The — global diagnostic imaging market is estimated to grow at a CAGR of 6.6% from 2016 to 2021 to reach USD 36.43 billion by 2021. Factors such as increasing prevalence of chronic diseases, rapid growth in the geriatric population, growing government investments for modernization of imaging facilities, rising number of private imaging centers (especially in emerging countries), technological advancements in diagnostic imaging modalities, and the improving healthcare infrastructure in emerging markets and availability of low-cost, technologically advanced imaging systems with applications in multiple fields are driving the growth of this market.
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On the other hand, the high cost of diagnostic imaging systems, technological limitations associated with standalone systems, unfavorable healthcare reforms in the U.S., and shortage of helium are the key factors limiting the growth of the market.
On the basis of product, the market is segmented into X-ray imaging systems, computed tomography (CT) systems, ultrasound systems, magnetic resonance imaging (MRI) systems, and nuclear imaging systems. In 2016, the X-ray imaging system is expected to account for the largest share of the market. Factors such as the launch of products with technological and software modifications, growing usage in various medical applications, and its preference among obstetricians and gynaecologists across the globe are expected to drive the growth of this product segment.
North America is expected to command the largest share of the market in 2016, followed by Europe. The market in the North American market is primarily driven by various factors, including the high incidence and prevalence of various diseases (such as cancer and CVD), large number of diagnostic imaging centers and procedures in this region, growing number of ongoing research activities, and fast adoption of technologically advanced imaging systems.
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The market is highly competitive, with a large number of global and local players. In 2015, the market was dominated by GE Healthcare (U.S.), Siemens Healthcare GmBH (Germany), Koninklijke Philips N.V. (The Netherlands), Toshiba Medical Systems Corporation (Japan), and Hitachi Ltd. (Japan).Product launches, upgrades, and partnerships, agreements, &collaborations are the major strategies adopted by most of the market players to achieve growth in the market.
This report studies the diagnostic imaging market based on product, application, and end user. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
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