Diagnostic Imaging Devices Market will Register a CAGR of 5.2% through 2024

Posted by Vikas Bahurupi on August 9th, 2018

The necessitation of detecting harmful activities within body at sooner stages continues to boost the demand for advanced diagnostic imaging devices. In 2014, the global market for diagnostic imaging devices was valued at US$ 26,477.1 million. Projected to endure a sturdy CAGR of 5.2%, the global market will be aiming at reach market value of US$ 35,793.4 million in 2020.

Key Market Dynamics

Increasing prevalence of chronic disorders and injuries aren’t entirely driving the growth in demand for diagnostic imaging devices. Aging population is another secondary factor fuelling the growth of global diagnostic imaging devices market. The market continues to be majorly influenced by a trending medical practice that urges people to seek diagnosis at initial stages. Detection of carcinogenic elements at earlier stages is one such beneficial factor saving the lives of millions, and inherently accelerating the growth of global diagnostic imaging devices market. Unfortunately, undue exposure to radiation emitted from such devices during imaging procedures inhibits their acceptance among several potential consumers. Strict regulatory norms and risks of contracting cancer are the two most critical restraints threatening the growth of global market in the forecast period

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Segment Analysis

The global market for diagnostic imaging devices can be primarily classified into types of devices such as nuclear imaging system, computed tomography (CT) scanner, magnetic resonance imaging (MRI), X-ray systems and ultrasound systems, among others. X-ray diagnostic imaging devices are distinguished into technological sub-segments such as analog radiographs and digital radiographs, and on the basis of their portability. Ultrasound systems include technological classification in 2D systems, 3D & 4D systems and Doppler systems, as well as based on their portability. With US$ 6,146.7 million value in 2014, the global market for ultrasound imaging devices is projected to reach US$ 8,363.4 million by 2020-end, procuring expansion at a modest CAGR of 5.3%.

CT scanners are, further, distinguished based on the type of slice used in tomographic imaging, which includes low-end, middle-end and high-end slices. MRI devices can be fragmented into open and closed MRI systems, which is based on their architecture. Single photon emission computed tomography (SPECT) and positron emission tomography (PET) are the key types of nuclear imaging diagnostic imaging devices segmented in the global market.

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Regional Analysis

North America’s geriatric population influences the demand for diagnostic imaging devices, rendering it the largest market globally. Asia, on the other hand, continues to dominate the market in terms of qualitative manufacturing of such devices. Asia’s prominence in the global market is likely to boost the shipments of diagnostic imaging devices from Asia to other parts of the world.