Global Diagnostic Imaging Market: Overview
Diagnostic imaging refers to techniques that allow physicians to look inside our body for clues pertaining to a medical condition. Various techniques and machines enable the imaging of activities, structures, and abnormalities inside our bodies. Some of these are computed tomography (CT) scans, ultrasound, x-rays, MRI scans, and nuclear medicine scans. By application, spine, neurology, gynecology, breast health, general imaging, thoracic, cardiovascular, and orthopedics can be some of the key segments of the global market for diagnostic imaging. Whereas, hospitals, diagnostic imaging centers, research and academic centers, biotechnology and pharmaceutical companies, and Contract Research Organizations (CROs) can be the chief end-use segments.
Global Diagnostic Imaging Market: Key Trends
The increasing incidence of diseases on a global scale, growing geriatric population, and technological advancement in the area of diagnostic imaging techniques are driving the market. Several government and private organizations are aiding the expansion of the global market for diagnostic imaging via vast investments directed at the development of new products. Among the diagnostic imaging methods, the x-ray based examinations are likely to exhibit maximum growth, contributing towards overall market growth.
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On the other hand, exposure to radiation involved in some techniques might increase the risk of cancer among patients, restricting the growth of the global market. Nevertheless, significant opportunities arising from the development of new products will help the market overcome the negative impact of this restraint.
Global Diagnostic Imaging Market: Market Potential
A number of market players are developing innovative devices aimed at offering more precise and faster diagnosis. As a result, several hospitals and clinics have been offering diagnostic imaging services. For instance, in March 2017, Sequoia Hospital started offering 128-sliced CT scans for accurate diagnosis of medical conditions. This new 3D technology ensures that patients will be exposed to minimal radiation, offering high image quality and faster results at the same time.
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Another example is the unveiling of a new center by Delhi-based Mahajan Imaging, an India-based diagnostic center, at Gurugram (previously Gurgaon), in the state of Haryana. The center aims at providing latest diagnostic imaging equipment and services to the residents, with an emphasis on spreading awareness about and offering treatments for women’s health issues.
Global Diagnostic Imaging Market: Regional Outlook
Based on geography, the major segments of the global diagnostic imaging market are Asia Pacific, North America, Europe, and the Rest of the World (RoW). North America is expected to emerge as the leading market for diagnostic imaging. The growth of this region can be attributed to the alarming increase in medical conditions such as cancer.
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Asia Pacific is expected to exhibit tremendous growth, with countries such as China, Japan, and India representing a major share of the regional market for diagnostic imaging. The rising awareness about the availability and benefits of these tests, increasing prevalence of chronic disorders, growing healthcare expenditures, and favorable policies of the government are propelling the market for diagnostic imaging in this region.
Global Diagnostic Imaging Market: Competitive Analysis
Mergers and acquisitions, partnerships, and collaborations are some of the major business strategies adopted by several leading market players. For example, MedyMatch Technology announced its collaboration with IBM Watson Health in March 2017. The key objective of this collaboration was to bring cognitive tools to imaging experts who work with hospital emergency rooms and other crucial settings for helping physicians diagnose intracranial bleeding resulting from stroke and head trauma. Similarly, during the same month, Minneapolis-based medical technology firm CorVascular Diagnostics, LLC announced its collaboration with Novarix, Inc. a manufacturer of medical devices used in intravenous therapy.
Some of the major companies operating in the global market for diagnostic imaging are Toshiba Medical Systems Corporation, Siemens Healthcare GmBH, GE Healthcare, Koninklijke Philips N.V., Shimadzu Corporation, and Hitachi Ltd.
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