Oncology Diagnostics Market to Flourish with an Impressive CAGR by 2021

Medical imaging is a process of creation of high quality of image for the diagnosis of various diseases. Medical imaging technologies assist by medical specialists and practitioners in the diagnostics of diseases by providing actual and visual picture of the structure and function of organs. On the basis of end users, medical imaging technologies for oncology diagnostics market can be segmented into hospitals, doctor’s offices, freestanding clinics and equipment leasing companies. On the basis of technology, medical imaging technologies for oncology diagnostics market can be segmented into X-ray, computed radiography (CR), computed tomography (CT), ultrasound, MRI, endoscopy, positron emission tomography (PET) and single-photon emission computed tomography (SPECT). X-ray technology includes analog and digital x-ray. Magnetic resonance imaging (MRI) includes functional MRI and standard MRI. Endoscopy technology includes video endoscopy, fiber-optic endoscopy and ingestible cameras. Computed tomography includes multislice or ultrafast computed tomography, electron beam tomography and standard computed tomography.

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North America, followed by Europe, has the largest market for medical imaging technologies for oncology diagnostics due to developed healthcare infrastructure, technological advancements and rise in demand for quality healthcare services in the region. Asia is expected to experience high growth rate in the medical imaging technologies for oncology diagnostics market in next few years due to developing healthcare infrastructure, government initiatives, increasing aging population and rise in incidence of cancer cases in the region.

Technological advancement, government initiatives, rise in demand for imaging modalities in cancer treatment, increasing need for efficiency and effectiveness in medical procedures, rise in incidence of cancer cases, growing adoption of medical imaging technologies in oncology diagnostics, automated image analysis and rise in computer-aided design (CAD) applications are expected to drive the market for medical imaging technologies for oncology diagnostics, In addition, increasing awareness about benefits of medical imaging technologies in cancer diagnostics, rise in need for earlier cancer detection and growing aging population are expected to drive the market for medical imaging technologies for oncology diagnostics. However, economic downturn and cuts in reimbursement policies are some of the factors restraining the growth for global medical imaging technologies for oncology diagnostics market.

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Growing demographics and economies in the developing countries such as India and China is expected to lead the growth in medical imaging technologies for oncology diagnostics market in Asia. In addition, continues rise in the demand for medical imaging technologies for cancer diagnostics, technology innovations and increasing incidence of cancer cases are expected to offer new opportunities for global medical imaging technologies for oncology diagnostics market. Increasing number of mergers and acquisitions, rise in collaborations and partnerships and technological innovation are some of the trends that have been observed in global medical imaging technologies for oncology diagnostics market.

Some of the major companies operating in the global medical imaging technologies for oncology diagnostics market are GE Healthcare, Siemens Healthcare, Philips Healthcare, Advanced Medical Diagnostics, SA and Agfa Healthcare. In addition, some other companies operating in global medical imaging technologies for oncology diagnostics market are Carestream Health, Inc., McKesson Corporation and Techniscan Medical Systems, Inc.

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