Diagnostic Imaging Market: Industry Trends, Market Segments, Landscape, Analysis and Forecast – 2027

SHARE THIS ARTICLE

New York, United States: The Report on Diagnostic Imaging Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Diagnostic Imaging Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Diagnostic Imaging market gathered revenue around USD 25.2 Billion in 2020 and market is set to grow USD 37.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 6.4% during the prediction period 2021 to 2027.

Overview of Diagnostic Imaging Market Study

Diagnostic Imaging market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

Get your Customized Research Report@ https://www.novaoneadvisor.com/report/customization/4478

Growth Factors:

The growth of this market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations.

Diagnostic Imaging Market Dynamics
Driver: Growing geriatric population and the rising prevalence of associated diseases
The risk of developing diseases increases proportionately with age. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. In addition, the American Medical Association (AMA) estimates that at least 60% of individuals aged 65 and above will be living with more than one chronic condition by 2030. This increase in the aging population will drive the demand for improved healthcare facilities and advanced treatment options and medication.

With the rapid growth in the geriatric population globally, the prevalence of age-associated diseases such as Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia, along with CVDs and cancer, is expected to increase.

Restraints: Technological limitations associated with standalone systems
Technological limitations associated with standalone imaging modalities deter researchers from purchasing them, negatively affecting their market growth. For instance, MRI takes longer to scan large volumes or high-resolution images, whereas PET has a lower spatial resolution. Ultrasound systems are heavily operator-dependent, require direct contact with the body, and have limited tissue depth penetration. SPECT has low detection sensitivity, and CT has poor soft-tissue contrast, providing less information about functional characteristics, and carries the risk of radiation exposure for both physicians and patients.

Opportunities: Growth opportunities in emerging countries
Developing economies such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa offer high growth opportunities for major players in the diagnostic imaging market. Although the cost factor is a concern in these developing countries, their huge population base—especially in India and China—offers a sustainable market for diagnostic imaging devices. The higher incidence of chronic diseases—such as cancer, stroke, and neurological and cardiovascular diseases—and the higher death rates in these countries show the need for early detection. For instance, GLOBOCAN 2020 data estimates that roughly over 50% of the global cancer population belongs to developing regions. The key market players are adopting various growth strategies to strengthen their foothold in this region. Siemens Healthineers, for instance, reported that China is one of their biggest markets and major incremental growth drivers. Moreover, in 2019, as part of its India expansion plan, Siemens Healthineers opened its manufacturing facility in India with two production lines—one for its mobile C-arm for a surgery called Cios Fit and CT systems based on its Somatom.go platform.

Challenges: Hospital Budget Cuts
In response to increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with the suppliers and manufacturers of medical devices. GPOs, IHNs, and IDNs negotiate heavily for bulk purchases of diagnostic imaging devices.

The rising cost of prescription drugs and a sharp decline in the proposed budget allocations for Health and Human Services in the US, as of 2019, have significantly reduced hospital budgets. A study by the American Hospital Association estimates that federal payment cuts to hospitals would amount to USD 218 billion by 2028, forcing hospitals to allocate smaller budgets annually.

The CT Scanners market segment accounted for the largest share of the global diagnostic imaging market in 2020
Based on product, the diagnostic imaging market is broadly segmented into six segments—X-ray imaging systems, CT scanners, ultrasound imaging systems, MRI systems, nuclear imaging systems, and mammography systems. The CT scanners segment held the largest share of the global diagnostic imaging market in 2020. The high growth of this product segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. There has been a steady increase in the demand for CT scanners ever since the COVID-19 pandemic started. CT of the chest plays an important role in diagnosing COVID-19; almost every patient needs a CT scan to monitor disease progression. Consequently, the rising demand for disease treatment has favored the CT scanners market, even with the deferred procedures.

The general radiography application of X-ray systems accounted to be the fastest market during the forecast period”
Based on application, the diagnostic imaging market is segmented into the respective modalities viz., MRI systems, ultrasound systems, X-ray imaging systems, CT scanners, nuclear imaging systems, and mammography systems, and their respective applications. Among the applications, the largest share in 2020 was accounted by cardiology under CT scanners, and brain & neurological MRI under MRI systems; radiology/general imaging under ultrasound systems; General radiography applications under X-ray imaging systems; and oncology under nuclear imaging systems. General radiography applications under X-ray imaging systems application accounted for the largest market share among all application segments of diagnostic imaging market in 2020.

North America is expected to be the largest market during the forecast period.
North America accounted for the largest share of the diagnostic imaging market in 2020, followed by the Asia Pacific region. Growth in the North American diagnostic imaging market is mainly due to the rising geriatric population and associated diseases, easy accessibility to diagnostic imaging modalities, and high adoption of technological advancements (owing to the significant per capita annual healthcare expenditure by the US government).

Buy Complete Assessment of Diagnostic Imaging market Now@ https://www.novaoneadvisor.com/report/checkout/4478

COVID-19 Impact on Diagnostic Imaging Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Diagnostic Imaging market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Diagnostic Imaging market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Diagnostic Imaging market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Diagnostic Imaging market include:

GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Inc., Hitachi, Ltd., FUJIFILM Holdings Corporation, Mindray Medical International Ltd.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Diagnostic imaging Market, by Product

  • X-ray Imaging Systems
  • By Technology
    • X-ray Digital Imaging Systems
      • Direct Radiography (DR)
      • Computed Radiography (CR)
    • X-ray Analog Imaging Systems
  • By Portability
    • Stationary Systems
    • Portable Systems
  • Computed Tomography (CT) Scanners
  • By Technology
    • Conventional CT systems
    • Cone Beam CT Systems (CBCT)
  • Conventional CT Systems Market, by Technology
    • High-slice CT Scanners
    • Mid-slice CT Scanners
    • Low-slice CT Scanners
  • Ultrasound Systems
  • By Technology
    • 2D Ultrasound
    • 3D and 4D Ultrasound
    • Doppler Ultrasound
  • By Portability
    • Trolley/Cart-based Ultrasound Systems
    • Compact/Portable Ultrasound Systems
  • Magnetic Resonance Imaging (MRI) Systems
  • By Architecture
    • Closed MRI
    • Open MRI
  • By Field Strength
    • High- and Very-high-field MRI Systems
    • Low-to-mid-field MRI Systems
    • Ultra-high-field MRI Systems
  • Nuclear Imaging Systems
  • SPECT Systems
    • Standalone SPECT Systems
    • Hybrid SPECT Systems
  • Hybrid PET Systems
  • Mammography Systems

Diagnostic Imaging Market, by Application

  • X-ray Imaging Systems
    • General Radiography
    • Dental
    • Fluoroscopy
  • MRI Systems
    • Brain & Neurological MRI
    • Spine & Musculoskeletal MRI
    • Vascular MRI
    • Pelvic & Abdominal MRI
    • Breast MRI
    • Cardiac MRI
  • Ultrasound Systems
    • Radiology/General Imaging
    • Cardiology
    • Obstetrics/Gynecology
    • Urology
    • Vascular
    • Other Applications
  • CT Scanners
    • Cardiology
    • Oncology
    • Neurology
    • Other Applications
  • Nuclear Imaging Systems
    • Cardiology
    • Oncology
    • Neurology
    • Other Applications
  • Mammography Systems

Diagnostic Imaging Market, by End User

  • Hospitals
  • Diagnostic Imaging Centers
  • Other End Users

Why Buy this Report?

The purpose of Nova one advisor’s Diagnostic Imaging market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/4478

About Us

Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@novaoneadvisor.com

Web: https://www.novaoneadvisor.com/

James Root

James Root have over 6+ years of experience working in business development, and customer retention. I’ve gained my experience through serving higher education, healthcare, automotive, aerospace, manufacturing, local government and hospitality businesses with technical solutions.

View all posts by James Root →

Leave a Reply

Your email address will not be published. Required fields are marked *