According to a new market report published by Persistence Market Research “Global Market Study on Diagnostic Imaging Devices: Asia-Pacific to Witness Highest Growth by 2020,” the global diagnostic imaging devices market was valued at USD 26,477.1 million in 2014 and is expected to grow at a CAGR of 5.2% from 2014 to 2020, to reach an estimated value of USD 35,793.4 million in 2020.
The global diagnostic imaging devices market is growing at a moderate rate owing to increasing prevalence of chronic diseases and injuries, and growing aging population. Moreover, factors such as rising initiatives undertaken by government associations to boost awareness of the effects and complications of tuberculosis, cardiovascular diseases, and cancer, and technological advancement and widening application of diagnostic imaging devices are driving the global diagnostic imaging devices market. In addition, increasing funding from government bodies is also promoting the use of diagnostic imaging devices in the regions. However, factors such as strict regulatory requirements and heightened risk of cancer owing to exposure to radiation are inhibiting the market growth. The global diagnostic imaging devices market is anticipated to grow from an estimated USD 26,477.1 million in 2014 to USD 35,793.4 million in 2020 at a CAGR of 5.2% during the forecast period.
In North America, growing aging population, increasing health awareness, rising chronic diseases and injuries, large number of ongoing research activities and faster adoption of technologically advanced imaging systems are driving the use of diagnostic imaging devices in the market.
In Europe, the diagnostic imaging devices market is driven by rising diagnostic requirements due to increasing prevalence of chronic diseases and injuries, and aging population. For instance, according to a paper published on Cancer Incidence and Mortality Pattern in Europe, by International Agency for Research on Cancer in France, approximately, 3.45 million new cases of cancer were diagnosed in Europe in 2012.
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However, in Asia-Pacific the growth for diagnostic imaging devices is much higher than developed countries due to growing awareness about benefits of early diagnosis of disease among individuals, large population base, upgradation of health care systems and increasing prevalence of chronic diseases.
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Siemens Healthcare, Hitachi, Ltd., Carestream, Health, Inc., Samsung Electronics Co., Ltd., Toshiba Corporation, Koninklijke Philips N.V., and General Electric Company are some of the major players in diagnostic imaging devices market.