Diagnostic Imaging Systems Market Research Report: by Product (X-Ray Imaging, MRI, Ultrasound, CT Scanners, Nuclear Imaging), Application (Cardiology, Oncology, Neurology, Orthopedics, Urology, Dentistry, Ophthalmology, Obstetrics/Gynecology), End User (Diagnostic Imaging Centers, Hospitals), Geographical Insight (U.S., Canada, Germany, France, U.K., Italy, Spain, Russia, Netherlands, Switzerland, Sweden, Japan, China, India, South Korea, Australia, Brazil, Mexico, Saudi Arabia, South Africa) – Global Industry Size, Share Analysis and Growth Forecast till 2024
NEW YORK, May 02, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global diagnostic imaging systems market size is predicted to generate over $51.2 billion revenue by 2024, from $37.2 billion in 2018. The X-ray imaging systems category dominated the global market and generated revenue worth $15.2 billion in 2018, which is projected to reach $20.5 billion by 2024, progressing at a CAGR of 5.2% during the forecast period (2019–2024). Besides, the industry witnessed fastest growth in the category of nuclear imaging systems. The growth of this category is mainly driven by increasing prevalence of cancer, and rising demand for these systems across the globe. Furthermore, the market size for ultrasound systems, which stood at $5.9 billion in 2018, is expected to reach $8.3 billion by 2024, witnessing a CAGR of 6.0% during the forecast period.
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Increasing number of product launches and approvals, collaborations, and acquisitions by key players to expand their footprint and consumer base is the key trend observed in the diagnostic imaging systems market. Players, such as General Electric Company, Shimadzu Corporation, Koninklijke Philips N.V., Siemens AG, Carestream Health Inc., Canon Medical Systems Corporation, and Samsung Electronics Co. Ltd., are actively focusing on these strategic measures to expand their product portfolio and market share in the industry. For instance, in January 2019, Canon Medical Systems Corporation introduced its global illumination rendering technology within the Vitrea platform. This technology allows physicians to visualize anatomy prior to autopsy and to interact in real-time with photorealistic images and visualize patient’s anatomy in all dimensions.
The governments across the globe are running awareness programs to educate people regarding early diagnosis of chronic diseases, especially breast cancer, lung cancer, cardiovascular diseases, diabetes, arthritis, and tuberculosis. Such initiatives are leading to increase in awareness regarding early diagnosis of diseases among healthcare providers and patients. Diagnostic imaging has helped doctors to diagnose diseases earlier, thereby improving patient outcomes. Diagnostic imaging systems improve healthcare quality and reduce healthcare cost by shortening recovery time and avoiding unnecessary invasive procedures. Such factors are playing pivotal role in the growth of diagnostic imaging systems market.
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Globally, North America and Europe, will together account for over 60% share in the diagnostic imaging systems market by 2024. This can be mainly attributed to the presence of established players, increasing adoption of telemedicine, and increase in prevalence of chronic diseases in these regions.
The diagnostic imaging systems market is consolidated in nature; and General Electric Company, Koninklijke Philips N.V., Siemens AG, Canon Medical Systems Corporation, Shimadzu Corporation, Carestream Health Inc., Esaote S.p.A., FUJIFILM Holdings Corporation, Samsung Electronics Co. Ltd., Hologic Inc., and DEL MEDICAL Inc. are some of the major players engaged in the development and commercialization of diagnostic imaging systems.
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In January 2019, the U.S. Food and Drug Administration (USFDA) approved Siemens Healthineers’s MAGNETOM Lumina 3 Tesla MRI scanner. The system features BioMatrix patient personalization technology, which significantly improves productivity while reducing scan time. Furthermore, in September 2018, Carestream Health Inc. received the USFDA 510(k) Clearance for its OnSight 3D Extremity System. This imaging system uses cone beam CT technology to capture weight-bearing and other types of extremity exams.
Other prominent players in the diagnostic imaging systems market include Konica Minolta Inc., Dornier MedTech GmbH, SternMed GmbH, MinFound Medical Systems Co. Ltd., DRGEM CO. LTD., SonoScape Medical Corporation, Analogic Corporation, and Fonar Corporation.
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