The United States 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, growing at a CAGR of XX% during the forecast period from 2016 to 2021. 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 gross domestic product on healthcare by 2017, a higher percentage than any other industrialized nation. This market has applications in various medical fields like Cardiology, Oncology, Neurology, and Orthopedics.
Advancing medical technologies, aging population and increased incidence of chronic diseases are 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 a few 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 major challenges faced by the diagnostic imaging equipment.
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 the type (X-ray, MRI, Nuclear Medicine, Ultrasound, Tomography, Tactile Imaging, Photoacoustic Imaging, Thermography, Elastography, Echocardiography, and Functional near infrared spectroscopy). A few of the segments are sub-divided based on portability, structure, technology and resolution. In the diagnostic imaging market, ultrasound techniques are set to be the top-grossing division with the onset of higher technical advancements such as 3D and 4D technology and also because they are relatively cheaper than the rest of the techniques. 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.
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. 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