Medical Digital Imaging Systems Market Worth USD 37.9 Billion by 2024

The global medical digital imaging systems market is expected to record a CAGR of around 4.5% over the period 2014-2024 to reach USD 37.9 billion by 2024, driven by increasing awareness about the benefits of early diagnosis, rising prevalence of chronic diseases, such as cancer and cardiovascular diseases, and availability of digital screens with higher resolution and three-dimensional views in diagnostic devices.

These are the findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.

Product-wise, the medical digital imaging systems market is segmented into X-ray devices, ultrasound systems, computed tomography (CT) scanners, magnetic resonance imaging equipment and nuclear imaging equipment. By technology, the market is segmented into 2D, which includes black & white and color, and 3D and 4D.

In 2015, the X-ray imaging devices segment held the largest share of the vertical and was valued at around USD 6.9 billion, driven by a large number of applications and increasing incidences of orthopedic injuries and diseases. 2D technology dominated the global market in 2015 due to the high awareness and low cost of these devices. North America held the largest market share during the year, led by a well-established healthcare infrastructure and high adoption of advanced diagnostic technology. Moreover, the rising adoption of routine screening due to government recommendations for routine checkups is pushing the demand for advanced image visualization devices in North America.

The integration of digital screens with diagnostic devices has led to a significant increase in their incorporation in screening procedures, as they help doctors in faster decision making by delivering higher image clarity and accuracy, and offering expanded capabilities. The huge scope for further development of digital screens and introduction of software that enable data digitalization are expected to drive innovation in the medical digital imaging systems market in the future.

Going forward, the nuclear imaging segment is expected to be the fastest growing segment over the period 2014-2024, driven primarily by the growing application of nuclear imaging in disease diagnostics, such as cancer, improved accuracy of results, and short-turnaround times. However, the risk of high radiation exposure will continue to act as a constraint to the adoption of nuclear image visualization systems. The growing demand for X-ray devices is expected to take the global X-ray devices vertical to USD 9.4 billion in 2024, while 3D and 4D technology are likely to rapidly replace 2D technology over 2014-2024.

North America is expected to continue over the same period, while Asia Pacific is anticipated to exhibit the fastest growth during the forecast period, driven by Japan and China. This can be attributed to the increasing awareness about the benefits of early disease diagnosis, rising incidence of chronic diseases, development of new healthcare facilities, and the growing field of medical tourism in the region. Moreover, steadily increasing disposable income and the presence of a large patient pool are expected to fuel the demand for advanced image analysis modalities in Asia Pacific.

However, the cost prohibitive nature of these devices, excise tax duties levied in some regions including the US, and limitations of diagnostic procedures due to the risk of radiation exposure will continue to hamper the growth of the overall medical digital imaging systems market.

The global market for medical digital image analysis systems is highly competitive where a large number of global as well as local players are present, and technological advancements in 3D and 4D image analysis systems are highly popular. GE Healthcare (Little Chalfont, UK) and Siemens Healthineers (Erlangen, Germany) are expected to continue dominating the medical digital imaging systems market on the back of their technological developments.

Related Links:
Grand View Research
GE Healthcare
Siemens Healthineers