Technological Innovations in Diagnostic Imaging Market to Garner $45.0 billion at a CAGR of 5.1% by 2022

Global Medical/Diagnostic Imaging Market is anticipated to reach $45.0 Billion by 2022, growing at a CAGR of 5.1% during the forecast period, 2015-2022.X-ray imaging systems are expected to continue to be the highest revenue-generating segment throughout the forecast period. North America accounted for around one-third of the market share in 2015, and is expected to dominate the overall market during the study period.

Rise in awareness for early disease diagnosis, surge in diagnostic imaging procedures, increase in prevalence of chronic diseases, and technological advancements drive the growth of the medical/diagnostic imaging market. Additionally, miniaturization of ultrasound devices provides lucrative opportunities for emerging market players. However, high cost of medical imaging modalities and shortage of helium impedes market growth.

Based on application, the market is sub-segmented into obstetrics/gynecology (OB/GYN) health, orthopedics and musculoskeletal, neuro and spine, cardiovascular and thoracic, general imaging, breast health, and others. The cardiovascular and thoracic disease application segment is projected to maintain its lead throughout the analysis period owing to increase in the number of medical imaging services and technological advancements. Regionally, Asia-Pacific dominated the market in 2015 and is expected to maintain this lead through 2022, owing to improving healthcare infrastructure and healthcare expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs in these countries. However, LAMEA is poised to encounter the highest CAGR during the forecast period, owing to a surge in chronic disorders (such as heart disease, cancer, and diabetes) and rapidly growing geriatric population.

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The report segments the global medical/diagnostic imaging market by product type, application, and geography. Based on product type, the report fragments the market into computed tomography (CT) scanners, X-ray imaging systems, and MRI systems. X-ray imaging systems segment garnered the highest revenue in 2015, accounting more than one-fourth of the overall market revenue, and is expected to continue its dominance throughout the forecast period. In MRI systems segment, mammography systems segment is expected to be the fastest growing segment, registering a CAGR of 8.3%, in terms of revenue, from 2015 to 2022.

The report also profiles key players involved in the global medical/diagnostic imaging market, such as GE Healthcare, Philips Healthcare, Hitachi Medical Corporation, Hologic, Inc., Siemens Healthcare, Samsung Medison, Shimadzu Corporation, Toshiba Medical Systems Corporation, Esaote S.P.A, and Fujifilm Corporation. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.

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