Global Diagnostic Imaging Market projected to grow with significant CAGR over the forecast period:
Global Diagnostic Imaging Market: A market study of Diagnostic Imaging.
A visual representation of human body with various techniques and equipment to diagnose the diseases or a condition is known as diagnostic imaging. It includes various techniques such as ultrasound scanning, magnetic resonance imaging, X-ray radiography, etc. diagnostic imaging is a progressive technique that has changed the healthcare profession drastically and brought out great knowledge and enables the interpretation of diseases as a first-line therapy. Diagnostic imaging has revolutionized from in-house monitoring to high-end digital scanning in past years. Diagnostic imaging has been put to use in various branches of medicine such as cardiology, oncology, neurology, orthopedics, etc.
Global diagnostic imaging market is set to increase due to its awareness on an early diagnostic step for the treatment, increase in the number of diseases, etc. With newer diagnostic technologies such as 3D technologies, the evolution of portable devices, better and accurate monitoring, user-friendly diagnosis of in-house diagnostic devices are some of the factors that are driving force for the diagnostic devices market growth. Despite all these advantages, the high cost of the diagnostic imaging, strict rules for regulatory policies and exposure to harmful radiation are causes for the stagnant market for diagnostic imaging devices.
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Diagnostic imaging market is segmented based on modality, application and end user
1. Modality
• X-Ray Radiography
• Magnetic Resonance Imaging
• Compound Tomography Scanning
• Ultrasound Imaging
• Nuclear Imaging
• Others
2. Application
• Obstetrics and Gynecology
• Cardiology
• Orthopedic disorders
• Neurology
• Others
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3. End-users
Hospitals, diagnostic centers, research centers, homecare Settings
And on the basis of geographical regions divisions, the diagnostic imaging market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America holds the largest share in diagnostic imaging market due to market availability, established healthcare sector, and awareness for early diagnosis of diseases. According to centers for Medicare & Medicaid Services (CMS) report, the US spending will reach 19.9% in 2025 from 17.8% share of GDP in 2015. Asia- Pacific market is expected to show a growth due to the presence of marketplace. In addition to this, Asia-Pacific region, countries such as India and China are emerging market due to the increasing medical tourism and low cost of diagnosis and modernization of the hospitals. Some important players in the Diagnostic imaging market are GE healthcare (US), Hitachi, Ltd (Hitachi medical Corporation) (Japan), Siemens AG (Germany), Philips N.V. (Philips Healthcare) (Netherlands), Fujifilm Holdings Corporation (Japan), etc. in 2017, Koninklijke Philips N.V. signed to acquire TomTec Imaging Systems GmbH, a leading intelligent image analysis software provider , to strengthen their ultrasound imaging business. Also, Canon Inc. acquired Toshiba Medical Systems Corporation in order to facilitate and expand its healthcare business worldwide.
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Diagnostic imaging technologies including X-ray, MRI, CT scan, etc. have been playing important role in the detection of the various diseases. Thus, making diagnostic imaging a part of the effective diagnosis of the disease. With such a demand, more and more diagnostic imaging have been coming to the market. Market players are investing in portable diagnostic devices which are compact, equipped with wireless features, etc. are making their way in the diagnostic imaging market. Using a portable diagnostic imaging device further simplifies the usage since they are lightweight and convenient and can be sent from place to another i.e. hospitals, thus saves time.
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