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Global $33.5Bn Diagnostic Imaging Market by Product, Application and End-user – Forecast to 2024 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Diagnostic
Imaging Market by Product (MRI , Ultrasound (2D, 3D/4D, Doppler), CT,
X-Ray (Digital, Analog), SPECT, Hybrid PET, Mammography), Application
(OB/Gyn, Cardiology, Oncology), End User (Hospitals, Imaging Centers) –
Forecast to 2024”
report has been added to ResearchAndMarkets.com’s
offering.

The global diagnostic imaging market is projected to reach USD 33.5
billion by 2024 from USD 25.7 billion in 2019, at a CAGR of 5.5% from
2019 to 2024.

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 the
diagnostic imaging industry, and increasing investments, funds, and
grants by public-private organizations. However, the high cost of
diagnostic imaging systems, technological limitations associated with
standalone systems, declining reimbursements and increasing regulatory
burden in the US and the shortage of helium availability are expected to
limit market growth to a certain extent.

The magnetic resonance imaging MRI systems segment accounted
for the largest share of the global diagnostic imaging market in 2018

On the basis of the product, the diagnostic imaging market is segmented
into magnetic resonance imaging MRI systems, ultrasound systems, CT
scanners, X-ray imaging systems, nuclear imaging systems, and
mammography systems. In 2018, the magnetic resonance imaging MRI systems
segment accounted for the largest share of this market majorly due to
the growing demand for early and accurate diagnosis, high adoption of
MRI systems by hospitals and diagnostic centers across the globe, and
advances in technology.

The general radiography application of X-ray systems accounted
to be fastest market during 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 devices, and mammography
systems, and their respective applications. Among the applications, the
highest CAGR was estimated for diagnostic breast imaging by mammography
systems. The second-highest CAGR was estimated for diagnostic vascular
ultrasound applications. The growing demand for early diagnosis and
technological advancements in diagnostic imaging modalities are some of
the important factors that contribute to the high growth of these
segments.

Asia Pacific region accounted for the second-largest share
of the global market in 2018

The diagnostic imaging market is segmented into four major regions,
namely North America, Europe, Asia Pacific, and Rest of the world. Asia
Pacific region accounted for the second-largest share in 2018. The
increasing incidence of chronic diseases, growing awareness about the
benefits of early disease diagnosis, improvements in healthcare systems,
the flourishing medical tourism market in APAC countries, increasing
government initiatives for modernizing the healthcare infrastructure,
and the growing number of ongoing research activities related to the
development of advanced diagnostic imaging modalities are some of the
major factors driving market growth in this region.

Market Dynamics

Drivers

  • Rapidly Growing Geriatric Population and the Subsequent Increase in
    the Prevalence of Associated Diseases
  • Increasing Demand for Early Diagnosis and Widening Scope of Clinical
    Applications
  • Technological Advancements in Diagnostic Imaging Modalities
  • Increasing Investments, Funds, and Grants By Public-Private
    Organizations

Restraints

  • High Cost of Diagnostic Imaging Systems
  • Technological Limitations Associated With Standalone Systems
  • Declining Reimbursements and Increasing Regulatory Burden in the US
  • Shortage of Helium

Opportunities

  • High Growth Opportunities in Emerging Countries
  • Adoption of Artificial Intelligence and Analytics in Diagnostic Imaging
  • Use of Blockchain in Diagnostic Imaging
  • Increasing Adoption of Teleradiology
  • Contract-Based Radiology Solutions and Mobile Solutions

Challenges

  • Hospital Budget Cuts
  • Increasing Adoption of Refurbished Diagnostic Imaging Systems
  • Dearth of Trained Professionals

Trends & Burning Issues

  • Increasing Adoption of Hybrid Diagnostic Imaging Modalities
  • Overutilization of Diagnostic Imaging Services Around the World

Company Profiles

  • GE Healthcare (General Electric Company)
  • Koninklijke Philips N.V.
  • Siemens Healthineers (Subsidiary of Siemens Group)
  • Canon Inc.
  • Hitachi Ltd.
  • Shimadzu Corporation
  • Carestream Health
  • Esaote S.p.A.
  • FUJIFILM Holdings Corporation
  • Samsung Electronics Co. Ltd.
  • Agfa-Gevaert N.V.
  • Hologic Inc.
  • CurveBeam LLC
  • Planmed OY
  • Mindray Medical International Limited (A Subsidiary of Excelsior Union
    Ltd.)

For more information about this report visit https://www.researchandmarkets.com/r/alj7yl

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Related
Topics: Medical
Imaging
, Magnetic
Resonance Imaging (MRI)

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