Diagnostic imaging is the technique that practices electromagnetic radiation and certain other technologies of creating visual representations of the body’s interior organs for clinical analysis and medical intervention. Globally, Medical imaging is used to diagnose and treat disease and expose internal structures concealed by the skin and bones. Medical imaging device also creates a database of normal anatomy and physiology, allowing abnormalities to be detected. As per Renub Research findings, the Global Diagnostic Imaging Market will reach USD 43.42 Billion by 2026.
Global Diagnostic Imaging Market primarily focuses on creating images of the body, organs, and other internal structures, providing products like X-ray Devices, Computed Tomography, MRI equipment, Ultrasound, and Nuclear Imaging (PET / SPECT) Systems. Nuclear Imaging (PET/SPECT) System is more preferred by patients owing to its property to create three-dimensional images worldwide. Nuclear Imaging provides metabolic and functional information, unlike CT and MRI. It combined with CT and MRI to provide detailed anatomical and metabolic data.
Ultrasound is another product that doctors suggest. Advanced ultrasonic transducers have recently developed, opening up new applications for ultrasound devices in biomedical and cardiovascular imaging. Furthermore, a strong focus on developing portable ultrasound devices projected to broaden the scope of this modality’s use in ambulatory and emergency care. According to Renub Research, Medical Imaging Market was valued at USD 27.11 Billion in the year 2020.
COVID-19 pandemic Impact on Global Diagnostic Imaging Market
The COVID-19 pandemic, which occurred in the first days of 2020, has had a significant impact on the Global Diagnostic Imaging Market. However, for COVID-19 patients, CT scanners are one of the most important diagnostic tools. The segment is being driven by increased demand for point-of-care CT devices and the development of a high-precision CT scanner through the integration of artificial intelligence and enhanced visualisation systems. As expected, we anticipate a positive recovery post-COVID. As per this research report, Worldwide Diagnostic Imaging Industry will grow with a CAGR of 8.17% during 2020-2026.
Driving Factors and Challenges for the Medical Imaging Industry
Global Diagnostic Imaging Market is driven by factors like growing demand for early disease diagnosis, rapidly rising geriatric population, enlarging scope of clinical applications. In addition to subsequent growth in the prevalence of related diseases, technological advancements in the diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations. The rapidly growing prevalence of the old population and the subsequent increase in associated disease around the globe made orthopaedics disorder the highest demand for Diagnostic Imaging.
High cost of equipment, increasing regulatory burden and declining reimbursement, limitations associated with standalone systems are some reasons restricting the Global Diagnostic Imaging Market. However, North America has many industry players, and the high frequencies of new product launches within the region are the factors contributing to the regional Diagnostic Imaging Market growth.
Renub Research latest report “Diagnostic/Medical Imaging Market Global Forecast by Products (X-ray Devices, Computed Tomography, MRI equipment, Ultrasound, Nuclear Imaging (PET/SPECT) Systems) Application (Orthopedics, Cardiovascular, Neurology, Pelvic & Abdomen, Oncology) End Users (Hospitals, Diagnostics Center & Others) Regions (North America, Europe, Asia –Pacifics, South America, Middle East & Africa) Company (FUJIFILM Visual Sonics Inc., Canon Medical Systems Corporation, Siemens Healthineers, Bruker Corporation, PerkinElmer Inc.)" provides a detailed analysis of Medical Imaging Market.
Products – Market breakup from 5 Viewpoints
1. X-ray Devices
2. Computed Tomography
3. MRI equipment
5. Nuclear Imaging (PET/SPECT) Systems
Application - Market breakup from 5 Viewpoints
4. Pelvic & Abdomen
End Users - Market breakup from 3 Viewpoints
2. Diagnostics Center
Region – Market breakup from 5 Viewpoints
1. North America
4. South America
5. Middle East & Africa
All companies have been covered from 3 viewpoints
- Recent Developments
1. FUJIFILM Visual Sonics Inc.
2. Canon Medical Systems Corporation
3. Siemens Healthineers
4. Bruker Corporation
5. PerkinElmer Inc.