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The major factors augmenting the growth of the diagnostic imaging market include the rise in the prevalence of chronic diseases, increased adoption of advanced technologies in medical imaging, and rise in the geriatric population.
According to the data from the World Health Organization, 37% of deaths in Germany were due to cardiovascular diseases in the year 2017. In the same year, 26% of total deaths were occurred due to various cancers whereas, chronic respiratory diseases caused 6% of total deaths in 2017. These statistics indicate the chronic diseases are having a larger contribution to the mortality rate of the German population. Therefore, there is a rising need to deal with these diseases by preventing them. Hence, the market for diagnostic imaging is largely driven by the growing chronic diseases and the mortality associated with the same.
Added to that, the geriatric population in the country is also on the rise. For instance, during the year 2017, around 22% of the total population in Germany was aged above 65 years and 6% were aged above 80 years. A large number of the aged population indicate the burden of diseases associated with aging.
Key Market Trends
Application in Oncology is Expected to Witness Fast Growth
Cancer studies have shown that early detection yields better outcomes for patients and diagnostic imaging plays an essential role. Early diagnosis through the use of imaging technology can minimize the complications of late-stage cancer much more quickly, thus allowing for improved prognosis. As a result of these benefits, diagnostic imaging is vital to step in cancer diagnostics.
Moreover, the demand for diagnostic imaging is also expected to increase in future due to increasing incidence of cancer. As per a 2018 report by the International Agency for Research on Cancer, the incident cases of cancer are expected to increase from approximately 609,000 in 2018 to more than 690,000 by 2030.
Hence it is expected that increasing demand will also drive the growth of the market in the region
The market studied is consolidated in Germany owing to the presence of a few major players in the market. The market players are focusing on R&D to develop the technologically advanced products in order to reduce the cost and side effects associated with the products. The barriers for the new entrants are high in this industry, and hence few major market players hold the maximum market share.
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