Medical/Diagnostic Imaging Market
Medical/Diagnostic Imaging Market is expected to garner $45.0 billion by 2022, registering a CAGR of 5.1% during the forecast period 2015-2022. Medical/Diagnostic Imaging refers to the use of different imaging modalities to get visual representations of the interior of a body for diagnostic and therapeutic purposes. The medical imaging includes different types of modalities that are used to image the human body for diagnosis and treatment of a variety of diseases, and hence plays a vital role in improving health. The medical imaging industry has been revolutionized from bed-side monitoring towards high-end digital scanning.
Technological advancements in diagnostic imaging devices, rising incidences of chronic diseases coupled with the rapidly aging population, increase in number of medical imaging procedures, and rising awareness for early diagnosis of clinical disorders are the key factors that are expected to boost the medical/diagnostic imaging market growth. Furthermore, untapped medical/diagnostic imaging market in Asia-Pacific and LAMEA region is also expected to accelerate the overall market growth during the forecast period. Shortage of helium, high cost of imaging modalities and unfavorable reimbursement scenario in emerging countries may limit market growth, but the increasing healthcare spending in emerging markets will continue to boost demand for diagnostic imaging devices.
The market is expected to gain traction in the developing regions of Asia-Pacific and other LAMEA nations. The reasons for the unparalleled market growth are large undiagnosed patient population, rapid urbanization, increase in disposable income, improved government funding towards chronic disorders, and growing awareness about early diagnosis of diseases. However, adoption of these high-cost medical imaging systems in countries namely, India and China would continue to remain a key challenge for the leading innovators in medical/diagnostic imaging market.
This report segments the medical imaging market on the basis of product type, application, and geography to provide a detailed assessment of the market. Based on product type, the market is segmented into computed tomography (CT) scanners, X-ray imaging systems, magnetic resonance imaging (MRI) systems, ultrasound imaging systems, nuclear imaging systems, and mammography systems. The X-ray imaging systems segment spearheads the product types market governing over one fourth of the world medical/diadnostic imaging market in 2015 and would continue to maintain its market position during the forecast period (2016-2022). The nuclear imaging systems market is projected as the fastest growing segment throughout the forecast period. Based on applications, the market is segmented into obstetrics/gynecology (OB/GYN) health, orthopedics and musculoskeletal, neuro and spine, cardiovascular and thoracic, general imaging, breast health, and others. The report covers a geographic breakdown and a detailed analysis of medical imaging market across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific and LAMEA markets are expected to register the highest CAGR during the forecast period.