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Diagnostic Imaging Market Outlook 2021: Top Companies, Trends and Growth Factors Details for Business Development

Wednesday, November 16, 2016 5:58
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(Before It's News)

The Global Diagnostic Imaging Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.2% from 2015 to 2020. Though the mature market such as Europe and North America hold larger share in diagnostic imaging market, the Asia-Pacific (APAC) region is estimated to grow at the highest CAGR of 7.2%.

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The growth of the diagnostic imaging market is mainly triggered by factors such as the government initiatives to fulfill healthcare needs, the growing aging population, improving healthcare facilitates in emerging countries of Asia-Pacific and RoW region, and geographic expansion of market players. However, factors such as high cost of diagnostic imaging systems, reimbursement cuts in mature regions, and growing preference of hospitals towards refurbished devices due to budget constraints, are limiting the growth of the diagnostic imaging market. Increasing public-private investments by market players in the emerging regions of Asia-Pacific and RoW are creating opportunities for the growth of diagnostic imaging market in these regions.

Based on the type of modalities, the global diagnostic market is categorized into five segments:

  • Magnetic Resonance Imaging (MRI) Systems
  • Nuclear Imaging Systems
  • X-ray Imaging Systems
  • Ultrasound Systems
  • Computed Tomography (CT) Systems

Global Diagnostic Imaging Market Was Dominated By:

  • Hitachi Medical Corporation (Hitachi Ltd., Japan),
  • Siemens Healthcare GmBH (Siemens AG, Germany),
  • GE Healthcare (General Electric Company, U.K.),
  • Toshiba Medical Systems Corporation (Toshiba Corporation, Japan),
  • Koninklijke Philips N.V. (The Netherlands)

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Each modality is further divided into subsegments. The X-ray and ultrasound systems market is divided based on portability and technology; while, CT systems are divided on the type of slice. MRI systems are divided based on field strength and type of architecture. The nuclear imaging systems market is categorized into SPECT and hybrid PET systems, which are further divided into standalone and hybrid modalities.

The global diagnostic imaging market is highly competitive, with a large number of local and global players.

Diagnostic Imaging Market Drivers

  • Increasing investments, funds, and grants by government bodies and public-private partnerships worldwide
  • Growth in the number of diagnostic imaging centers
  • Growing prevalence of cancer
  • Rising geriatric population and the subsequent growth in the incidence and prevalence of various diseases
  • Technological advancements in diagnostic imaging modalities

Diagnostic Imaging Market Restraints:

  • Risk of high radiation exposure will limit the use of CT scanners
  • Shortage of helium – A major concern for MRI manufacturers and healthcare facilities
  • High cost of diagnostic imaging systems affecting their rate of adoption in emerging markets
  • Technological limitations associated with standalone systems affecting their usage in various applications
  • Unfavorable healthcare reforms in the U.S.

Diagnostic Imaging Market Opportunities:

  • High demand for diagnostic imaging devices and improving healthcare infrastructure in emerging markets
  • Development of low-cost, technologically advanced imaging systems with applications in multiple fields
  • Industry initiatives towards development of novel products to cater to unmet market demands

Diagnostic Imaging Market Challenges:

  • Hospital budget cuts
  • Increasing adoption of refurbished diagnostic imaging systems
  • Dearth of trained personnel

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Product launches, upgrades, and approvals, agreements, collaboration, and partnerships, are the key strategies implemented by most of the market players to achieve growth in the diagnostic imaging market.

In the forecast period, the X-ray imaging system is projected to hold the largest share of the global diagnostic imaging market. Aspects such as the growing number of new product launches by market players to strengthen their product portfolio and strategic collaborations to offer expanded capabilities to consumers, are encouraging the growth of the global X-ray imaging systems market.

Geographically, North America commands the largest share of ~33% of the global diagnostic imaging market in 2015, followed by Europe. The diagnostic imaging market in the North American market is mainly driven by several factors, comprising of the high incidence and prevalence of various diseases (such as cancer and CVD), fast adoption of technologically advanced imaging systems, large number of diagnostic imaging centers and procedures in this region, and growing number of ongoing research activities.

Reasons to Buy the Report:

From an insight perspective, this research report has focused on different levels of analysis — market share analysis of top players, industry analysis, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the Diagnostic imaging market, restraints, opportunities, competitive landscape, high-growth regions, and market drivers.

The report will enrich both new entrants/ smaller companies as well as established firms to gauge the pulse of the market, which, in turn, will help the businesses in garnering a larger market share. Organisations purchasing the report could use any one or combination of the below mentioned five strategies (competitive assessment, market diversification, market penetration, market development, and product development/innovation) to strengthen their market shares.

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The Diagnostic imaging market report provides insights on the following pointers:

  • Competitive Assessment: Thorough assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the Diagnostic imaging market.
  • Market Diversification: Comprehensive information about untapped geographies, new products, recent developments, and investments in the Diagnostic imaging market.
  • Market Penetration: Exhaustive information on the product portfolios of the top players in the Diagnostic imaging market. The report analyses the Diagnostic imaging market by end-users, regions, product and type of cell.
  • Market Development: Complete information about emerging markets. This report analyses the market for various Diagnostic imaging market products across geographies.
  • Product Development/ Innovation: Meticulous insights on the new product launches, upcoming technologies and R&D activities in the Diagnostic imaging market.

About Absolute Report:

Absolute Reports is an upscale platform to help key personnel in the business world in strategizing and taking visionary decisions based on facts and figures derived from in depth market research. We are one of the top report resellers in the market, dedicated towards bringing you an ingenious concoction of data parameters.

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