Diagnostic medical imaging is a common technique for visualizing physical diagnosis in the clinical community. For diagnostic purposes, these systems are used to image the body to obtain a correct diagnosis and to determine future treatment. Diagnostic imaging is the technique or process of creating visual representations of the internal body for clinical examination and medical interpolation, as well as a visual representation of the function of specific organs or tissues. It has a wide range of applications in a variety of oncological, orthopaedic, gynaecological field etc. Major factors fuelling the growth of the Diagnostic Imaging market include increasing prevalence of chronic diseases, increasing adoption of advanced technologies in medical imaging, and increasing geriatric population.

MARKET DRIVERS 

The key factor propelling the growth of diagnostic imaging market is such as the technological improvements in medical imaging and rising demand for advanced imaging systems to improve patient outcomes and operational efficiency will positively impact the market expansion. Moreover, favourable regulatory scenario for medical imaging modalities for superior patient management and growing usage of medical imaging in digital health will faster the market growth. Eminent participants working in the market are shifting their focus towards value-based radiology and patient-centric imaging. Different innovations have been made in numerous imaging modalities including MRI, ultrasound, mammography, 3D imaging as well as nuclear imaging among others. According to the Centers for Disease Control and Prevention (CDC), nearly 80% of the elderly in the US suffer from at least one chronic condition. These factors are expected to increase the growth of the diagnostic imaging market during the forecast period.

MARKET OPPORTUNITIES

The major opportunity for diagnostic imaging market is such as in developing economies such as Russia, India, China, and South Africa offer high growth opportunities for major players in the diagnostic imaging market. Although the cost factor is a concern in these developing countries, their huge population base, especially in India and China, offers a sustainable market for diagnostic imaging devices. The higher incidence of chronic diseases such as cancer, stroke, and neurological and cardiovascular diseases and the higher death rates in these countries show the need for early detection.

MARKET RESTRAINTS

Price fluctuations in the product is one of the key market restraints for the market growth. Technological limitations associated with standalone imaging modalities deter researchers from purchasing them, negatively affecting their market growth. For instance, MRI takes longer to scan large volumes or high-resolution images, whereas PET has a lower spatial resolution. Ultrasound systems are heavily operator-dependent, require direct contact with the body, and have limited tissue depth penetration.

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MARKET GROWTH CHALLENGES

The key challenge faced by the market is increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with the suppliers and manufacturers of medical devices. GPOs, IHNs, and IDNs negotiate heavily for bulk purchases of diagnostic imaging devices.

CUMULATIVE GROWTH ANALYSIS

The report provides in-depth analysis of global Diagnostic Imaging market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for diagnostic imaging in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028. 

DIAGNOSTIC IMAGING MARKET SEGMENTAL OVERVIEW

The global Diagnostic Imaging market comprises of different market segments like modality, contrast agents, application, end user and geography.

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of Diagnostic Imaging market is majorly focused on expanding the global growth of diagnostic imaging sector with new product innovation, business expansion, increasing presence of range of manufacturers operating in diagnostic imaging industry has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumers which is further contributing healthy growth in the market.

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