DUBLIN–(BUSINESS WIRE)–The “Diagnostic Imaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Modality, Application, and End-user” report has been added to ResearchAndMarkets.com’s offering.
The global diagnostic imaging market is projected to reach US$ 53,410.59 million by 2028 from US$ 38,034.56 million in 2022.
Rise in prevalence of chronic diseases drives the market growth. Also, the use of Artificial Intelligence (AI) and analytics in diagnostic imaging equipment would act as a future trend in the global diagnostic imaging market.
According to the Centers for Disease Control and Prevention (CDC) report, six in ten Americans live with at least one chronic disease, including heart disease and stroke, cancer, and diabetes. Chronic disease are the leading causes of death and disability in North America and stand as a leading healthcare cost.
According to CDC, the leading chronic diseases accounted for almost US$ 4.1 trillion in annual healthcare costs in America in 2020. Additionally, diagnostic imaging is widely adopted for chronic conditions of the geriatric population as the population is more vulnerable to the above chronic indications. For instance, JMIR Publications revealed that the population aged >60 is expected to rise to 2 billion by 2050 worldwide.
Thus, with the increasing prevalence of aging and chronic diseases, it is essential to focus on healthcare innovation to improve health services. For example, innovation in diagnostic imaging with the support of information and communication technology (ICT) has been used in several settings that assist individuals in diagnosing, treating, and managing chronic diseases better. Also, ICT interventions in diagnostic imaging provide solutions to some of the challenges associated with aging and chronic diseases.
Osteoporosis is a significant health problem globally and is responsible for a severe clinical and financial burden owing to increasing life expectancy. Moreover, osteoporosis increases the chances of falls, fractures, hospitalization, and mortality. The age-standardized prevalence of osteoporosis among the European population is 12% for women and 12.2% for men aged 50-79 years, per the statistics of the National Library of Medicine in 2020.
Therefore, it is mandatory to conduct clinical assessments for early diagnosis and to prevent the onset of complications. Several diagnostic imaging techniques such as computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound imaging provide information on different aspects of the same pathologies for the detection of osteoporosis at an early stage.
For example, MRI provides information on various aspects of bone pathophysiology, and its results play an essential role in diagnosing diseases early in preventing clinical onset and consequences. The factors mentioned above are responsible for driving the overall global diagnostic imaging market.
Artificial intelligence helps improve numerous aspects of the healthcare industry, and diagnostic imaging technique is one of the fields that would benefit greatly. Diagnostic imaging equipment manufacturers worldwide are integrating AI into their products. For example, in September 2018, Nvidia announced launching the Nvidia Clara platform, a combination of software and hardware working together in diagnostic imaging equipment.
Such ground-breaking technology can address the challenges of medical instruments and process enormous amounts of data generated every second that doctors and scientists can easily interpret.
Market Opportunities of Global Diagnostic Imaging Market
Government initiatives that sanction funds and grants for diagnostic imaging services to reach globally are expected to create lucrative opportunities for the overall global diagnostic imaging market growth in the coming years.
The WHO collaborates with partners and manufacturers to develop effective solutions targeting to improve diagnostic services in remote locations. Additionally, the WHO and its partners provide training programs on the use and management of diagnostic imaging, focusing on patient safety.
For example, in February 2022, Siemens Healthineers announced a partnership with UNICEF that assisted in improving access to healthcare in Sub-Saharan Africa for diagnostic techniques.
Key Market Dynamics
- Rise in Prevalence of Chronic Diseases
- Technological Advancements in Diagnostics Imaging Equipment
- Shortage of Skilled Healthcare Professionals and High Costs Related to Diagnostic Imaging Equipment
- Government Initiatives for Diagnostic Imaging Services Reach Globally and Sanctioning Funds and Grants
- Use of Artificial Intelligence (AI) and Analytics in Diagnostic Imaging Equipment
- General Electric Company
- Siemens Healthineers
- Koninklijke Philips N.V.
- KARL STORZ SE & Co. KG
- FUJIFILM Holdings Corporation
- Canon Inc.
- Hologic, Inc.
- Carestream Health Inc.
- Stryker Corporation
- Olympus Corporation
For more information about this report visit https://www.researchandmarkets.com/r/bjdzvd