Marketresearchreports.biz: Global Diagnostic Imaging Market to Grow at a Modest CAGR of 5% Between 2014 and 2020
Albany, NY (PRWEB) December 12, 2014 -- The report states that the global diagnostic imaging market will grow at a steady pace of an estimated CAGR 5% between 2014 and 2020, and attain market value worth more than US$35 billion by the end of 2020.
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The report states that a number of factors are fueling the global diagnostic imaging market, including: rising applications of diagnostic imaging in a variety of medical procedures; rising awareness about early diagnosis in developing countries; rising number of research activities across the globe; increasing prevalence of diseases such as a variety of cancers, neurological and cardiovascular disorders; favorable investments in emerging markets.
However, factors such as risk of radiation exposure with diagnostic imaging systems, high cost of these systems, the scant coverage of healthcare insurance for diagnostic procedures, scarcity of helium for MRI systems, and saturated markets could exert a downward pressure to growth of the overall market.
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The report segments the global diagnostic imaging market based on the diagnostic imaging technology, most popular applications of diagnostic imaging systems, and chief regional diagnostic imaging markets from a geographic standpoint.
Amongst the various diagnostic imaging technologies/modalities available in the market, the market segment X-ray examination remains the most widely preferred imaging method. Throughout the globe, nearly 100 million X-ray exams are held annually. Markets of other diagnostic imaging technologies such as SPECT, PET, CT, nuclear medicine, MRI are also studied by the report. The report states that the usage of CT scan systems will increase at the fastest pace during the forecast period owing to the rising population of geriatric people and increasing prevalence of a variety of chronic health conditions across the globe.
Based on the most popular applications of diagnostic imaging systems, the report segments the global market into cardiovascular diseases, neurological disorders, oncology, abdominal imaging, orthopedic disorders, lung disorders, and others. Amongst these application areas, the segment oncology is expected to register growth at the highest pace during the forecast period.
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Amongst the various regional territories of the global diagnostic imaging market studied by the report, the segment North America held the largest market shares during the review period, followed by the European market. However, during the forecast period, the Asia-Pacific regional market is expected to grow at the fastest pace owing to the huge volume of geriatric population residing in these regions, favorable research funding by governments and the rising incidences of academic and industrial partnerships in the field of pre-clinical research.
Some of the chief businesses operating in the global diagnostic imaging market include Philips Healthcare (Netherland), Analogic Corporation (U.S.), Samsung Medison (South Korea), Toshiba Medical Systems Corporation (Japan), Hologic, Inc. (U.S.), Carestream Health, Inc. (U.S.), Hitachi Medical Corporation (Japan), GE Healthcare (U.K), Shimadzu Corporation (Japan), and Siemens Healthcare (U.S.).
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