Market Research Report
|Published by||Global Industry Analysts, Inc.||Product code||903056|
|Published||Content info||537 Pages
Delivery time: 1-2 business days
|Published: April 1, 2021||Content info: 537 Pages||
The global market for Diagnostic Imaging is projected to reach US$31.8 billion by 2025, driven by the importance of medical imaging in healthcare in disease prevention, early detection, diagnosis, and treatment. Essential in the management of all virtually all medical conditions and diseases, there is growing interest in R&D of newer and more powerful imaging technologies. Advanced imaging capabilities provide huge benefits such as early detection; better diagnosis; detailed visualization of anatomical structures; easy and faster physician understanding of disease complications; better clinical decisions; reduced risk of errors; safer in terms of medical radiation exposure; and better patient outcome. Demand for diagnostic imaging services is poised to benefit from the growing global burden of disease which is directly linked to increasing life expectancy. With the average human living longer due to improvements in acute care, the risk of developing chronic diseases remains high leading to higher number of years lived with disability. Medications that slow progress of disease and prevent death such as BP, cholesterol drugs for cardiovascular diseases and new generation drugs for diabetics are responsible for the rise in life expectancy. For instance, drugs like Metformin has significantly increased survival rate in patients with diabetes and comorbid heart diseases. However, prolonged life with chronic diabetes leads to other diabetes-related health problems such as damage to eyes, kidneys, feet, nerves, large blood vessels of the heart, brain and legs. Higher number of years lived in less-than-ideal health pushes up demand for healthcare services. With medical imaging being the starting point for timely care and treatment, diagnostic imaging is the chief beneficiary of the aging population living with chronic diseases.
Popular diagnostic imaging technologies currently in use include X-rays, CT scan (computed tomography scan), MRI (magnetic resonance imaging), ultrasound, nuclear medicine imaging, including positron-emission tomography (PET), and optical imaging. The field of diagnostic imaging is effervescent and continuously evolving and changing with significant funds for R&D being continuously injected to develop more advanced imaging technologies that provide accurate and precise diagnosis. Few of the ongoing innovations include hybrid imaging technology that combines PET/CT, PET/MRI and/or SPECT/CT systems; development of imaging systems with lower doses of ionizing radiation or non-ionizing radiation such as Optical Coherence Tomography (OCT), Photoacoustic Imaging, Diffuse Optical Tomography (DOT), Raman Spectroscopy & Photoactivated Localization Microscopy (PALM), Florescence Imaging, Near-infrared fluorescence imaging, Bioluminescent Imaging (BLI); use of contrast Agents in diagnostic imaging; development of cryogen-free MRI imaging systems and automated CT scanners, among others. Nuclear imaging market is especially poised to grow supported by the epidemic spread of cancer. Nuclear medicine is an evolving area of radiology that utilizes tiny amounts of radioactive dye (tracer) to highlight damaged or infected tissues and cancer cells. Types of nuclear imaging modalities that utilize radioisotopes include bone density scan, Cardiac PET perfusion, Cardiac PET sarcoid, Cardiac SPECT perfusion, Cardiac PET viability, PET/CT scanning, MIBG (metaiodobenzylguanidine) scans, gallium scan, and SPECT. Nuclear imaging equipment, over the decades, has witnessed several advances at the technological front. Technological advances continue to drive the market, with some of these focusing in improving systems in order to enhance clinical decision-making for clinicians as well as patients. Rising density of diagnostic imaging units is resulting in growing number of imaging procedures performed each day. CT & MRI scans dominate the diagnostic radiology industry, with the United States leading the world in terms of volume of procedures performed. The United States and Europe represent large markets worldwide with a combined share of 59% of the market. China ranks as the fastest growing market with a CAGR of 7.6% over the analysis period supported by the country's rapidly developing healthcare system under the "Healthy China 2020" initiative which is largely focused on chronic disease prevention.
Select Competitors (Total 66 Featured) -