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HEALTHCARE & PHARMACEUTICAL

Diagnostic Imaging Equipment Market Segmentation by Product [Computed Tomography (CT) Scanners, Nuclear Imaging (NI) Equipment, Magnetic Resonance Imaging (MRI) Systems, Ultrasound Scanners, X-Ray Devices, and Others]; by End-User (Hospitals, Private Diagnostic Laboratories, and Research Laboratories) – Global Demand Analysis & Opportunity Outlook 2029

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Extensive insights into the Growth of Diagnostic Imaging Equipment Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Diagnostic Imaging Equipment Market Highlights 2020-2029

The global diagnostic imaging equipment market is anticipated to grow with a notable CAGR during the forecast period, i.e., 2021-2029. The growth of the market can be attributed to the growing need for early detection and diagnosis of diseases, coupled with the increasing popularity of diagnostic imaging and radiology services, and rapid advancements in medical imaging technology.

Introduction to Diagnostic Imaging Equipment

Diagnostic imaging, also popularly known as medical imaging, is referred to all the techniques and processes that are required for imaging the interior of a human body. Diagnostic imaging equipment involves all the equipment that allow to capture and process the scanned image. The scanned image from the medical imaging equipment is then used further for clinical analysis and medical intervention, or for visual representation of the function of some tissues or organs in biological science. There are different types of medical imaging equipment, such as radiography, magnetic resonance imaging, tomography, echocardiography, ultrasound, nuclear medicine, elastography, and others.

Market Size and Forecast

The global diagnostic imaging equipment market is thriving on account of the increasing interests amongst researchers for advanced medical imaging equipment, along with the increasing technological advancements in the field of medical imaging, including upright MRI devices and handheld X-ray devices amongst others. Furthermore, growing geriatric population around the globe and the need for medical diagnosis, are some of the additional factors anticipated to contribute to the market growth.

The market is segmented by product into computed tomography (CT) scanners, nuclear imaging (NI) equipment, magnetic resonance imaging (MRI) systems, ultrasound scanners, x-ray devices, and others. Among these segments, the x-ray devices segment is projected to hold the dominating share by the end of 2021. X-ray diagnostic imaging is recognized as a valuable medical tool for painless and non-invasive diagnosis of diseases. With the recent advancements in medical imaging technology, along with the need for various end use purposes, such as for dental purposes, the adoption of hand-held x-ray devices have observed a significant growth. These devices provide excellent portability unlike the conventional x-ray devices, and hence can be used widely upon patients with special needs, or in case of pediatric or geriatric patients. On the other hand, the MRI systems segment is anticipated to grow with the highest CAGR during the forecast period on account of the growing advancement in MRI scanning technology, and the increasing adoption of MRI scanning systems by the end-users. One of the latest advancements observed in the MRI scanning systems in the development of 3T MRI scanning technology. 3T or 3 Tesla MRI scanning equipment uses powerful magnets to produce 3 Tesla magnetic field, and is twice as powerful as the fields used in a conventional MRI scanner. CLICK TO DOWNLOAD SAMPLE REPORT

Growth Drivers

Growing Concern for Chronic Diseases Worldwide to Drive Market Growth

According to the statistics by the Centers for Disease Control & Prevention (CDC), six in ten adults in the United States have a chronic disease.

Chronic-Diseases-in-the-United-States

On account of the growing concern for different diseases worldwide, there is a rising need amongst individuals to diagnose the cause of the disease at the early stage, which in turn is raising the need for diagnostic imaging. Moreover, with the increasing concern for various diseases, there is also a raising need amongst the medical imaging equipment manufacturers to increase their spending on research and development so as to have advanced diagnostic imaging equipment. For instance, with the recent advancements in medical imaging, technological advancements, such as 3D mammography, NEMA XR-29 standard attributes (MITA Smart Dose) for CT equipment, 3T MRI, mobile radiography systems, digital PET equipment, and others. Additionally, growing expenditure of the government of nations globally for advancements in the healthcare industry, and the rising demand for minimally invasive & non-invasive medical imaging and visualization systems, are further anticipated to drive the growth of the global diagnostic imaging equipment market during the forecast period.

Restraints

High Cost of Diagnostic Imaging Equipment and Concerns for Exposure to Harmful Radiations to Hamper the Market Growth

Diagnostic imaging equipment often cost very high owing to the numerous advanced components present in the equipment, as well as for the efforts added by the developers for developing the medical imaging equipment. Moreover, stringent government regulations for lowering the impact of the harmful radiations emitted from the diagnostic imaging equipment are further anticipated to hamper the market growth during the forecast period.

Market Segmentation

Our in-depth analysis of the global diagnostic imaging equipment market includes the following segments:

By Product

  • Computed Tomography (CT) Scanners
  • Nuclear Imaging (NI) Equipment
  • Magnetic Resonance Imaging (MRI) Systems
  • Ultrasound Scanners
  • X-Ray Devices
  • Others

By End-User

  • Hospitals
  • Private Diagnostic Laboratories
  • Research Laboratories

By Region

On the basis of regional analysis, the global diagnostic imaging equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions.

Among the market in these regions, the North America diagnostic imaging equipment market is projected to grab the largest market share by the end of 2029. The growth of the market in the region can be attributed to the growing demand for advanced medical imaging systems in the region, followed by the rising awareness amongst individuals for early detection of diseases, and the growing need for quality healthcare services amongst individuals. The market in the region is primarily driven by nations such as the United States and Canada, out of which, the U.S. diagnostic imaging equipment market is forecasted to hold the largest market share by the end of 2021.

The global diagnostic imaging equipment market is further classified on the basis of region as follows:

  • North America (US, Mexico and Canada) Market size, Y-O-Y growth and Opportunity analysis.
  • Europe (Germany, France, Italy, Belgium, Spain, UK, Russia, Netherlands and Other parts of Europe) Market size, Y-O-Y growth and Opportunity analysis.
  • Asia Pacific (Japan, India, China, Malaysia, Australia, Indonesia, Thailand and rest of Asia Pacific) Market size, Y-O-Y growth and Opportunity analysis.
  • Latin America (Argentina, Brazil and rest of Latin America) Market size, Y-O-Y growth and Opportunity analysis.
  • Middle East & Africa (Saudi Arabia, Egypt, United Arab Emirates and South Africa) Market size, Y-O-Y growth and Opportunity analysis.

Top Key Players Dominating the Market

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