According to the International Diabetes Federation (IDF) Diabetes Atlas Ninth edition 2019, approximately 700 million people within the age group of 20–79 years will be living with diabetes by 2045. The report also says that around 374 million people are at an increased risk of developing type 2 diabetes. Furthermore, the World Health Organization (WHO) states that cancer caused around 10 million deaths in 2020. The WHO also forecasts that by 2030, cardiovascular diseases (CVDs) related deaths will rise over 23.6 million. The increasing incidence of such chronic diseases is augmenting the need for diagnostic imaging systems.
As these diseases are highly prevalent among the elderly population, the booming geriatric population will fuel the diagnostic imaging systems market at a CAGR of 5.8% during 2020–2030. The market was valued at $38.9 billion in 2019 and it is projected to reach a revenue of $70.0 billion by 2030. As per the World Population Ageing 2019 report published by the United Nations (UN), the population of people aged 65 years or above will grow to 1.5 billion by 2050. Old people require extensive care, as they are highly susceptible to chronic illnesses, owing to their low immunity levels.
Owing to the burgeoning need for diagnostic imaging systems, companies such as Shenzhen Mindray Bio-Medical Electronics Co. Ltd., General Electric Company, Samsung Electronics Co. Ltd., Canon Inc., Esaote S.p.A., Siemens AG, Analogic Corporation, Carestream Health Inc., and FUJIFILM Holdings Corporation are focusing on introducing advanced products that provide high-quality imaging in healthcare units and quick and accurate results to patients. For instance, in December 2019, Shenzhen Mindray Bio-Medical Electronics Co. Ltd. introduced a comprehensive and dedicated solution to ultrasound imaging— DC-90 with X-Insight. This system assists in improving the diagnostic capabilities and enhancing the clinical workflow.
Currently, diagnostic imaging systems manufacturers are focusing on producing X-ray imaging systems, owing to the extensive use of these systems in various medical application areas, such as dentistry, orthopedics, and cardiology. Whereas, in the coming years, manufacturers will be selling nuclear imaging systems at a rapid pace, due to the surging cases of cancer. These systems are being increasingly adopted for cancer staging and treatment. Additionally, manufacturers are also involved in the production of ultrasound systems, computed tomography (CT) scanners, and magnetic resonance imaging (MRI) systems.
Different types of diagnostic imaging systems are used in application areas such as cardiology, obstetrics/gynecology (OB/GYN), oncology, ophthalmology, neurology, dentistry, urology, and orthopedics. In the coming years, these systems will be mostly used in the field of cardiology, owing to the high prevalence of CVDs worldwide. According to the WHO, CVDs account for over 17.9 million deaths every year, globally. The surging cases of CVDs can be owed to the risk factors such as diabetes, hypertension, obesity, and smoking.
According to P&S Intelligence, North America dominated the diagnostic imaging systems market in the recent past, due to the surging incidence of chronic disorders and soaring healthcare expenditure in the region. Moreover, the presence of a large number of modern diagnostic centers and hospitals also augmented the use of such systems in North America. Whereas, Asia-Pacific is expected to adopt these systems at the highest rate in the foreseeable future. This can be ascribed to the rising prevalence of chronic ailments and the booming number of diagnostic imaging centers across the region.
Thus, the escalating cases of chronic diseases and booming geriatric population will augment the need for diagnostic imaging systems in the coming years.