Diagnostic Imaging Market Manufacturing Base and Competitors: CARESTREAM HEALTH, FUJIFILM HOLDINGS CORPORATION, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, HOLOGIC, SHIMADZU CORPORATION

The global diagnostic imaging market is expected to register a CAGR of 5.8% during the forecast period of 2018-2023. North America is anticipated to dominate the market during the forecast period owing to the growing awareness about preventive care in the region.

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Rising Number of Diagnostic Imaging Centers and Hospitals
The rise in the number of new hospitals and diagnostic centers in the United States and other developing countries across the globe are expected to drive the diagnostic imaging market. China and India with their huge patient pool are expected to drive new hospital construction in the coming years. In the United States, more than 3000 projects (including hospitals, outpatient clinics, etc.) are currently under development. Increasing number of diagnostic centers, independent of hospitals, will drive the market for diagnostic imaging during the forecast period. Government initiatives in setting up of low cost, full-fledged hospitals, and an increasing patient demand have led to the growth of independent diagnostic centers in emerging countries of Asia-Pacific. Additionally, increasing geriatric population, technological advancement, and growing awareness about preventive care are further driving the market of diagnostic imaging.

Key Developments in the Market
• January 2018: GE Healthcare introduced an easy-to-use ultrasound system,“Versana Essential”, bringing advanced capabilities to a range of physicians, including OB/GYN, general practitioners, and family practice physicians at an affordable cost.
• March 2018: Koninklijke Philips N.V. and Hologic, Inc. announced a global partnership agreement to provide integrated imaging solutions for women’s health.

Major players-
CARESTREAM HEALTH, FUJIFILM HOLDINGS CORPORATION, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, HOLOGIC, INC., KONINKLIJKE PHILIPS N.V., SHIMADZU CORPORATION, SIEMENS AG, TOSHIBA MEDICAL SYSTEMS CORPORATION, AND VARIAN MEDICAL SYSTEMS, amongst others.

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Dearth of Radiologists
According to a study conducted by the Royal College of Radiologists (RCR) in the United Kingdom, approximately 97% of radiology departments in the United Kingdom were unable to meet diagnostic reporting requirements in 2016. According to Eurostat, the statistical office for the European Union, the United Kingdom has the third lowest number of radiologists per population of 31 audited European Union countries. The European Union’s average is 12.7 clinicians per 100,000 patients. Also, there is a shortage of radiologists in the United States, which is the major market for diagnostic imaging. The need and demand for scans continue to grow as much as 30% or three times more than the rate of the workforce growth. Shortages of radiologists and complex scans due to technological advances are causing delayed scan results and hospital diagnoses. Thus, the dearth of radiologists and the high cost of advanced diagnostic imaging devices, such as PET and SPECT scanner, are likely to impede the market.

North America to Dominate the Market
North America dominates the global diagnostic imaging market. The factors attributing to the growth of this region are growing awareness regarding preventive care and rise in the number of diagnostic imaging centers in the region. Asia-Pacific is anticipated to grow tremendously during the forecast period owing to factors, such as the high prevalence of chronic diseases, growing aging population, and government initiatives in creating new hospitals and diagnostic centers to meet the healthcare needs of growing population.

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