Diagnostic imaging contains a variety of approaches for seeing the human body to diagnose, treat, and monitor medical disorders. Each type of technology delivers different information on the body part being investigated or treated, such as injury, sickness, or the efficacy of the medical treatment. The global diagnostic imaging market is enlarging owing to an augment in the geriatric population, higher utilization of modern medical imaging technology, an augmented requirement for improved optical imaging for better health, technological innovations, and disease diagnosis, and a surge in the incidence of chronic disorders.
The ability of diagnostic imaging to diagnose a disease in its early stage and highly improve patient outcomes has propelled the diagnostic imaging market since it is painless and proposes speedy diagnosis. Consequently, it is a prevalent recourse among doctors as well as patients. Speedy advancements and favorable reimbursement policies are also fostering the global diagnostics imaging market.
According to SPER market research, ‘Diagnostic Imaging Market – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecast to 2027’ state that the Diagnostic Imaging Market is anticipated to rise at a great CAGR of 5.9% from 2020 to reach USD 36.0 billion by 2027. Market growth is propelled by the growing demand for early & efficient disease diagnosis, enlargement in application profile of imaging modalities coupled with the increasing prevalence of infectious diseases, ongoing technological innovations in the field of diagnostic imaging, and constant integration of imaging modalities with AI & and other digital tools.
The effective growth in demand for state-of-the-art imaging modalities by teaching hospitals and universities to deliver training for improved technology is predicted to have a significant impact on the market growth during the review years. In addition, the implementation of AI to automate image qualification and recognition procedures is also predicted to foster market growth.
Aspects such as the increasing prevalence of chronic diseases, the growing geriatric population, technological innovations in imaging modalities, the increasing number of hospitals and diagnostic imaging centers, and advancing healthcare infrastructure are predicted to propel the growth of the diagnostic imaging market. In addition, emerging regions, increasing medical tourism, and advancement of multi-modality imaging systems propose progressive growth opportunities for market players during the review period.
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The increasing aging population is associated with the increasing prevalence of chronic diseases which in turn is probably augmenting the number of hospital admissions. In addition, aging often leads to the problem of falls – which is one of the most common causes of injury and hospital admissions in the geriatric population. According to CDC, during 2015, the medical cost linked with falls in the U.S. exceeded USD 50 billion. Round a year, in the U.S., at least 300,000 older individuals are hospitalized for hip fractures. Therefore, the growing elderly population and increasing prevalence of chronic diseases along with the high fall rates will lead to a growth in the requirement for diagnostic imaging.
North America registered the complete market in 2021 and registered for the largest share of global revenue. The existence of a large number of industry players and the great frequency of new product launches within the region are the aspects underwriting to the regional market growth.
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