Report : Europe Diagnostic Imaging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Modality [X-ray, Computed Tomography, Endoscopy, Ultrasound, Magnetic Resonance Imaging (MRI), Nuclear Imaging, Mammography, and Other], Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Obstetrics/Gynecology, and Others), and End User (Hospital & Clinics, Diagnostic Imaging Centers, Ambulatory Surgical Centers, and Others)
At 5.4% CAGR, the Europe Diagnostic Imaging Market is speculated to be worth US$ 15,311.23 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe diagnostic imaging market was valued at US$ 11,168.77 million in 2021 and is expected to reach US$ 15,311.23 million by 2028, registering an annual growth rate of 5.4% from 2021 to 2028. Burgeoning prevalence of chronic diseases and heighten technological advancements in diagnostic imaging equipment.
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 diagnostic imaging market.
On the contrary, shortage of skilled healthcare professionals and high costs related to diagnostic imaging equipment.
Based on modality, the Europe diagnostic imaging market is segmented into X-ray, computed tomography, endoscopy, ultrasound, magnetic resonance imaging (MRI), nuclear imaging, mammography, and others. The computed tomography segment held 21.6% market share in 2021, amassing US$ 2,416.89 million. It is projected to garner US$ 3,602.29 million by 2028 to expand at 6.9% CAGR during 2021–2028.
Based on application, the Europe diagnostic imaging market is segmented into cardiology, oncology, neurology, orthopedics, gastroenterology, obstetrics/gynecology, and others. The cardiology segment held 27.9% market share in 2021, amassing US$ 3,112.35 million. It is projected to garner US$ 4,366.31 million by 2028 to expand at 5.8% CAGR during 2021–2028.
Based on end user, the Europe diagnostic imaging market is categorized into hospitals and clinics, diagnostic imaging centers, ambulatory surgical centers (ASCs), and others. The hospitals and clinics segment held 44.4% market share in 2021, amassing US$ 4,958.71 million. It is projected to garner US$ 6,866.27 million by 2028 to expand at 5.6% CAGR during 2021–2028.
Based on country, the Europe diagnostic imaging market has been segmented into Germany, the UK, France, Italy, Spain, and Rest of Europe. Our regional analysis states that Germany captured 24.8% market share in 2021. It was assessed at US$ 2,772.57 million in 2021 and is likely to hit US$ 4,037.85 million by 2028, exhibiting a CAGR of 6.5% during the forecast period.
Key players dominating the Europe diagnostic imaging market are 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; and Olympus Corporation among others.
- In August 2020, RadNet, Inc. and Hologic, Inc. entered into a definitive collaboration to advance the use of artificial intelligence (A.I.) in breast health. The collaboration enabled new market opportunities and efforts to build clinician's trust and develop and integrate new A.I. technologies.
- In April 2021, Siemens Healthineers AG announced that it had completed the acquisition of Varian Medical Systems, Inc. ("Varian"). The acquisition was previously announced on August 2, 2020.
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