Globally, the diagnostic imaging devices market is witnessing significant growth due to increasing prevalence of chronic diseases and injuries, and growing aging population. In addition, increasing funding from government bodies, rising initiatives undertaken by government associations to boost awareness, technological advancement and widening application of diagnostic imaging devices are also fueling the growth of the market. However, strict regulatory requirements and heightened risk of cancer owing to exposure to radiation restrain the growth of the global diagnostic imaging devices market.
The global diagnostic imaging devices market is anticipated to grow from an estimated USD 26,477.1 million in 2014 to USD 35,793.4 million in 2020 at a CAGR of 5.2% during the forecast period.
North America is the largest market for diagnostic imaging devices while X-rays are the most popular type of diagnostic imaging devices. In terms of growth, Asia is the fastest growing region; while nuclear imaging and computed tomography scanners make for the fastest growing type of diagnostic imaging devices.
Ultrasound is a widely used imaging modality used for diagnosis, staging various diseases and to study internal body structures such as soft tissues and internal organs. The global ultrasound diagnostic imaging devices market was expected to grow from an estimated USD 6,146.7 million in 2014 to USD 8,363.4 million in 2020 at a CAGR of 5.3% during the forecast period.
Diagnostic imaging equipment is primarily used for imaging the human body with the help of various imaging technologies. These devices are used to monitor, diagnose, screen, and treat various medical conditions for effective medical intervention. It has also improved the ability of doctors to treat, diagnose, and detect an injury or disease precisely at an initial stage. In addition, these devices are used to provide information associated with a specific area of the body to be treated or studied. Various advancements in imaging techniques in the field of modern medicine have facilitated the acquisition of information related to the human body for clinical interventions. In addition, advancement in imaging provides practitioners with new tools to improve care in innovative ways. Similarly, widening application of imaging technology led to wide availability of high-tech imaging forms such as computed tomography angiography (CTA), single positron emission computed tomography (SPECT), magnetic resonance angiography (MRA), imaging tests, and magnetic resonance spectroscopy.
North America dominates the global market for diagnostic imaging devices due to rising prevalence of chronic diseases and injuries, and rise with the geriatric population in the region. Asia-Pacific is expected to show high growth rates in the next five years in global diagnostic imaging devices market, with China and India being the fastest growing markets in the Asia-Pacific region. The key driving forces for the diagnostic imaging devices market in developing countries are the large pool of patients, increasing awareness about the disease, improving healthcare infrastructure and rising government funding in the region.
Growing geriatric population, increasing prevalence of chronic diseases and injuries, rising awareness about benefits of early diagnosis of diseases among individuals, technological advancement and widening application of diagnostic imaging devices and increasing funding from government bodies are fuelling the growth of the market. On the other hand, heightened risk of cancer owing to exposure to radiation, shortage of helium for magnetic resonance imaging systems and strict regulatory requirements are major concerns for the market.
This report provides in-depth analysis and estimation of the diagnostic imaging devices market for the period 2014 to 2020, considering 2013 as the base year for calculation. In addition, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report.
The diagnostic imaging devices market is categorized on the basis of the type of diagnostic imaging devices, and geography. Based on the type of diagnostic imaging devices, the market comprises of x-rays, ultrasound system, magnetic resonance imaging (MRI), computed tomography (CT) scanner, nuclear imaging system and others. X-ray diagnostic imaging devices and ultrasound systems are further segmented on the basis of technology and portability. In addition, magnetic resonance imaging devices are further segmented on the basis of architecture. Similarly, computed tomography scanners are further on the type of slice. On the basis of geography, the report identifies and analyses the market size and predictions for North America, Europe, Asia and Rest of the World (RoW). North America is further segmented into the U.S. and Canada. Similarly, Europe is further segmented into Germany, France, U.K. and Italy. Asia-Pacific is further segmented into Japan, China and India.
Some of the major players in the diagnostic imaging devices market:
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.