The Europe Diagnostic Imaging Market was worth $8.08 billion in 2016 and estimated to be growing at a CAGR of 6.70%, to reach $11.17 billion by 2021. Medical imaging provides the visual image of the inside of the body for various purposes.
Diagnostic imaging has transformed the way in which many diseases and injuries are spotted, diagnosed, and treated. This market has applications in several medical arenas like cardiology, neurology, and orthopaedics. Internationally, most of the industrialized nations are spending a huge part of their GDP on healthcare necessities.
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Increasing prevalence of cancer and cardiac, neurological, and musculoskeletal disorders is one of the major driver for the Diagnostic Imaging market in this region. Another aspect is that European countries face comparable economic and demographic burdens and share an interest in scrutinizing their impact on health outcomes nationally and across Europe. However, factors such as costly procedures & equipment, side effects of diagnostic imaging procedures and saturation in the industrialized countries are hindering the growth of the market.
The Europe Diagnostic Imaging market is segmented based on Type and Application. The market for Diagnostic Imaging, on the basis of type is segmented into X-Rays, Nuclear Medicine, Ultrasound, MRI, Tomography, Photoacoustic Imaging, Thermography, Tactile Imaging, Elastography, Functional near infrared spectroscopy, Echocardiography. Each modality is further separated into sub segments. The X-ray and ultrasound systems market is segmented on the basis of technology and portability respectively. The nuclear imaging systems market is characterised into Scintigraphy, PET Imaging, and SPECT Imaging. On the basis of Application, the Diagnostic Imaging market is segmented into Cardiology, Oncology, Neurology, Orthopaedics, Gastroenterology, Gynaecology, and Others. Tomography is a widely used method as it increases the chances of cancer discovery and decreases the cases of the patient being called for further tests. 3D imaging is anticipated to grow in all markets during the forecast period.
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The Europe market has been geographically segmented into Germany, U.K, France, Spain, and Italy. European is the second largest market with a global share of 29%. Germany is the largest market share holder for the Diagnostic Imaging market in this region, followed by the UK and France. Other significant markets in the region are Norway, Netherlands, Denmark, and Greece.
Companies are showing a strong interest in enhancing image quality by developing new technologies and creating new devices or novel techniques to achieve images with higher spatial resolution. Imaging will continue to progress and provide an important set of tools for clinical study, drug development, and disease diagnosis. The major companies dominating the Diagnostic Imaging market in this region are GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., Fujifilm Corporation, and Shimadzu Corporation.
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