Diagnostic Imaging Equipment - Market Insights, Competitive Landscape and Market Forecast–2026
DIAGNOSTIC IMAGING EQUIPMENT MARKET BY PRODUCT (X-RAY IMAGING SYSTEMS, COMPUTED TOMOGRAPHY (CT) SCANNERS, ULTRASOUND SYSTEMS, MAGNETIC RESONANCE IMAGING (MRI) SYSTEMS, NUCLEAR IMAGING SYSTEMS, MAMMOGRAPHY SYSTEMS, AND OTHERS), BY APPLICATION (CARDIOLOGY, ONCOLOGY, NEUROLOGY, ORTHOPEDICS, GASTROENTEROLOGY, GYNECOLOGY, AND OTHER APPLICATIONS), BY END-USER (HOSPITALS, DIAGNOSTIC IMAGING CENTRES, AND OTHERS), BY GEOGRAPHY IS EXPECTED TO GROW AT A STEADY CAGR FORECAST TILL 2026 OWING TO RISING TECHNOLOGICAL ADVANCEMENT AND INCREASING PREVALENCE OF CHRONIC DISEASES
Global Diagnostic Imaging Equipment Market was valued at USD 24.15 billion in 2020, growing at a CAGR of 5.10% during the forecast period from 2021 to 2026, to reach USD 33.56 billion. The demand for Diagnostic Imaging Equipment is primarily attributed to the rising technological advancement, growing burden of chronic diseases, increasing patient awareness regarding early-stage diagnosis, growing demand for effective & efficient imaging technologies for diagnosis, and increasing geriatric population.
DIAGNOSTIC IMAGING EQUIPMENT MARKET DYNAMICS:
The Diagnostic Imaging Equipment Market has significantly increased due to the growing burden of chronic diseases throughout the world and the medical imaging procedure plays an important role in the precise diagnosis of chronic diseases. An increase in the population of aging and changes in social behavior contributes to the constant increase in these common and expensive long-term health problems. Most deaths from chronic diseases are due to cancer, cardiovascular disease, obesity, and diabetes. As per the GLOBOCAN data, around 19.3 million new cancer cases were reported around the world in 2020, and this number is expected to increase to 30.2 million people by 2040. Thus, the burgeoning cases of chronic diseases will contribute to the Global Diagnostic Imaging Equipment Market growth.
In addition, the medical imaging field is advancing at a great pace, stimulated by advances in digital and communication technologies. For instance, the global introduction of a new spectral CT 7500 system by Koninklijke Philips N.V. provides the precision diagnosis. The Spectral Computed Tomography (CT) 7500 with its latest intelligent system delivers high-quality spectral images for every patient on every scan 100% of the time to help improve disease characterization and reduce rescans and follow-ups. Such technological advancement in the field of Diagnostic Imaging Equipment is likely to boost the Global Diagnostic Imaging Equipment.
Also, the shift in trend from fixed to portable equipment is fuelling the Global Diagnostic Imaging Equipment Market. For instance, until recently, size and electricity requirements have hindered the proper use of ultrasound. Today, smaller ultrasound equipment can provide color-flow Doppler imaging, relying on battery power solely.
Moreover, most of the diagnostic labs and hospitals are equipped with new imaging techniques that reveal greater anatomical details. The predominant goal is to improve access and precision, decrease cost, and make the impact of radiation less harmful.
The COVID-19 pandemic had a profound impact on radiology practices across the country. Policy measures adopted to slow the transmission of disease are decreasing the demand for imaging independent of COVID-19 which might slow down the Diagnostic Imaging Equipment market.
Certain factors other than the COVID pandemic such as few product recalls, side effects associated with the devices such as prolonged radiation exposure, allergic reactions to dyes, and also the high cost of the devices pose a minor hurdle for the growth of the Diagnostic Imaging Equipment market.
DIAGNOSTIC IMAGING EQUIPMENT MARKET SEGMENT ANALYSIS:
Diagnostic Imaging Equipment by Product (X-Ray Imaging Systems, Computed Tomography (CT) Scanners, Ultrasound Systems, Magnetic Resonance Imaging (MRI) Systems, Nuclear Imaging Systems, Mammography Systems, and Others), Diagnostic Imaging Equipment Market by Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, And Other Applications), Diagnostic Imaging Equipment Market by End User (Hospitals, Diagnostic Imaging Centres, And Others), and Diagnostic Imaging Equipment Market by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the Diagnostic Imaging Equipment market product segment, the computed tomography scanners market segment will hold the majority of the Global Diagnostic Imaging Equipment market in 2020. The rapid growth of this product segment can be attributed to the growing demand for early and accurate diagnostics and the high adoption of imaging scanners. Growing adoption of CT scanners by hospitals and diagnostic centers around the world. Since the beginning of the COVID-19 pandemic, the demand for CT scanners has been on the rise. Chest computed tomography plays an important role in the diagnosis of COVID-19; almost all patients need a CT scan to monitor disease progression. Therefore, the growing demand for disease treatment benefits the CT scanner market in the Diagnostic Imaging Equipment market, even if the procedure is delayed.
In addition, new product approvals are also likely to upsurge the Diagnostic Imaging Equipment market during the forecasted period. For instance, in April 2020, the United States Food and Drug Administration (FDA) approved the product uMR OMEGATM magnetic resonance imaging (MRI) scanner developed by United Imaging Healthcare Co., Ltd.
Additionally, assistance from government bodies, in equipping new/existing hospitals and healthcare centers in rural regions of developing countries such as India, China, Brazil, and others is expected to enhance the market potential of this equipment. Hence, all the above-mentioned factors are expected to drive the segment growth of the Diagnostic Imaging Equipment market.
NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL DIAGNOSTIC IMAGING EQUIPMENT MARKET:
North America is expected to dominate the overall Diagnostic Imaging Equipment market during the forecast period. This domination is due to the improved reimbursement policies of diagnostic imaging, easy accessibility to diagnostic imaging modalities, and high adoption of technological advancements owing to the rise in healthcare expenditure by the US government.
Further, the United States represents the largest market worldwide supported by developed healthcare infrastructure and strong adoption of advanced imaging technologies. Rising product launch and commercialization agreements among the key manufacturers and other companies are anticipated to boost the market. For instance, the recent launch of a multi-use radiography fluoroscopy system (Persona RF PREMIUM) on June 21, 2021, in the region by FUJIFILM Holdings America Corporation is expected to propel the market growth of diagnostic imaging equipment.
Europe and Asia-Pacific region have the future potential growth for the Global Diagnostic Imaging Equipment. This is due to the rising burden of the geriatric population in the European region countries and Asian countries also. Rapid urbanization, increase in disposable income, improved government funding towards chronic disorders management, and growing awareness about early diagnosis of diseases are the factors that are likely to drive the Diagnostic Imaging Equipment market. Several reports have been released annually, mentioning that significant portions of the population in the European Union and the United States (including in the developed market) suffer through more than one chronic disorder, such as cardiovascular disorders, neurological disorder, cancer, gastrointestinal disorders for a prolonged period, thus there is an enormous potential for Diagnostic Imaging Equipment market growth. Also, rising cardiovascular diseases such as stroke, heart attack, arrhythmias, and others are one of the leading chronic diseases in the European region lead to an increase in demand for diagnostic imaging equipment. For instance, according to a study published in NCBI in 2016, 1.1 million inhabitants of Europe suffered a stroke each year, and ischemic stroke accounted for approximately 80% of cases. Thus, early diagnosis of these diseases for effective and efficient management can propel the Diagnostic Imaging Equipment market in the region.
DIAGNOSTIC IMAGING EQUIPMENT MARKET KEY PLAYERS:
Some of the key market players operating in the Diagnostic Imaging Equipment market include GE Healthcare, Canon Medical Systems Corporation, FUJIFILM Holdings Corporation, Hologic Corporation, Koninklijke Philips N.V., Siemens Healthineers, Samsung Electronics Co., Ltd., and others.
RECENT DEVELOPMENTAL ACTIVITIES IN THE DIAGNOSTIC IMAGING EQUIPMENT MARKET:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook