Diagnostic medical imaging creates artistic visual representations of the interior body organs for clear diagnosis. This method reveals hidden internal structures and assists the next course of diagnosis and treatment. Growth in the applications of information technology and modern instruments in medical sectors is reflecting on the growth of the advanced device markets. Along with the conventional diagnostic devices, healthcare professionals are now using the instruments that guarantee specifically clear results in terms of diagnosis of the diseases and disorders. The global diagnostic imaging market is expected to maintain healthy growth, especially with the rising demand and investments in the industry.
Key Takeaways for Medical Imaging Market
The global diagnostic imaging market is categorized on the basis of the types of products and geographic regions. Geographically, the market is segmented into North America, Europe, Asia and the rest of the world. On the basis of the types of products, the industry is categorized into five basic segments, which include x-ray systems, ultrasound systems, computer tomography or CT scanners, magnetic resonance imaging or MRI systems, and nuclear imaging equipment systems. According to the experts, the global market was strongly driven by North America, which was seconded by Europe.
The strongest growth factors for the diagnostic imaging market include rise in the number of aging population of the world, increasing costs of the diagnostic systems, shortage of techenetium-99m and helium on global scale, and technical limitations of the traditional diagnostic methods and standalone systems. Technological advancements play vital role in the growth in demand for the industry. Apart from that, rise in the instances of age related diseases are also creating the requirement for advanced detection systems across the world.
Forecasts and Growth Prospects
All these factors are influencing the growth of the diagnostic imaging market in terms of revenue, demand and global presence. According to the latest reports, the industry is anticipated to maintain steady growth for the next four to five years. From 2013 to 2018, the market is expected to maintain a steady compound annual growth rate of over 4.7%. At the estimated CAGR, the medical imaging market is expected to become worth $26.6 billion by 2016, while maintaining a healthy growth rate throughout the study period.
The global diagnostic imaging market is expected to be dominated by developed regions like North America and Europe. However, Asia Pacific region is expected to witness stunning growth during the study span. According to the experts, rising investments, government concerns, increasing healthcare solutions and growing awareness are expected to create strong marketplaces for medical imaging across emerging markets.