Diagnostic imaging devices, with the help of different imaging technologies, are used to diagnose, monitor, screen, and treat a variety of medical conditions in the human body. Medical intervention by diagnostic imaging devices has not only improved the way doctors address diseases or injuries, but has also bettered their ability to function in the field of modern medicine.
The demand for diagnostic imaging devices has grown impressively in recent times owing to their widening application base and rising awareness among individuals regarding the benefits these devices offer. Technological advancements backed by escalating funding from government bodies is another factor fueling the growth of the diagnostic imaging devices market all over the world. The population base comprised of the aged is set to rise, according to analysts and this means that the frequency of injuries and chronic illnesses is bound to increase. This, together with product innovation and rise in the number of partnerships, is projected to add to the growth of the market.
According to a study conducted by Persistence Market Research, the global diagnostic imaging devices market is projected to witness moderate growth from 2014 to 2020, registering a 5.2% CAGR during the forecast period of the research report. The value of the global diagnostic imaging devices market was estimated to be US$26,477.1 million in the year 2014 and this is projected to rise to US$35,793.4 million by 2020.
The global market for diagnostic imaging devices also faces some tough challenges ahead. The exposure to radiation with continuous use of diagnostic imaging devices poses severe risks of cancer. In addition, rigid regulatory requirements and inadequate supply of helium for MRI systems are also anticipated to curb the growth of the diagnostic imaging devices market.
Highly fragmented diagnostic imaging devices market
Diagnostic imaging devices, by type, can be segmented into nuclear imaging system, magnetic resonance imaging (MRI), x-ray, computed tomography (CT) scanner, ultrasound, and others. On the basis of technology, x-ray diagnostic imaging devices can be classified into digital radiograph, analog radiograph, and others. By portability, x-ray diagnostic imaging devices can be bifurcated into portable x-ray system and stationary x-ray system. Ultrasound diagnostic imaging devices can be segmented on the basis of portability and technology into compact ultrasound system and trolley ultrasound, and Doppler system, 2D system, 3D and 4D system, and others respectively.
In terms of type of slice, computed tomography scanner diagnostic imaging devices can be categorized into low-end slice CT scanner, middle-end slice CT scanner, and high-end slice CT scanner. MRI diagnostic imaging devices can be divided into closed MRI system and open MRI system, on the basis of architecture. By type, nuclear diagnostic imaging devices are bifurcated into single photon emission computed tomography (SPECT) and positron emission tomography (PET). Geographically, the diagnostic imaging devices market is segmented into four chief regions: North America, Europe, Asia, and Rest of the World.
North America surges ahead in terms of usage of diagnostic imaging devices
Among the four regional markets for diagnostic imaging devices, North America has been dominating the global scene for a while now. The rapid introduction, development, and adoption of technologically advanced systems in the field of diagnostic imaging is the main force that propels the market in North America. Apart from this, growing health awareness, expanding geriatric population base, increasing prevalence of chronic illnesses and injuries, and surge in research and development activities are some of the other factors that aid the diagnostic imaging devices market in North America.
Europe, Asia Pacific to register strong growth during forecast period
The mounting rate at which cancer is being diagnosed in Europe is the chief driver of this regional diagnostic imaging devices market. According to a paper published by the International Agency for Research on Cancer in France, in the year 2012, an estimated 3.45 million new cases of cancer were detected in Europe alone. The paper, “Cancer Incidence and Mortality Pattern in Europe” only affirms the fact that rising cancer cases in any region translates to the growth in demand for diagnostic imaging devices.
When it comes to adoption of diagnostic imaging devices, Asia Pacific isn’t far behind. A study on the global diagnostic imaging devices market indicates that the growth in this regional market is actually much higher compared to developed nations. This is mainly due to rising awareness among individuals regarding the advantages of diagnostic imaging devices, upgrade of healthcare systems, large population and patient pool, and growing incidences of chronic diseases.
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