Diagnostic Imaging Devices Global Market estimated to be worth $46,481.7 million by 2025
Diagnostic imaging is a non-invasive method for identifying and monitoring diseases or injuries by generating the images of internal anatomic structures and organs of the body for diagnosis purpose. Advances in diagnostic imaging technology has redefined how physicians diagnose and treat some of the most life threatening diseases such as cancer and heart disease and they have nearly eliminated the need for exploratory surgery. The use of diagnostic imaging devices is increasing significantly due to increased demand by patients and physicians as they provide precise information of disease condition which will help physicians to treat patients effectively and play an important role in the early diagnosis and prevention of disease.
The global diagnostic imaging market is expected to grow at a single digit CAGR to reach $46,481.7 million by 2025. There are many factors involved in driving the growth of the diagnostic imaging market such as increasing life threatening diseases such as cancer, cardiovascular, neurological disorders and others requiring early and accurate diagnosis, growing research activities across globe and establishment of private diagnostic centres offering diagnostic imaging services. However, high cost and maintenance of devices, the risk of the radiation exposure, lack of skilled personnel, shortage of technetium 99m for SPECT systems and helium for MRI systems, reimbursement cuts and stringent regulatory guidelines are some of the factors hampering the diagnostic imaging devices market.
The diagnostic imaging devices global market by products is segmented into X-ray systems, Computed Tomography (CT) Scanners, Magnetic Resonance Imaging (MRI) systems, Ultrasound systems, Nuclear imaging systems and Mammography and other systems. Among the products, X-ray devices hold the highest share in 2018 and expected to grow at a mid single digit CAGR from 2018 to 2025 due to emergence of advanced technologies and primarily due to its applications which includes usage in accidents, trauma, common applications, orthopaedics and others. Among the products with respect to fastest growing segment, mammography and others held the high single digit CAGR from 2018 to 2025.
Among the various diagnostic imaging related application, cancer segment holds the highest share in 2018 and expected to grow at a high single digit CAGR from 2018 to 2025 due to rise in cancer incidence, urge for the advanced imaging modalities for early diagnosis of lung, liver, throat and other cancers, rising incidence in breast cancer detection and treatment by the patients which are driving the market growth.
Among the various diagnostic imaging related end-users, hospitals segment holds the highest share in 2018 and expected to grow at a mid single digit CAGR from 2018 to 2025 due to increasing in infrastructure of the hospital setup, government fund allocation, increase in the number of installed units of diagnostic imaging modalities, Improved patient safety and clinical outcomes and reducing diagnosis error drives the end users market. The private diagnostic centres segment is expected to grow with a mid single digit CAGR from 2018 to 2025.
The diagnostic imaging devices global market based on geography is divided into North America, Europe, Asia-Pacific and Rest of the world. North American region commanded the largest revenue in 2018 and expected to grow at a mid single digit CAGR from 2018 to 2025. Increasing growth in aging population with life threatening diseases and significant increase in diagnostic centers in U.S. has led the market growth in this region. However, Asia-Pacific is expected to grow at a high single digit CAGR from 2018 to 2025, owing to the rapidly increasing aging population and rise in healthcare awareness in the emerging countries, such as India and China.
Availability of advanced products and with technological innovations occurring at a rapid pace in the diagnostic imaging market, patients prefer to employ treatments which have more success rates, lower risk of complications and lesser turnaround time. For instance, Clarius Mobile Health introduced new advanced features for its C3 and L7 wireless that provides quick scans of heart, abdomen and lungs. These handheld ultrasound scanners sends wireless data to most iOS or android smart devices and gives clinicians the availability to perform quick scans anywhere providing efficient and accurate diagnosis. Also there is an increase in innovation with respect to the PET/CT, SPECT/CT, PET/MRI hybrid imaging systems, shift from stationary to portable CT systems, availability of high resolution and high slice CT systems and imaging devices with low dose of radiations.
Companies such as GE Healthcare, Siemens Healthcare, Philips N.V, Canon Medical Systems and Fujifilm Holdings Corporation are ahead of other companies are considered to be leaders in this space with their marketed products and strong pipe liners due to their strong patented portfolio, geographical presence, developing differentiated advanced and innovative technology, new product launches and improved sales network. GE Healthcare is a leader in diagnostic imaging devices market and holds the highest market share. The company’s core strength is its Revolution CT sytems, Senographe Mammography systems, SIGNA and DISCOVERY MRI systems, Optima X-ray systems, LOGIQ and Vivid ultrasound systems which provide advanced imaging technology and is applicable in fields such as cardiology, oncology, women’s health, neurology, orthopaedics and abdominal related disorders. Followed by Siemens Healthcare is a leader in diagnostic imaging devices market and holds the second highest market share. Siemens’s core strength is its Magnetom MRI sytems, Somatom CT sytems, ACUSON ultrasound systems, Symbia MI systems, Mammomat mammography systems.
The dominant players are using new product launches, approvals, agreements and partnerships as their core strategy to strengthen their position in the market. For instance, in May 2018 Siemens Healthineers and ScreenPoint Medical entered into partnership to develop artificial intelligence based applications for breast imaging. With this partnership the precision medicine is expanded by providing automated clinical decision support that makes it easier and faster to distinguish between healthy and tumor tissue, thus increasing diagnostic accuracy.
The diagnostic imaging devices global market is a consolidated with top five players occupying majority of the market share. The existing players in this market are involved in developing new advanced products and getting approvals to maintain their market shares. For instance, in March 2018 Hologic, Inc. received FDA approval for Clarity HD high-resolution 3D imaging and Intelligent 2D imaging technology on the 3Dimensions breast tomosynthesis system. With these innovations, the system now provides higher resolution 3D images for radiologists, enhanced workflow for technologists, and a more comfortable mammography experience, with low-dose options, for patients.
Major players in the diagnostic imaging devices global market are Carestream Health, Inc. (U.S.), GE Healthcare (U.S.), Siemens Healthcare (Germany), Philips N.V (Netherlands), Hitachi Medical Corporation (Japan), Hologic, Inc. (U.S.), Shimadzu Corporation (Japan), Canon Medical Systems Corporation (Japan), Fujifilm Holdings Corporation (Japan) and Shenzhen Mindray Bio-Medical Electronics (China).
Dx Ray Inc., (U.S ), Fonar Corporation (U.S), Aurora Imaging Technologies (U.S), Fujikin Incorporated (Japan), Ultraview Ltd (Israel), BioMediCom (Israel), Rimimed (Israel), Konica Minolta (Japan), ViewSend ICT Co., Ltd (Japan), Esaote (Italy), Analogic Corporation (U.S.) are some of the emerging players in the diagnostic imaging devices market.