Diagnostic Imaging System Market to Witness the Highest Growth Globally in Coming Years

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The global diagnostic imaging systems market size is predicted to generate over $51.2 billion revenue by 2024, from $37.2 billion in 2018.

Increasing number of product launches and approvals, collaborations, and acquisitions by key players to expand their footprint and consumer base is the key trend observed in the diagnostic imaging systems market. Players, such as General Electric Company, Shimadzu Corporation, Koninklijke Philips N.V., Siemens AG, Carestream Health Inc., Canon Medical Systems Corporation, and Samsung Electronics Co. Ltd., are actively focusing on these strategic measures to expand their product portfolio and market share in the industry. For instance, in January 2019, Canon Medical Systems Corporation introduced its global illumination rendering technology within the Vitrea platform. This technology allows physicians to visualize anatomy prior to autopsy and to interact in real-time with photorealistic images and visualize patient’s anatomy in all dimensions.

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Globally, North America and Europe, will together account for over 60% share in the diagnostic imaging systems market by 2024. This can be mainly attributed to the presence of established players, increasing adoption of telemedicine, and increase in prevalence of chronic diseases in these regions.

APAC, LATAM, and MEA also hold considerable shares in the global diagnostic imaging systems market, on account of the technological advancements, surging geriatric population, rising prevalence of chronic diseases, increasing healthcare expenditure, and rising awareness about early detection of diseases in these regions.

Japan is expected to lead the APAC diagnostic imaging systems market, generating over $4.6 billion by 2024, with a CAGR of 7.3% during the forecast period. This growth can be mainly attributed to technological advancements and developed healthcare infrastructure in the country.

Mexico is a growing marketplace for diagnostic imaging systems in the LATAM and is expected to generate around $1.5 billion by 2024. This can be attributed to the surging geriatric population, and increasing prevalence of chronic diseases in the country as compared to other countries in the region.

In January 2019, the U.S. Food and Drug Administration (USFDA) approved Siemens Healthineers’s MAGNETOM Lumina 3 Tesla MRI scanner. The system features BioMatrix patient personalization technology, which significantly improves productivity while reducing scan time. Furthermore, in September 2018, Carestream Health Inc. received the USFDA 510(k) Clearance for its OnSight 3D Extremity System. This imaging system uses cone beam CT technology to capture weight-bearing and other types of extremity exams.

Other prominent players in the diagnostic imaging systems market include Konica Minolta Inc., Dornier MedTech GmbH, SternMed GmbH, MinFound Medical Systems Co. Ltd., DRGEM CO. LTD., SonoScape Medical Corporation, Analogic Corporation, and Fonar Corporation.