Radiology Devices Market Highlights 2020-2029
The radiology devices market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Rapidly increasing elderly population and consequent increase in prevalence of age-related diseases, along with advancement of radiological technologies are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as increasing need for early diagnosis of the disease along with greater research spending by governments and private organizations. According to WHO, the burden of chronic diseases on global level was estimated to reach 57% by 2020.
The market is segmented based on product type into X-ray device, CT scanner, MRI equipment, ultrasound imaging system, nuclear imaging system, and others, out of which, the MRI equipment segment is anticipated to grab the largest share by the end of 2021 on account of increasing demand for early and accurate diagnosis along with technological advancements in the segment. Moreover, MRI equipment are widely being adopted by hospitals and imaging centers on a global scale, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of application, the hospital segment in the radiology devices market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that hospitals are early adopters of technological equipment and increasing number of radiology procedures are being performed in hospitals due to improved quality of patient care. CLICK TO DOWNLOAD SAMPLE REPORT
Radiology Devices Market Regional Synopsis
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the adoption of most advanced technology, accompanied by the presence of leading healthcare service providers in the region. Along with this, North America also leads in terms of adoption of minimally invasive treatments, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the radiology devices market on account of rising use of minimally invasive diagnostic procedures and high prevalence of chronic diseases in the region. According to European Commission, chronic diseases characterize the main share of burden of diseases in Europe and are accountable for 86% of all deaths.
The radiology devices market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the radiology devices market includes the following segments:
By Product Type
- X-Ray Device
- CT Scanner
- MRI Equipment
- Ultrasound Imaging System
- Nuclear Imaging System
- Others
By Application
- Hospitals
- Radiology Centers
- Clinics
- Others
Growth Drivers
- Increase in Prevalence of Age-Related Diseases
- Advancement of Radiological Technologies
Challenges
- High Costs of Radiology Tests
- Lack of Necessary Infrastructure in Lower Economic Regions
Top Featured Companies Dominating the Market
- Canon Medical Systems Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Esaote SpA
- GE Healthcare
- Fujifilm Holdings Corporation
- CurveBeam LLC
- Hitachi Medical Systems
- Samsung Electronics
- Siemens Healthineers
- Mindtray Medical International
