NEW YORK, Dec. 14, 2020
NEW YORK, Dec. 14, 2020 /PRNewswire/ -- Around the world, the prevalence of cancer, cardiovascular diseases (CVDs), type 2 diabetes, asthma, and other chronic diseases is increasing, as is their mortality rates. Due to this factor, the global diagnostic imaging systems market, which generated $38.9 billion in 2019, will reach $70.0 billion in 2030, at a 5.8% CAGR between 2020 and 2030. For instance, cancer accounts for 9.6 million yearly deaths, while CVDs carry an annual mortality rate of 17.9 million, according to P&S Intelligence.
The diagnostic imaging systems market is being primarily driven by the huge role medical imaging plays in the detection and staging of chronic diseases. Moreover, with the increasing awareness about the early diagnosis of such deadly diseases, more people are opting for medical imaging tests, which is driving the demand for the associated equipment.
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Although the demand for medical imaging has risen massively during the COVID-19 pandemic, the diagnostic imaging systems market has still been negatively affected. Factory closures around the world have led to the reduced supply of such systems. Additionally, most of the non-essential services at medical centers have been suspended, which has resulted in a massive drop in the demand for such imaging equipment.
The X-ray imaging systems category held the largest share in the diagnostic imaging systems market in the past, on the basis of product. Because of their primitive technology and cost-effectiveness, X-ray scanners are among the most common pieces of medical equipment in use. They are extensively used to see inside the body for orthopedic, cardiac, and dentistry applications.
In the coming years, the cardiology category, based on application, is expected to witness the highest CAGR in the diagnostic imaging systems market, of 6.8%. CVDs are the world's largest killers, which is why the number of heart patients is rising around the world. Medical imaging systems are widely used to look at the cardiac muscle, valves, electrical conduction system (natural pacemaker), and blood vessels.
Browse detailed report with COVID-19 impact analysis on Diagnostic Imaging Systems Market Research Report: By Product (X-Ray Imaging Systems, MRI Systems, Ultrasound Systems, CT Scanners, Nuclear Imaging Systems), Application (Cardiology, Oncology, Neurology, Orthopedics, Urology, Dentistry, Ophthalmology, Obstetrics/Gynecology), End User (Diagnostic Imaging Centers, Hospital)- Industry Dynamics and Competitive Benchmarking till 2030 @ https://www.psmarketresearch.com/market-analysis/diagnostic-imaging-systems-market
The diagnostic imaging centers division, under segmentation by end user, would keep dominating the diagnostic imaging systems market during the next decade. As such medical facilities offer cost-effective and quicker scans compared to hospitals, the footfall here is rising, which is leading to an increase in the number of diagnostic centers and the number of imaging systems ordered by them.
North America is currently the most productive diagnostic imaging systems market, as it accounts for a significantly high chronic disease prevalence. The Centers for Disease Control and Prevention (CDC) says that six in every 10 adults in the U.S. have at least one chronic disease. In the country, 1.6 million new cancer cases and 600,00 related deaths are registered every year, which is massively pushing the demand for medical imaging systems at hospitals and diagnostic centers. Due to similar reasons, Asia-Pacific (APAC) will experience the fastest growth in the industry in the years to come.
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Key players in the global diagnostic imaging systems market are Siemens AG, General Electric Company, Drägerwerk AG & Co. KGaA, Koninklijke Philips N.V., Agfa-Gevaert N.V., FUJIFILM Holdings Corporation, Hitachi Ltd., Carestream Health Inc., Canon Inc., Esaote S.p.A., Shimadzu Corporation, Analogic Corporation, Mindray Bio-Medical Electronics Co. Ltd., Hologic Inc., Samsung Electronics Co. Ltd., KARL STORZ SE & Co. KG, Konica Minolta Inc., Dornier MedTech GmbH, DEL MEDICAL Inc., and Varex Imaging Corporation.
Key Findings of Global Diagnostic Imaging Systems Market Report
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X-Ray Imaging Market
The global X-ray imaging market is projected to grow at a significant rate in the coming years, which is attributed to the increasing healthcare expenditure, technological advancements in X-ray imaging, growing prevalence of chronic diseases, and surging need for diagnostic imaging procedures.
Ultrasound Device Market
Ultrasound device market size is expected to reach $8.7 billion, advancing at a CAGR of 5.5% during the forecast period.
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