Technological Advances and Improving Investments Boosts Global Diagnostic Imaging Devices Market

Published On : Feb 09, 2016

Diagnostic imaging equipment is used by medical practitioners to study the human body and its complex structure. By using imaging technologies, monitoring, diagnosing, screening, and treating a wide range of medical ailments is made easier and more efficient. The improved efficiency of these devices has helped the healthcare industry in delivering effective medical intervention, as it has remarkably improved the ability of doctors to treat and diagnose any injury or disease.


Global Diagnostic Imaging Devices Market to Reach US$35.8 bn by 2020


In the past few years, the global diagnostic imaging devices market has witnessed steady growth due to the increasing number of geriatrics, high prevalence of chronic diseases and injuries, growing awareness about benefits of timely diagnosis, technological advancements, growing applications of diagnostic imaging devices, and improving investments. These factors are expected to drive the global diagnostics devices market to a figure of US$35.8 bn by the end of 2020 from US$26.4 bn in 2014, registering a CAGR of 5.2% during the forecast period therein. However, the global diagnostic imaging devices market faces certain restraints such as a high risk of cancer due to excessive exposure to radiation used in some diagnostic imaging devices, poor supply of helium for magnetic resonance imaging systems, and tough regulatory requirements.


The global diagnostic imaging device market is segmented on the basis of device type and geography. The types of devices used in this market are x-ray devices, magnetic resonance imaging (MRI), ultrasound systems, nuclear imaging systems, computed tomography (CT) scanners, and others. Ultrasound systems and x-ray diagnostic imaging devices are further divided on the basis of portability and technology. Furthermore, the magnetic resonance imaging devices segment is divided on the basis of architecture, while computed tomography scanners are sub-segmented on the basis of the type of slice. Geographically, this market is segmented into Europe, Asia Pacific, North America, and Rest of the World.


North America Leads Global Diagnostic Imaging Devices Market


According to a research report, North America holds a dominant share in the global market for diagnostic imaging devices. This share of the regional market is attributable to the high prevalence of injuries and diseases in the region, along with an increasing pool of geriatric population.


Analysts predict, demand from Asia Pacific will boost the diagnostic imaging devices market, as the demand for healthcare increases in the developing nations of India and China. This positive trend is expected to continue in the coming five years. Other developing nations will also propel the diagnostic imaging devices market due to the huge pool of patients, growing awareness about diseases, increasing healthcare infrastructure, and improving government investments in the regions.


Ultrasound devices are popularly used for imaging, as they are the most effective ones to diagnose various diseases and to study complex internal body structures such as organs and soft tissues. Owing to these reasons, the global ultrasound diagnostic imaging devices market is estimated to reach a valuation of US$8.3 bn by the end of 2020 from US$6.1 bn in 2014, registering a steady CAGR of 5.3% from 2014 to 2020.


Some of the top players in the global diagnostic imaging devices market are Samsung Electronics Co., Ltd., Siemens Healthcare, Hitachi, Ltd., Toshiba Corporation, General Electric Company, Carestream Health, Inc., and Koninklijke Philips N.V.


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