The global diagnostic imaging devices market is projected to witness moderate growth in the coming few years. Diagnostic imaging allows doctors to look inside the patient’s body for clues indicating a medical condition. Several diagnostic imaging devices are used to view activities inside the body. The type of diagnostic imaging device used depends on the symptoms of the patient and the part of the body being checked. Some of the devices in the global diagnostic imaging devices market are ultrasound, MRI, computerized tomography scanners, nuclear medicine scans, and x-rays. The majority of these tests are easy and painless, while some require the patient to stay in the machine for a long time.
Increasing Investment from Government Bodies to Propel Global Market
The global diagnostic imaging devices market is driven by the rising geriatric population, increasing awareness among the public regarding the benefits of early diagnosis of medical conditions, technological innovations, and widening applications of diagnostic imaging devices. In addition to this, the global diagnostic imaging devices market will be driven by the increasing prevalence of chronic injuries and conditions such as cancer, diabetes, and heart diseases. Furthermore, elevated funding from several government bodies around the world will also benefit the global diagnostic imaging devices market. Propelled by these factors, the global diagnostic imaging devices market is projected to expand at a 5.20% CAGR during the forecast period from 2015 to 2020. In 2014, the global diagnostic imaging devices market was worth US$26.4 bn and by 2020, the market is projected to be worth US$35.8 bn.
Ultrasound Segment to Lead Global Diagnostic Imaging Devices Market
By type, the global diagnostic imaging devices market is segmented into x-rays, CT scanners, ultrasound systems, and magnetic resonance imaging (MRI). Ultrasound is used widely for the diagnosis of several diseases and to examine internal body structures such as soft tissues and internal organs. The ultrasound diagnostic imaging devices segment is projected to expand significantly in the coming few years. Region-wise, the global diagnostic imaging devices market is divided into Asia Pacific, Europe, North America, and Rest of the World (RoW).
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Asia Pacific to Witness Significant Growth in Global Market
The North America diagnostic imaging devices market is driven by the rising awareness among the population, the growing aging population, and the rising incidence of chronic conditions and injuries. This regional market will also benefit from the large number of ongoing research projects and faster adoption of innovative imaging systems. In Europe, the diagnostic imaging devices market is fuelled by factors such as the increasing incidence of chronic injuries and diseases and the growing geriatric population. The Asia Pacific diagnostic imaging devices market is expected to witness a higher growth rate compared to the North America and Europe markets. The key factors driving the Asia Pacific diagnostic imaging devices market are the growing awareness among individuals about the benefits of early diagnosis of conditions, ongoing upgradation of healthcare systems, large population base, and rising prevalence of chronic conditions.
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Players Focused on Innovation in Global Diagnostic Imaging Devices Market
The global diagnostic imaging devices market will be challenged by the shortage of helium for MRI systems. Moreover, the heightened risk of cancer due to radiation exposure caused by certain diagnostic imaging tests will also challenge the global diagnostic imaging devices market. Another restraint on the market will be the strict regulatory requirements. Nevertheless, players in the global diagnostic imaging devices market will benefit from the rising trend of product innovation and increasing focus on collaborations and partnerships.
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Some of the key players operating in the global diagnostic imaging devices market are Shimadzu Corporation, Siemens Healthcare, General Electric Company, Hologic, Carestream Health, and Toshiba Corporation.