The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global diagnostic imaging market. In addition, complete analysis of changes on the global diagnostic imaging market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. 

MARKET OVERVIEW- GLOBAL DIAGNOSTIC IMAGING MARKET

MARKET DRIVERS 

The key factor propelling the growth of diagnostic imaging market is such as the technological improvements in medical imaging and rising demand for advanced imaging systems to improve patient outcomes and operational efficiency will positively impact the market expansion. Moreover, favorable regulatory scenario for medical imaging modalities for superior patient management and growing usage of medical imaging in digital health will faster the market growth. Eminent participants working in the market are shifting their focus towards value-based radiology and patient-centric imaging. Different innovations have been made in numerous imaging modalities including MRI, ultrasound, mammography, 3D imaging as well as nuclear imaging among others. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. These factors are expected to increase the growth of the diagnostic imaging market during the forecast period.

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MARKET OPPORTUNITY 

The major opportunity for diagnostic imaging market is such as in developing economies such as Russia, India, China, and South Africa offer high growth opportunities for major players in the diagnostic imaging market. Although the cost factor is a concern in these developing countries, their huge population base, especially in India and China, offers a sustainable market for diagnostic imaging devices. The higher incidence of chronic diseases such as cancer, stroke, and neurological and cardiovascular diseases and the higher death rates in these countries show the need for early detection

MARKET RESTRAINTS

Price fluctuations in the product is one of the key market restraints for the market growth. Technological limitations associated with standalone imaging modalities deter researchers from purchasing them, negatively affecting their market growth. For instance, MRI takes longer to scan large volumes or high-resolution images, whereas PET has a lower spatial resolution. Ultrasound systems are heavily operator-dependent, require direct contact with the body, and have limited tissue depth penetration.

MARKET GROWTH CHALLENGE

The key challenge faced by the market is increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with the suppliers and manufacturers of medical devices. GPOs, IHNs, and IDNs negotiate heavily for bulk purchases of diagnostic imaging devices.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of global diagnostic imaging market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various diagnostic imaging. Market in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.

MARKET SEGMENTAL OVERVIEW

The global diagnostic imaging market comprises of different market segment like modality, contrast agents, application, end user and geography.

DIAGNOSTIC IMAGING MARKET BY MODALITY

The different modality studied in the global diagnostic imaging market are X-ray Imaging, Magnetic Resonance Imaging (MRI), Ultrasound, Computed Tomography (CT), Nuclear Imaging, Mammography. The high growth of CT scan segment can be attributed to the growing demand for early and accurate diagnosis, high adoption of CT Scanners by hospitals and diagnostic centers across the globe. There has been a steady increase in the demand for CT scanners ever since the COVID-19 pandemic started. CT of the chest plays an important role in diagnosing COVID-19 and almost every patient needs a CT scan to monitor disease progression.

DIAGNOSTIC IMAGING MARKET BY CONTRAST AGENT

The diagnostic imaging market by contrast agent includes various segment like iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, barium-based contrast media. Iodinated contrast media are contrast agents that contain iodine atoms used for x-ray-based imaging modalities such as computed tomography (CT). They can also use in fluoroscopy, angiography and venography, and even occasionally, plain radiography. Gadolinium contrast agents are molecular complexes containing the rare earth metal gadolinium, chelated to a carrier ligand. They are a type of paramagnetic contrast agent, which are the primary class of MRI contrast media.

DIAGNOSTIC IMAGING MARKET BY APPLICATION

The diagnostic imaging market by application includes various segment cardiology, gynecology, orthopedics musculoskeletal, radiology, neurology spine, general imaging, others. Cardiology segment is expected to increase during the forecast period. Owing to increasing number of cardiovascular patient due to changing lifestyle and unhealthy food consumption these are the factor which increased the growth of cardiology segment in the diagnostic imaging market.

DIAGNOSTIC IMAGING MARKET BY END USERS

The diagnostic imaging market by end users includes various segment hospitals, diagnostic centers, ambulatory care centers, and clinics. Hospitals segment is expected to increase during the forecast period. Owing to its higher demand for medical imaging modalities such as MRI systems and CT scanners in hospital settings for accurate diagnosis during procedure will augment the industry progression. In addition, hospitals are well-equipped with medical imaging devices along with presence of skilled healthcare professionals to accurately treat and diagnose patient’s body parts.

DIAGNOSTIC IMAGING MARKET BY GEOGRAPHY

The global diagnostic imaging market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is likely to gain major market share and maintain its dominance over the estimated time period. The key factor propelling the market demand are United States contributes to the major share in the diagnostic imaging market, which can be attributed to the increasing technological advances, higher affordability rates from the population, and the number of diagnostic procedures increasing on a yearly basis. Moreover, In October 2020, Siemens Healthineers received clearance from the FDA for the Ysio Max digital radiography system which includes new detectors and usability features that improve imaging and quicken exams. Addition to this, with the presence of well-established healthcare facilities, increasing demand for advanced healthcare systems among the aging population, and increasing prevalence of chronic diseases, the market is expected to grow in the forecast period.

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of diagnostic imaging market is certainly based range of market players operating in the healthcare market with increasing demand for production of diagnostic imaging market. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments. 

The key players studied in market GE Healthcare, Koninklijke Philips N.V., Hologic, Inc., Siemens Healthcare GmBH, Fujifilm Corporation, Bracco Medical Technologies, Toshiba Medical Systems Corporation, Shimadzu Corporation, Carestream Health, Inc., Hitachi Ltd., among others.

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