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