Medical Digital Imaging Systems Market Worth $37.9B by 2024

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The global medical digital imaging systems market is expected to reach USD 37.9 billion by the year 2024, according to a new report published by Grand View Research, Inc. The growth of the market is expected to be at CAGR of around 4.5% during the years, 2014 - 2024.

With the availability of the digital display screens, the incorporation of diagnostic devices, such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT) scanners, ultrasound, and x-ray, in the screening procedures have significantly risen. Availability of digital screens with higher resolution and three dimensional views are the factors expected to boost the growth of the market as these devices deliver higher image clarity and accuracy, which enables a faster decision making process for doctors.

Systems assuring high accuracy and improved patient convenience with automated workflows, are integral requirements of the modern diagnostic devices. The integration of digital screens with diagnostic devices have expanded their capabilities in meeting the demands of a rapidly developing diagnostic industry. A huge scope for further development of digital screens and the introduction of softwares that enable data digitalization are anticipated to spur innovation in this field, in the future.

Factors such as thecost prohibitive nature of these devices, excise tax duties levied in some regions including the U.S, and the limitations of the diagnostic procedures due to the risk of radiationexposure are impeding the growth of the overall market.

Key players contributing to the growth of this marketinclude but are not limited to GE Healthcare, Siemens Healthcare GmbH, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Carestream Health, Inc., Esaote, Hologic, Inc., and Shimadzu Corporation. 

Further key findings from the study suggest:

• The x-ray imaging devicessegment captured the largest share of the vertical. The segment was valued around USD 6.9 billion in 2015.  Large number of applications and high procedural volume are the factors contributing to the large market share of the segment.
• The nuclear imaging segment is anticipated to be the fastest growing segment during the forecast period. Growing application of nuclear imaging in disease diagnostics, such as cancer, is primarily boosting the growth of the sector.
• North America capturedthelargest market share in the year 2015. The dominance of this regionalverticalis expected to continue during the forecast period. The factors contributing to the growth of the sectorin North America include awell-established healthcare infrastructure and the high adoption rate of advanced diagnostic technology.
• AsiaPacificis anticipated to exhibitthe fastest growth during the forecast period.Countries in the region such as Japan and China are the major contributors to the significant sectorgrowth in this region. This is attributableto the rising awareness about the benefits of early disease diagnosis, increasing incidence of chronic diseases, development of new healthcare facilities, and the growing medical tourism.