Medical Digital Imaging Devices Market Overview
The Global Medical Digital Imaging Devices Market is touted to expand significantly over the forecast period. The Medical Digital Imaging Devices Market is expected to surpass its 2017 market value of USD 12.9 billion at a CAGR of 7.1% over the review period.
Factors such as the rising incidence and prevalence of chronic diseases around the world, technical advances in imaging systems, the government investments for imaging facility modernization, and the number of diagnostic imaging centers are driving diagnostic imaging market growth. The market has been fuelled by rising demand for successful early diagnostic methods and an increasing population of the elderly. Technological advancements and increased government investments and funds, especially in developing countries like India and China, are also expected to fuel market growth in the coming years.
The demand has been augmented by advancements in digital and networking technology. In most diagnostic radiology procedures, new imaging techniques provide precise anatomical detail. This has assisted in the growth of medical digital imaging’s use in exploratory surgery. Similarly, the rising demand for advanced imaging modalities by teaching hospitals and universities to provide advanced technology training is expected to have a major effect on market growth in the coming years. This pattern, which was previously restricted to developed countries, is now spreading to developing countries as well.
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The high cost of diagnostic imaging systems, technical limitations associated with standalone systems, and unfavorable healthcare reforms in the United States, however, are the major factors limiting the market’s development.
The Global Medical Digital Imaging Devices Market has been segmented into technology, type, and end user.
By type, the market has been segmented into Computed Tomography, X-ray, Ultrasound, MRI and Nuclear Imaging. The X-ray segment is slated to record the highest CAGR during the forecast period due to technological advancements.
On the basis of technology, the market has been segmented into 2D, B/W, Color, and 3D/4D.
The market, by end user, has been segmented into hospitals & clinics, diagnostic center, and others.
The Americas is the industry leader and has a promising market for medical digital imaging products, owing to the increasing prevalence of cardiovascular, neurological, and ophthalmic disorders, which is a major trigger factor, as well as the growing geriatric population. Furthermore, the Americas are seeing rapid technological advances, as well as increased government initiatives and support for medical device research, which is propelling market growth. Because of factors such as favorable reimbursement scenarios and high patient knowledge, the area also has a high adoption of advanced, high-priced medical imaging modalities.
Due to major driving factors such as the availability of advanced treatment facilities, growing healthcare spending, and a booming medical technology industry due to the involvement of major market players, Europe accounts for the second largest market and holds a healthy share in the global medical digital imaging devices market. Furthermore, the market is being driven by the increasing prevalence of chronic disorders such as cardiovascular and neurological disorders, among others.
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Because of the large patient population, faster adoption of healthcare technologies, government measures to improve healthcare quality, and the availability of favorable insurance plans, Asia-Pacific is projected to be the fastest growing region. Furthermore, due to the lower cost of clinical trials, research majors have developed regional headquarters and manufacturing plants in Singapore, China, Japan, Korea, and Australia, indicating that the medical digital imaging devices market will expand positively in the future. Japan is the largest medical imaging market in the Asia Pacific region. The involvement of market giants based in Japan and South Korea is expected to play a significant role in regional market growth. An increasing number of local manufacturing units is expected to provide moderately priced diagnostic units, thus helping in price-sensitive, underpenetrated market space in the region.
Due to some major factors such as lack of knowledge, restricted access, and availability of treatment facilities, the Middle East and Africa is projected to have the slowest growth in the sector. Due to the growth of the healthcare industry and the increasing availability of specialty care centers, the United Arab Emirates and Saudi Arabia have the largest market share in the Middle East.
Some of the notable players in the global medical digital imaging devices market are Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Esaote SPA, Canon Medical Systems Corporation, Hologic, Hitachi, and Shimadzu.
Table Of Contents
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Detection Technique Trends & Assessment
Chapter 5. Market Factor Analysis
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