Pramod Kumar

11 months ago · 1 min. reading time · ~10 ·

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Booming Healthcare Expenditure Driving Growth of Diagnostic Imaging Systems Market

Booming Healthcare Expenditure Driving Growth of Diagnostic Imaging Systems Market

The global diagnostic imaging systems market revenue stood at $38.9 billion in 2019, and it is predicted to grow to $70.0 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 5.8% between 2020 and 2030. The factors driving the expansion of the market are the soaring healthcare expenditure, burgeoning requirement for diagnostic imaging procedures, rising incidence of chronic diseases, and increasing healthcare expenditure across the world. 

As per the 2019 World Population Ageing report published by the United Nations (UN), the total population of people in the age bracket- 65 years or above- will grow from 703 million in 2019 to 1.5 billion by 2050. Moreover, as geriatric people need extensive care, on account of the fact that they are highly vulnerable to chronic diseases, because of the low immunity levels, their surging population is fueling the demand for diagnostic imaging systems.

This share increased to 17.0%, 5.1%, 3.5%, and 9.4% in the U.S., China, India, and Brazil, respectively, in 2017. Besides these factors, the rising incidence of chronic diseases is also fueling the growth of the diagnostic imaging systems market. Across the globe, chronic obstructive pulmonary disease (COPD), type 2 diabetes, cancer, and cardiovascular diseases (CVDs) are some of the most prevalent chronic diseases and are mainly caused due to high cholesterol, obesity, and high blood pressure. 

Globally, North America contributed the highest revenue to the diagnostic imaging systems market in the years gone by. This was because of the high incidence of chronic diseases, existence of several hospitals and diagnostic centers, and the high healthcare expenditure of the regional countries. Moreover, the existence of industry players such as Analogic Corporation, Carestream Health Inc., and Hologic Inc. also contributed toward the boom of the market in this region.

Source: P&S Intelligence

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