The global diagnostic imaging market has been estimated at USD XX billion for the year 2016 and is projected to reach USD XX billion by the end of 2021 at a CAGR of XX% during the forecast period from 2016 to 2021.
Medical imaging is the process of making a visual representation of the interior of the body for medical intervention. These instruments help in establishing a database of normal anatomy and physiology of internal organs so that any abnormality can be noticed immediately. The ability to create pictures of a patient’s internal anatomy and convert them to film through diagnostic imaging has revolutionized the way many diseases and injuries are detected, diagnosed, and treated. This market has applications in various medical fields like cardiology, oncology, neurology, and orthopedics. Globally, most of the industrialized countries are spending a large part of their GDP on healthcare requirements. The US is set to spend nearly 20% of its GDP on healthcare by 2017, a higher percentage than any other industrialized nation.
Wider adoption of cloud technologies and adoption of new advanced technologies play a major role in improving the market economy. Increasing aging populations and increased incidence of chronic diseases are also key factors driving the market. According to the National Institutes of Health, patients aged 65 and older undergo diagnostic imaging at two or more times the rate of younger people. Women also tend to use slightly higher rates of imaging than men. In spite of these factors driving the market, there are other factors constraining the growth of the market. Expensive procedures & equipment, side effects of diagnostic imaging procedures and saturation in the developed regions are the major challenges faced by the diagnostic imaging equipment market.
There are several new developments afoot in the medical imaging world. Imaging science is a dynamic, evolving field of multi- and interdisciplinary activities with a lot of scope and importance. Due to the increasing need to operate more efficiently and productively, medical imaging facilities will increasingly turn towards data analytics. There will be growing interest and demand for analytics solutions. PACS, RIS, and dictation systems are driving this market currently and are anticipated to emerge economically in coming years.
The market is segmented based on type (X-ray, MRI, nuclear medicine, ultrasound, tomography, tactile imaging, photoacoustic imaging, thermography, elastography, echocardiography, and functional near infrared spectroscopy). A few segments are sub-divided based on portability, structure, technology and resolution.
Tomosynthesis is another prominently used method. According to the Radiological Society of North America, tomosynthesis, or 3D mammography increases cancer detection and reduces the instances of the patient being called for further tests. 3D imaging is expected to grow in all markets during the forecast period. Manufacturers are showing a keen interest in improving image quality by exploiting new technologies and producing new instruments or novel techniques to achieve images with higher spatial resolution. Imaging will continue to advance and provide an essential set of tools for clinical research, drug development, disease diagnosis, treatment and assessing treatment response.
Based on geography, the global diagnostic imaging market is divided into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Currently, North America dominates the market with nearly 20% of the gross domestic product spent on healthcare by the USA. Asia-Pacific is a market that is expected to grow at a faster rate, owing to the rapidly aging population and increase in the chronic disease population.
Medical imaging technology is a rapidly changing field, and healthcare organizations have multiple options for new acquisitions. Many players in this market are trying to expand their product portfolio in order to top the global market. A few companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market.
Some of the key players in the market are:
Key Deliverables in the Study