Diagnostic Imaging Equipment Market Trends

Growth Drivers

Growing Burden of Chronic Diseases- The need for various advanced diagnostic image processing and analysis software has increased globally owing to an increase in the number of diagnostic imaging procedures and the rising prevalence of chronic diseases. According to estimates provided by the World Health Organization, almost 18 million people worldwide pass away each year as a result of cardiovascular disease. It is a major factor in fatalities on a global scale.
Technological Advancement of Diagnostic Medical Imaging Equipment- Enhancement of the technology is essential for the diagnostic machine, so that they are up-to the mark and are updated with advancing science. For instance, Fujifilm Corporation created artificial intelligence-based lung nodule detecting technology. The machine algorithm aids in both the detection of lung cancer and pulmonary nodules in the chest.
Higher Surgical Procedures Carried Out all over the World- Surgical care required mandatory medical imaging so that the site of the surgery can be located precisely. Over 2 million surgeries were performed in 2018, and 11% of all diseases and injuries required surgical intervention, according to the World Health Organization.
Increasing Healthcare Spending- Rising healthcare expenditure is to boost the purchase and demand for diagnostic medical imaging equipment. After COVID-19, it is anticipated that global healthcare spending will rise by about 4% and reach almost USD 10 trillion by 2024.
Rise in the Count of People in Need of Organ Donation- There are around 100,000 persons on the waiting list for organ transplants, and a new person is added to the list every nine minutes. More than 40,000 transplants were performed in 2021.

Challenges

Shortage of Diagnostic Imaging Machines in Rural Areas
Potential for Exposure to Harmful Penetrating Radiation- High energy wavelength radiation from X-rays, nuclear imaging, and CT scans swiftly penetrates our tissues and, if exposed for a prolonged period of time, may potentially cause disruption to our organs and protein structures. DNA and cells could be harmed by radiation. As a result, it is projected that the risk of radiation exposure will limit market growth.
Exorbitant Prices of the Medical Imaging Equipment

Diagnostic Imaging Equipment Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	8%
Base Year Market Size (2022)	USD 45 Billion
Forecast Year Market Size (2035)	USD 62 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

Frequently Asked Questions (FAQ)

Increasing public awareness of chronic diseases, rising healthcare costs, and the demand for early diagnostics are some of the key drivers propelling the market's expansion.

The market is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023-2035.

The rising prices of diagnostic equipment, insufficient machine in underdeveloped areas and risk of getting expose to rays are the few factors which are to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are General Electric Company, Koninklijke Philips N.V., Canon Medical Systems Corporation, Carestream Health, Hitachi Medical Systems, Hologic, Inc., Samsung Medison Co., Ltd., Shimadzu Corporation, FONAR Corp., Siemens Healthcare GmbH and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product, end user, and by region.

The X-ray segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Diagnostic Imaging Equipment Market Trends