Why is Diagnostic Imaging Systems Market Expected to Boom in Asia-Pacific in Future?

Factors such as the escalating healthcare expenditure, burgeoning number of diagnostic imaging centers, growing requirement for diagnostic imaging procedures, booming population of the elderly, continuous technological developments in diagnostic imaging, and rising prevalence of chronic diseases are expected to drive the diagnostic imaging systems market at a CAGR of 5.8% during the forecast period (2020–2030). This market generated $38.9 billion in 2019, which will increase to $70.0 billion in 2030.

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One of the leading factors supporting the diagnostic imaging systems market growth is the surge in the geriatric population. According to the World Population Ageing report of 2019 of the United Nations (UN), the population of people aged 65 years and above is expected to reach nearly 1.5 billion in 2050. Older people need extensive care, as they are more susceptible to chronic diseases due to their weak immunity levels. Due to this, the demand for diagnostic imaging systems will continue to escalate during the forecast period.

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Moreover, the rising cases of cancer, cardiovascular diseases (CVDs), type 2 diabetes, and chronic obstructive pulmonary disease (COPD) are fueling the demand for such equipment across the globe. According to the Centers for Disease Control and Prevention (CDC), 6 in 10 adults in the country suffer from chronic disease. Moreover, the International Agency for Research on Cancer (IARC) states that 2018 registered 18.1 million cases of cancer and 9.6 million related deaths across the world. Therefore, the demand for medical imaging devices for diagnosis and regular checkups is rising.

The product segment of the diagnostic imaging systems market is categorized into computed tomography (CT) scanners, X-ray imaging systems, magnetic resonance imaging (MRI) systems, nuclear imaging systems, and ultrasound systems. Under this segment, the nuclear imaging systems category is projected to display the fastest growth in the market during the forecast period. This can be primarily attributed to the escalating demand for positron emission tomography (PET) and other nuclear imaging systems for cancer treatment and staging, due to the rising incidence of the aforementioned disease.

Geographically, the North American region held the largest share in the diagnostic imaging systems market in 2019 due to the increasing cases of chronic ailments, surging healthcare expenditure, and presence of numerous state-of-the-art hospitals and diagnostic centers in the region. During the forecast period, the Asia-Pacific (APAC) region is projected to register the highest growth rate owing to the spurring number of diagnostic imaging centers and rising prevalence of chronic diseases. As per the World Health Organization (WHO), low- and middle-income countries account for 80% of the global chronic disease mortality.

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This release was published on openPR.