LONDON, Dec. 19, 2016 /PRNewswire/ -- The global diagnostic imaging market accounted for revenue of $27,930.5 million in 2015, and it is expected to grow at a CAGR of 4.9% during 2016-2022. Based on type, the x-ray imaging segment dominated the global market in 2015.
Diagnostic imaging is a technique and process used to create image of the internal as well as external human body parts for clinical purpose. It comprises of devices, such as magnetic resonance imaging, computed tomography, x-ray imaging, nuclear imaging, ultrasound imaging and others.
Ultrasound imaging is a medical imaging technique, which uses high frequency sound waves and their echoes to produce cross-sectional images of the body. In addition, magnetic resonance imaging is a strong magnet, which uses strong magnetic field, radio frequency pulses and a computer to produce detailed image of soft tissues, organs, bones, and other internal body structures. Similarly, the x-ray imaging is a non-invasive medical diagnosis, which helps medical practitioners to diagnose and treat medical conditions. It is used for the diagnosis of orthopedic condition, dental condition, cancer and others.
The global diagnostic imaging market is growing at a significant rate, due to growing geriatric population, increasing prevalence of chronic diseases, such as cancer, and lung diseases, increasing awareness about early diagnosis, and increasing healthcare expenditure and increasing government funds and grants. In addition, the improving healthcare infrastructure in developing countries, and technological advancement and widespread application of diagnostic imaging devices are also driving the growth of the global diagnostic imaging market. The restraints associated with the growth of the global diagnostic imaging market include stringent regulations for the approval of diagnostic imaging devices, shortage of helium gas deposits for magnetic resonance imaging and increasing risk of cancer due to exposure to radiation.
Geographically, North America is expected to maintain its dominance in the global market of diagnostic imaging during 2016-2022. This is due to increasing healthcare expenditure, growing geriatric population, improved healthcare infrastructure, and increasing prevalence of chronic diseases. In addition, the technological advancement in the diagnostic devices is also driving the growth of the North American diagnostic imaging market.
The European diagnostic imaging market is growing, mainly due to growing aging population, increasing prevalence of chronic diseases, and increasing healthcare cost. For, instance, according to the Organization for Economic Co-operation and Development (OECD), an international economic organization of 34 countries promoting economic and social wellbeing of people around the world, the life expectancy of people in EU countries was 79.2 years in 2012, an increase of 5.1 years since 1990. However, the Asia-Pacific market of diagnostic imaging is expected to witness the highest growth globally, during the forecast period. This is due to the growing geriatric population and surge in the occurrence rate of different chronic diseases. Additionally, the large population pool and improving healthcare infrastructure are driving the growth of the market in the region.
Some of the key companies operating in the global diagnostic imaging market include Siemens AG, Koninklijke Philips N.V., General Electric Company, Hitachi Ltd., Toshiba Corporation, Shimadzu Corporation, FUJIFILM Holdings Corporation, SAMSUNG, and Esaote SpA.
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