segment under Application is estimated to Account for Largest Market Share during the Forecast Period:

Oncology deals with tumor diagnosis and treatment, which is one of the leading causes of morbidity and mortality. Lung, breast, and colorectal cancers are among the worlds most common cancers with lung cancer alone contributing to over 13 percent of the total cases diagnosed.

According to WHO, in 2015, 8.8 million deaths were caused by cancer, including nearly 1 in 6 deaths worldwide. Moreover, one-third of deaths are due to high body mass index, low intake of fruit and vegetables, lack of physical activity, use of tobacco including about 22 percent of deaths from cancer , and alcohol use. In addition, there are several minor side effects, such as nausea, headaches, dry mouth, diarrhea, allergic reactions, and others, as well as some major side effects, such as kidney disease, dementia, and others associated with its use, which can affect the rate of adoption and can therefore be a restrictive factor on the market.

In interventional oncology with increasing opportunities to diagnose and treat in a targeted and minimally or non-invasive way as well as in chemotherapy and radiation therapy, diagnostic imaging plays a crucial role. For many conditions, including trauma patients, tools such as CT are the highly beneficial and preferred method of imaging. Compared to SPECT, PET is predominantly preferred and hybrid medical devices such as PET / CT or PET / MRI are also available.

North America Dominates the Market and is Anticipated to Follow the Same Trend for Few More Years:

North America holds a significant share of the diagnostic imaging market and is expected to show a similar trend over the forecast period, with no significant fluctuations. The United States contributes to the major market share of diagnostic imaging, which can be attributed to increasing technological advances, higher population affordability rates, and increasing number of diagnostic procedures on an annual basis. The number of MRI units available per one million of the population was 25.9 by 2007, according to the OECD. As of 2017, the volume increased to about 39, including 20.3 in outpatient services and 18.7 in hospitals. The diagnosis of MRI is a growing area, both in terms of the number of scanners installed and the number of scans performed. The United States is one of the leaders, based on OECD data, second only to Japan, both in terms of availability and use.

Therefore, the market is expected to grow over the forecast period with the presence of well-established healthcare facilities, increasing demand for advanced healthcare systems among the aging population and increasing prevalence of chronic diseases.

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Competitive Landscape:

The market studied is consolidated due to the presence on the market of a few major players. In order to reduce the costs and side effects associated with the products, market players focus on R&D to develop technologically advanced products. The barriers for new entrants in this industry are high, and therefore few major players in the market hold the maximum market share.

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