The global medical digital imaging systems market size was valued at USD 14.55 billion in 2017. It is likely to expand at a 7.7% CAGR during the forecast period. Surging demand for effective early diagnostic methods and widening base of aging population have been instrumental in driving the market. Technological advancements and increasing investments and funds by governments, especially in developing countries such as India and China, are also poised to stoke the growth of the market over the coming years.
Advancements in digital and communication technologies are have been augmenting the market. New imaging techniques provide accurate anatomical detail in most diagnostic radiology procedures. This has helped in expansion of application of medical digital imaging in exploratory surgery.
Positron emission tomography (PET)/computed tomography (CT) enable determination of metabolic information of PET and anatomic detail of CT simultaneously. High-resolution CT offers images with higher spatial resolution. Magnetic resonance imaging (MRI) is replacing older techniques such as CT, myelography, angiography, and arthrography.
In addition, advancements in digital imaging offer various clinical and economic benefits, such as instant access to radiology studies, lesser risk of data damage, and theft. Automation in procedures help in decreasing waiting time, thus, maximizing efficiency and returns on investment. These benefits help offset costs of equipment and infrastructure.
Based on products, the market has been segmented into X-ray, ultrasound systems, CT, MRI, and nuclear imaging. CT accounted for the largest share in the market in 2017. Nuclear imaging is anticipated to be the fastest growing segment during the forecast period. Development of new radiotracers, increasing prevalence of cancers and cardiovascular diseases, and introduction of new products through advancements are working in favor of the overall market.
According to the American Cancer Society, 1,762,450 new cancer cases are estimated to be reported in the U.S. in 2019. Development of radiotracers, such as Single Photon Emission Computed Tomography (SPECT) with technetium 99m radiotracers, which optimizes image quality with reduced radiation exposure, is estimated to contribute to the growth of the CT segment during the forecast period.
Based on technology, the global medical digital imaging systems market has been bifurcated into 2D and 3D/4D. 2D has been further divided into black and white (BnW) and color. 2D technology captured the largest share in 2017. The 3D technology is expected to witness the highest adoption rate in developed as well as developing regions.
Technological advancements in 3D/4D imaging technology help in accurate and efficient real-time visualization of human body, thereby minimizing distortion for patients. 4D imaging is 3D with real time movement. The global market for 3D and 4D devices is likely to experience lucrative growth in the forecast period owing to increasing adoption of these technologies such as fetal monitoring.
Geographically, the market has been categorized into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominated the market in 2017 owing to high adoption of advanced technology and improved healthcare infrastructure, high purchasing power, and favorable reimbursement framework.
Asia Pacific is poised to exhibit the highest CAGR during the forecast period, mainly due to increasing government incentives and lower cost of clinical trials. Healthcare in the region is dominated by private healthcare services providers. Presence of international service provider companies such as Wockhardt Hospitals, Columbia Asia, and Fortis Healthcare is projected to boost level of competition in the private sector. Rapid growth in the medical tourism is anticipated to fuel the demand for advanced diagnostic methods in this highly competitive market.
Some of the key players are Siemens Healthcare, Hitachi, GE Healthcare, Koninklijke Philips, Canon Medical Systems Corporation, Hologic, Medtronic, and Shimadzu Corporation. Regional and service portfolio expansions and mergers and acquisitions are among the key strategies adopted by these players to gain a higher share.
In March 2017, Hitachi Ltd. introduced its product ECHELON Smart, a mid-field strength MRI system. This system is incorporated with Hitachi's silent scanning technology, which will enable safety and higher compliance for patients. It was exhibited at the European Congress of Radiology, following which it is was expected to be available commercially.
Attribute |
Details |
Base year for estimation |
2017 |
Actual estimates/Historical data |
2014 - 2016 |
Forecast period |
2018 - 2025 |
Market representation |
Revenue in USD Million and CAGR from 2018 to 2025 |
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope |
U.S., Canada, U.K., Germany, China, India, Mexico, Brazil, Chile, South Africa, Saudi Arabia |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
15% free customization scope (equivalent to 5 analyst working days) |
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global medical digital imaging systems market report on the basis of type, technology, and region:
Type Outlook (Revenue, USD Million, 2014 - 2025)
X-ray
MRI
Ultrasound
CT
Nuclear Imaging
Technology Outlook (Revenue, USD Million, 2014 - 2025)
2D
BnW
Color
3D/4D
Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
U.S.
Canada
Europe
Germany
U.K.
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
Chile
Middle East and Africa (MEA)
South Africa
Saudi Arabia
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Amongst the majorly used Covid-19 screening options, imaging is preferred by most healthcare professionals as it provides a primary diagnosis in a short time. All the imaging modalities including nuclear imaging have been used exhaustively to study Covid-19 and its effect on different patients in each demography. These are used in theories such as comparison of the vulnerability of pediatric and geriatric patients, and treatment response for several drug combinations. We are working to account for this surge in our estimates. The updated report will account for Covid-19 as a key market contributor.