NEW YORK, Dec. 4, 2023 /PRNewswire/ — The diagnostic imaging market is estimated to grow at a CAGR of 5.93% between 2022 and 2027. The size of the market is forecast to increase by USD 8.69 billion. The diagnostic imaging market is segmented based on product, end-user, and geography. Technavio’s report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies. Some of the major players operating in the diagnostic imaging market are Agfa Gevaert NV, Allengers Medical Systems Ltd., BCL XRay Canada Inc., Carestream Health Inc., CurveBeam AI Ltd., Esaote Spa, Fujifilm Corp., General Electric Co., Hitachi Ltd., Hologic Inc., Konica Minolta Inc., Mediso Ltd., Neusoft Corp., Northrop Grumman Corp., Planmeca Oy, and Shenzhen Mindray BioMedical Electronics, among others. For insights on the vendor offerings, Download a PDF sample!
In-depth analysis provided in the report includes:
- Current and future market trends to highlight market conditions
- Comparative analysis of the market and its segments for the historic period of 2017 – 2021
- Market drivers and market impediments and their impact on market growth
- Positioning of market players and their business strategy analysis
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Diagnostic imaging market size & segmentation analysis
- Based on the product, the diagnostic imaging market is segmented into x-ray, ultrasound, magnetic resonance imaging, computed tomography, and others.
- Based on the end-user, the market is segmented into hospitals and clinics, diagnostic centers, research laboratories and institutes, and others.
- Based on geography, the diagnostic imaging market is segmented into North America, Europe, Asia, and Rest of World.
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Diagnostic imaging market: Country-level analysis
The countries covered in the diagnostic imaging market report are the US and Canada (North America); the UK, Germany, France, and the Rest of Europe (Europe); China, India, Vietnam, and others (Asia); Saudi Arabia, South Africa, Brazil, and others (Rest of World).
- North America will account for 42% of the market growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth in North America can be attributed to several factors, including the rising prevalence of chronic diseases, technological advances, product launches, the growing number of awareness programs for the early diagnosis of diseases, and high spending on healthcare.
- New technological developments are expected to increase the clinical uses of diagnostic imaging technologies and the number of imaging scans performed in the region. According to the Organization for Economic Co-operation and Development (OECD), the number of computed tomography (CT) scans performed in the US is increasing. The increasing prevalence of chronic diseases and the growing adoption of imaging procedures are influencing vendors to employ various market strategies, such as new product launches and partnerships with distributors, to strengthen their market presence are driving the growth of the diagnostic imaging market in North America during the forecast period.
The geographic landscape of the report also provides market-impacting factors and changes that impact current and future trends. For detailed information, Request a sample!
Diagnostic imaging market: Dynamics & Insights
Technavio’s research report on the diagnostic imaging market provides analysis and insights about the various drivers, along with key challenges, that impact the market throughout the forecast period.
The increasing prevalence of chronic conditions is the key factor driving the global diagnostic imaging market growth. The imaging equipment is used for diagnosing severe and chronic conditions. In line with this, the increasing prevalence of chronic conditions, such as cancer, cardiovascular diseases, and neurological diseases, is expected to trigger the demand for diagnostic products, including medical imaging systems, and subsequently drive the growth of the market during the forecast period.
The high costs associated with diagnostic imaging are a major challenge to the global diagnostic imaging market growth. The high costs associated with imaging equipment and related procedures are a major factor hindering the growth of the market in focus. The high cost of imaging equipment and procedures can increase the cost burden on end-users and patients, respectively. For instance, the average cost of an MRI machine is USD150,000–USD300,000. Also, additional costs are needed for their remodeling, installation, and maintenance.
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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