Market Trends of Diagnostic Imaging Industry
This section covers the major market trends shaping the Diagnostic Imaging Market according to our research experts:
Mid-range Scanners (~64-Slice) Segment under Computed Tomography expected to Account for Largest Market Share during the Forecast Period
Mild-range scanners are expected to hold a significant share in the growth of the market over the forecast period. Companies took several definite measures in order to keep up with the growing demand for scanners all over the world. Mid-range CT scanners are better for performing angiography in comparison with low-range CT scanners. Its characteristics, such as high speed and sensitivity, allow healthcare professionals to view the walls of arteries for plaque formation and to observe the tiniest of vessels and arterial branches, making it well suited for cardiac studies.
To grow their presence in the market, companies are continuously engaged in the development of new products, which in turn contributes to the growth of the segment. For instance, in January 2020, Allergen, in collaboration with Canon Medical Systems Corporation, introduced a new CT scanner in the market, the ACUTOM 32, which is a 32-slice CT scanner featuring a wide bore gantry of 32 cm, about a 2.0 MHU X-ray tube, and about 0.75 seconds of rotation time. Similarly, in January 2022, the Port Perry Hospital Foundation (PPHF) surpassed its goal of raising USD 4 million to bring a CT scanner and other essential equipment to the Scugog healthcare center. In February 2020, Samsung NeuroLogica made more of its 32-slice CT scanner, the mobile BodyTom, because COVID-19 cases were rising quickly.It allows scanning of COVID-19 patients at the point of care due to its internally shielded design and, at the same time, minimizes exposure to the virus. Because of this, the segment being studied is expected to grow over the next few years.
So, the growth of the market is likely to be fueled by the release of more CT scanners.
North America is Expected to Dominate the Market Over the Forecast Period
North America was found to hold a major share of the diagnostic imaging market and is expected to show a similar trend over the forecast period. This is mainly due to the rising prevalence of chronic diseases and the high demand for advanced diagnostic imaging.
The United States contributes the largest share of the diagnostic imaging market, which can be attributed to increasing technological advances, higher affordability rates among the population, and an increase in the number of diagnostic procedures each year.Furthermore, the market is expected to grow during the forecast period due to the presence of well-established healthcare facilities, rising demand for advanced healthcare systems among the aging population, and the rising prevalence of chronic diseases.For instance, the data published by the American Cancer Society in 2022 mentioned that a total of 1.9 million new cancer cases are expected to occur in the United States in 2022. Also, the growing number of neurological disorders such as brain tumors is expected to propel market growth. As per the American Cancer Society Journal article published in 2022, in 2021, an estimated 83,750 individuals were diagnosed with brain and other central nervous system tumors in the United States.
Also, the increasing number of product launches is expected to contribute to the growth of the market over the forecast period. For instance, in December 2021, Fujifilm Healthcare launched the Velocity MRI system, its advanced, high-field open MRI, during the 2021 Radiological Society of North America conference in Chicago.
Because of all of these things, the market is expected to grow in this region over the next few years.
