Radiology Devices Market Regional Analysis:
North America Market Insights
The radiology devices market in North America is the leading player within the global market and is predicted to achieve a market share of 40% in 2037. Advanced imaging practice is rising in the market with the growth of the aging population and chronic diseases like cancer. The MRI system is addressed as the most promising sector within the radiology devices that possesses a market share of 34% in the North American market. Technological advancement encouraged the market with the adoption of AI-assisted radiology tools and is anticipated to accumulate a growth of approximately 27% of the market share. Food and Drug Administration clearance enables the market to achieve more than 45 new AI tools in 2023 that leverage the diagnosis rate in North America. According to the NIH, the accuracy of the imaging report is enhanced up to 26% with the help of radiology devices.
The market of radiology devices in the U.S. is dominating in North America through possession of the highest share of global revenue. According to the estimation of the Centers for Disease Control and Prevention, more than 76 million people are anticipated to be over the age of sixty in 2037, which will create a significant demand for radiology devices for advanced imaging. Accessibility in the premium device usage is expanded through government funding of more than USD 9 billion, which ensures approximately 40% of the Medicare coverage. A rapid demand for the portable system is growing in the U.S. market, and a growth of 19% annually is identified as per a study of the National Institute of Health.
Asia Pacific Market Insights
Asia Pacific is the emerging region for radiology devices and is expected to accumulate a market share of 37% by 2037. Government initiative to elevate the healthcare infrastructure is on a higher graph that encourages the adoption of advanced medical devices. Features like AI integration, portable device usage, and 3D/4D imaging are in high demand in the Asia Pacific market due to the advancement of the healthcare infrastructure. The private healthcare sector has leveraged in the past few years within Asia Pacific, that raised medical tourism in India, Thailand, and many more which boosting the demand for radiology devices. Collaboration of government and private investment is one of the potential growth factors that expand the market through increased funding.
China is the leading player in the Asia Pacific radiology devices market and is anticipated to achieve 50% of the market share by 2037. According to the National Medical Products Administration, more than USD 4.5 billion is allotted for the elevation of the performance of radiology devices in 2024. A growth in healthcare budget up to 16% resulted in better research and development and quick adoption in the market. The National Health Commission of China reported that more than 1.5 million cancer patients are diagnosed annually in China. A high demand for radiology devices is generated with the rise of cancer patients for early diagnosis.
