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Medical Digital Imaging Systems Market Size, Trends And Future Growth 2024
Medical Digital Imaging Systems Market Size
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According to The Business Research Company's, The medical digital imaging systems market size has grown rapidly in recent years. It will grow from $18.39 billion in 2023 to $20.54 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to rising government initiatives, rising geriatric population, surging demand for effective early diagnostic methods, rising healthcare expenditure, and rising demand for non-invasive procedures.
The medical digital imaging systems market size is expected to see rapid growth in the next few years. It will grow to $32.13 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to rising demand for early detection tools, increasing investments and funds by governments, demand for non-invasive diagnostic devices, increasing incidence of chronic diseases, and increasing incidences of lifestyle-oriented diseases. Major trends in the forecast period include technological advancements, telemedicine integration, artificial intelligence (AI) integration, the development of advanced visualization capabilities, and product innovations.
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Market Drivers and Trends:
The increasing number of chronic conditions is expected to propel the growth of the medical digital imaging systems market going forward. Chronic conditions are long-lasting health issues that persist over time and require ongoing medical management, such as diabetes, cardiovascular diseases, and respiratory disorders. The prevalence of chronic diseases is a complex and multifaceted issue influenced by urbanization, genetic predisposition, and the adoption of sedentary lifestyles. Medical digital imaging systems help identify subtle changes in tissues and organs, allowing for more accurate diagnoses. It will enable physicians to compare past and present scans, identifying trends and patterns. For instance, in June 2024, according to the data from the Australian Institute of Health and Welfare, an Australia-based government agency, the age-standardized death rate due to chronic conditions slightly increased to 459 per 100,000 population in 2021. This rate rose again in 2022, reaching 490 per 100,000 population. Therefore, the increasing chronic conditions drive the medical digital imaging systems market.
Major companies operating in the medical digital imaging systems market are developing AI-enhanced imaging technologies to improve diagnostic accuracy, speed up image analysis, and assist in early disease detection. AI-enhanced imaging integrates artificial intelligence into digital imaging systems to improve diagnostic accuracy and efficiency. For instance, in April 2024, GE Healthcare, a U.S.-based medical technology company, introduced the AI-enhanced voluson signature 20 and 18 ultrasound systems designed specifically to advance women's health imaging. These systems utilize AI to enhance image quality, automatically detect fetal structures, and provide faster, more accurate measurements, thereby reducing scan times and improving diagnostic confidence. This innovation highlights the growing role of AI in specialized medical imaging, driving more precise and efficient healthcare solutions for women.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Hitachi Ltd., Siemens AG, Medtronic PLC, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Shimadzu Corporation, Agilent Technologies Inc., Hologic Inc., Mindray Medical International Limited, Bruker Corporation, Carestream Health Inc., Barco NV, Analogic Corporation, Esaote SpA, Canon Medical Systems Corporation, Ampronix LLC, Pie Medical Imaging B.V., Agfa-Gevaert Group, Alma Medical Imaging
Medical Digital Imaging Systems Market 2024 Key Insights:
• The medical digital imaging systems market size is expected to see rapid growth in the next few years. It will grow to $32.13 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Rising Prevalence Of Chronic Conditions Driving Growth In The Medical Digital Imaging Systems Market
• Advancements In AI-Enhanced Imaging Technologies Propel Growth In The Medical Digital Imaging Systems Market
• North America was the largest region in the medical digital imaging systems market in 2023
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