Diagnostic Imaging Systems Market Size, SWOT Analysis, Growth Statistics, Share Evaluation and Forecast Report, 2030

The global diagnostic imaging systems market revenue stood at $38.9 billion in 2019, and it is predicted to grow to $70.0 billion by 2030.

According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 5.8% between 2020 and 2030. The factors driving the expansion of the market are the soaring healthcare expenditure, burgeoning requirement for diagnostic imaging procedures, rising incidence of chronic diseases, and increasing healthcare expenditure across the world.

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As per the 2019 World Population Ageing report published by the United Nations (UN), the total population of people in the age bracket- 65 years or above- will grow from 703 million in 2019 to 1.5 billion by 2050. Moreover, as geriatric people need extensive care, on account of the fact that they are highly vulnerable to chronic diseases, because of the low immunity levels, their surging population is fueling the demand for diagnostic imaging systems.

Another major factor fueling the market advancement is the surging healthcare expenditure globally. As per the World Health Organization (WHO), the growing healthcare expenditure is fueling rapid advancements in the healthcare infrastructure. Many governments are spending a considerable portion of their gross domestic product (GDP) for improving the medical infrastructure. For instance, the healthcare expenditure of India, Brazil, China, and the U.S. in 2010 was 3.2%, 7.9%, 4.2%, and 16.4% of the GDP, as per the World Bank.

This share increased to 17.0%, 5.1%, 3.5%, and 9.4% in the U.S., China, India, and Brazil, respectively, in 2017. Besides these factors, the rising incidence of chronic diseases is also fueling the growth of the diagnostic imaging systems market. Across the globe, chronic obstructive pulmonary disease (COPD), type 2 diabetes, cancer, and cardiovascular diseases (CVDs) are some of the most prevalent chronic diseases and are mainly caused due to high cholesterol, obesity, and high blood pressure.

As per the Centers for Disease Control and Prevention (CDC), out of every 10 adults in the U.S., 6 are diagnosed with chronic diseases. Depending on product, the diagnostic imaging systems market is classified into ultrasound systems, X-ray imaging systems, magnetic resonance imaging (MRI) systems, nuclear imaging systems, and computed tomography (CT) scanners. Amongst these, the X-ray imaging systems category held the largest share in the market from 2014 to 2019, and this trend will continue in the upcoming years.

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Globally, North America contributed the highest revenue to the diagnostic imaging systems market in the years gone by. This was because of the high incidence of chronic diseases, existence of several hospitals and diagnostic centers, and the high healthcare expenditure of the regional countries. Moreover, the existence of industry players such as Analogic Corporation, Carestream Health Inc., and Hologic Inc. also contributed toward the boom of the market in this region.

Therefore, it can be said with full surety that the market will grow substantially in the coming years, primarily because of the growing prevalence of chronic diseases, surging geriatric population, and the increasing healthcare spending of several countries around the world.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.