The Global Medical/Diagnostic Imaging Market Is Estimating to Reach USD$ 40.88 Billion By 2020, at a CAGR of 5.15% between 2016 and 2020

Date: 2016-09-18

The Medical/Diagnostic Imaging market was estimated at USD$ 31.8 billion in 2015, and is anticipated to reach USD$ 40.88 billion by 2020, expanding at a CAGR of 5.15% between 2016 and 2020. Medical/Diagnostic Imaging refers to the use of different imaging modalities to get visual representations of the interior of a body for diagnostic and therapeutic purposes. The medical imaging includes different types of modalities that are used to image the human body for diagnosis and treatment of a variety of diseases, and hence plays a vital role in improving health. The medical imaging industry has been revolutionized from bed-side monitoring towards high-end digital scanning.

This market has applications in various medical fields like cardiology, oncology, neurology, and orthopedics. Globally, most of the industrialized countries are spending a large part of their GDP on healthcare requirements. The US is set to spend nearly 20% of its GDP on healthcare by 2017, a higher percentage than any other industrialized nation.

The market is segmented based on type (X-ray, MRI, nuclear medicine, ultrasound, tomography, tactile imaging, photoacoustic imaging, thermography, elastography, echocardiography, and functional near infrared spectroscopy). A few segments are sub-divided based on portability, structure, technology and resolution.

The diagnostic device market is segmented on the basis of type into dermatoscope, imaging technique, and microscope. The dermatology diagnostic device market is dominated by the imaging techniques segment, which comprises over 78.9% of the market share, and is expected to grow at a CAGR of 8.5% from 2014 to 2019. This growth is mainly attributed to the ability of these devices to detect advanced stages of melanoma. The dermatoscope segment is further divided into traditional and digital dermatoscope, out of which the traditional dermatoscope has the highest market share of 58.1%. On the other hand, the imaging techniques are further classified into ultrasound, CT, MRI, and OCT, out of which the ultrasound market has the highest market share of 41.1%.

The market is expected to gain traction in the developing regions of Asia-Pacific and other LAMEA nations. The reasons for the unparalleled market growth are large undiagnosed patient population, rapid urbanization, increase in disposable income, improved government funding towards chronic disorders, and growing awareness about early diagnosis of diseases. However, adoption of these high-cost medical imaging systems in countries namely, India and China would continue to remain a key challenge for the leading innovators.
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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

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