Dubai, UAE, July 03, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the global Emerging Diagnostic Imaging Market is estimated to grow to USD 51.34 Bn by 2030, valued at USD 30.02 Bn in 2021, recording a CAGR of 4.8% during the forecast period. Increased government expenditure and reimbursement plans, a rise in the demand for early detection tools, technological developments that minimize turnaround times, and the construction of new facilities by market players in developing countries are anticipated to drive the market's growth.
Diagnostic imaging, commonly referred to as medical imaging, is the use of electromagnetic radiation and several other technologies to produce images of the internal organs and tissues of the body with the aim of providing a precise diagnosis. Nevertheless, other technologies, such as endoscopy and related methods, may also be used in which flexible optical devices are equipped with imaging cameras.
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Key Findings:
- Based on product, the X-ray devices segment dominated the market share in 2022
- Based on application, the hospital's segment is likely to lead the market in upcoming years
- In terms of region, North America is anticipated to dominate the market share throughout the projection period
Competitive Landscape
The global emerging diagnostic imaging market is anticipated to grow owing to recent trends involving collaboration between local and international businesses. Such partnerships and technological exchanges aid in accelerating the development and enhancing market competition, resulting in the development of high-end but reasonably priced imaging devices.
- Canon Medical Systems Corporation
- Cubresa Inc.
- ESAOTE SPA
- FUJIFILM VisualSonics Inc.
- General Electric Company
- Hologic, Inc.
- IBM Corporation
- Koning Health
- Koninklijke Philips N.V.
- PaxeraHealth
- PerkinElmer Inc.
- Samsung Medison Co., Ltd.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Siemens
- Others
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Global Emerging Diagnostic Imaging Market Segmentation:
By Product
- Computed Tomography
- Magnetic Resonance Imaging (MRI)
- Mammography
- Nuclear Imaging
- Ultrasound
- X-Ray Devices
Technological Advancements in the Healthcare Sector to Boost Sales for X-ray Devices
The X-ray devices segment dominated the emerging diagnostic imaging market share in 2022 due to increased public awareness of the advantages of early diagnosis and technological developments in the diagnostic imaging industry.
However, due to the rising prevalence of target diseases and expanding applications of ultrasonography, the ultrasound segment is anticipated to experience significant growth over the forecast period.
By End User
- Hospitals
- Specialty Clinics
- Diagnostic Imaging Centers
- Others
Growing Integration of Surgical Suits with Imaging Technologies in Hospitals to Aid Market Growth
The hospital segment dominated the global emerging diagnostic imaging market share in 2022 and is expected to continue its dominance throughout the projection period. The rising demand for advanced imaging modalities and the integration of surgical suits with imaging technologies are some of the major factors driving the segment's growth. When compared to general or specialty hospitals, demand for these modalities in teaching hospitals has increased significantly in some developed countries.
Top Trend in Emerging Diagnostic Imaging Market:
Integration with Cutting-edge Technologies to Boost Product Demand
Developing cutting-edge imaging devices is one of the main drivers fueling the market's growth. The rising use of robust AI-enabled diagnostic tools for quick diagnosis and predictive analysis in developed countries has also considerably contributed to the rising product demand. For instance, IBM Watson Health introduced AI orchestration services in November 2021 to help businesses benefit from incorporating AI software.
Key Challenges Faced by Emerging Diagnostic Imaging Market:
Hospital Budget Cuts to Pose as a Key Challenge to Market Growth
Several healthcare providers have joined forces with group purchasing organizations (GPOs) in response to growing government pressure to lower healthcare costs. Integrated Health Networks (IHNs) and Integrated Delivery Networks (IDNs) collaborate with medical device suppliers and producers to consolidate the purchasing power of their members and negotiate favorable costs. These organizations facilitate the integration of healthcare systems, enabling efficient procurement processes and cost-effective negotiations.
For large acquisitions of diagnostic imaging devices, GPOs, IHNs, and IDNs engage in intensive negotiating. In the US, till 2019, the proposed budget allocations for Health and Human Services have been drastically cut, substantially impacting hospital budgets.
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Emerging Diagnostic Imaging Market Opportunities:
Growing Population in Emerging Nations to Offer Potential Growth Opportunities
Major players in the diagnostic imaging market can experience rapid expansion in emerging markets such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa. Even though the cost is an issue in these emerging nations, India and China, in particular, have large populations that offer potential opportunities for emerging diagnostic imaging market growth. The need for early detection is made evident by the higher frequency of chronic diseases in these nations, including cancer, stroke, neurological and cardiovascular diseases, and the higher death rates.
For instance, according to GLOBOCAN 2020 data, developing regions are home to nearly 50% of the world's cancer patients. The major market players are implementing a number of growth strategies to strengthen their position in this area further. For instance, Siemens Healthineers stated that one of their largest markets and key drivers of incremental development is China. As a part of its growth strategy in India in 2019, Siemens Healthcare established its manufacturing facility and installed two production lines. One production line was dedicated to manufacturing the Cios Fit Mobile C-arm for surgical purposes, while the other focused on producing CT systems based on the Somatom platform to strengthen its market presence in India and enhance its manufacturing capabilities in the country.
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Recent Developments
- The new multi-modal Vevo F2 imaging platform for preclinical ultrasound, which FUJIFILM VisualSonics released in May 2022 aimed to provide enhanced imaging clarity and processes with improved frame rates compared to conventional systems.
- Philips introduced its AI-enabled MR array of smart diagnostic systems in November 2021 to optimize quality, speed up operations, and guarantee the functionality of diagnostic imaging solutions.
Presence of Prominent Players in North America to Support Regional Market Growth
North America is anticipated to hold the largest share of the global emerging diagnostic imaging market in the upcoming years as a result of the presence of a majority of key players and technical breakthroughs. The need for cutting-edge healthcare systems is driven by the presence of well-established healthcare facilities and a growing elderly population. In addition, there is a rising elderly population and its associated diseases, easy access to diagnostic imaging methods, and broad use of new technologies.
Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Product
2.3.1. Secondary Product
2.3.1.1. Preliminary data mining
2.3.2. Primary Product
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Rising Rate of Chronic Diseases Among Population Surging Demand of Imaging Devices
3.5. Market restraints
3.6. Market opportunities
3.7. Market Challenges
3.8. Porter’s Five Forces Analysis
3.9. Value chain analysis
Chapter 4. COVID-19 Impact on Emerging Diagnostic Imaging Market
Chapter 5. Global Emerging Diagnostic Imaging Market Overview, By Product, 2017 - 2030
Chapter 6. Global Emerging Diagnostic Imaging Market Overview, By End User, 2017 - 2030
Chapter 7. Global Emerging Diagnostic Imaging Market Overview, By Geography, 2017 - 2030
Chapter 8. North America Emerging Diagnostic Imaging Market Overview, By Countries, 2017 - 2030
Chapter 9. Europe Emerging Diagnostic Imaging Market Overview, By Countries, 2017 - 2030
Chapter 10. Asia Pacific Emerging Diagnostic Imaging Market Overview, By Countries, 2017 - 2030
Chapter 11. Middle East & Africa Emerging Diagnostic Imaging Market Overview, By Countries, 2017 - 2030
Chapter 12. South America Emerging Diagnostic Imaging Market Overview, By Countries, 2017 - 2030
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
15.1. Emerging Diagnostic Imaging Market Industrial Analysis
15.2. Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Marketing Channel Development Trend
16.2. Market Positioning
16.2.1. Pricing Strategy
16.2.2. Brand Strategy
16.2.3. Target Client
16.3. Distributors/Traders List
Chapter 17. Market Effect Factors Analysis
17.1. Product Progress/Risk
17.1.1. Substitutes Threat
17.1.2. Product Progress in Related Size
17.2. Consumer Needs/Customer Preference Change
17.3. Economic/Political Environmental Change
Chapter 18. Future Outlook of the Market
Browse Complete TOC: https://www.extrapolate.com/toc/healthcare-medical-devices-biotechnology/emerging-diagnostic-imaging-market/26058
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