DIAGNOSTIC IMAGING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Diagnostic Imaging Market Analysis:

During the forecast period, it is anticipated that the diagnostic imaging market will exhibit a Compound Annual Growth Rate (CAGR) of approximately 6.1%. The COVID-19 pandemic was projected to have a significant impact on the market. According to a November 2020 article published in European Radiology, chest radiography was instrumental in identifying COVID-19 patients who may rapidly deteriorate, thereby informing clinical management and hospital bed and ventilation allocation. This led to an increase in demand for chest radiography during the pandemic phase. Similarly, in April 2020, the National COVID-19 Chest Imaging Database (NCCID) was launched in the United Kingdom, which collates X-rays, CT, and MRI scan data from 20 NHS trusts across the country to detect disease patterns and markers of the virus using Artificial Intelligence (AI), enabling more accurate early diagnoses and prognoses. This is expected to boost the demand for such equipment and tests during the COVID-19 pandemic. Furthermore, the reopening of diagnostic clinics and hospitals with high patient inflow is expected to keep the demand for diagnostic imaging constant, thereby contributing to the market’s growth over the next five years.

The primary drivers of the diagnostic imaging market’s growth are the increase in chronic diseases, the rise in the number of older people, and the use of more advanced imaging technologies. Medical imaging procedures play a crucial role in the accurate diagnosis of chronic diseases, which are on the rise globally, contributing to the market’s growth. According to GLOBOCAN, in 2020, approximately 19.3 million new cases of cancer were reported worldwide, and this number is expected to increase to 30.2 million in 2040. Such an increase in cancer cases is expected to contribute to the market’s growth over the forecast period. Similarly, the British Heart Foundation data published in January 2022 reported that the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million), and atrial fibrillation (60 million). Such a large prevalence globally is fueling the growth of the market.

Moreover, the increasing number of product launches is expected to contribute to the market’s growth. For example, in March 2021, Hitachi Medical Systems launched two permanent open MRI systems, APERTO Lucent Plus and AIRIS Vento Plus, at the start of the 2021 European Congress of Radiology. Both systems are equipped with SynergyDrive workflow solutions.

Therefore, the aforementioned factors are expected to contribute to the market’s growth over the forecast period.

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