Report : North America 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 6.0% CAGR, the North America Diagnostic Imaging Market is speculated to be worth US$ 22,392.22 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America diagnostic imaging market was valued at US$ 15,802.91 million in 2021 and is expected to reach US$ 22,392.22 million by 2028, registering an annual growth rate of 6.0% from 2021 to 2028. Burgeoning technological advancements in diagnostic imaging equipment and surging prevalence of chronic diseases.
According to the World Health Organization (WHO) report, diagnostic imaging has developed rapidly and plays a central role in healthcare by supporting the diagnosis and treatment of diseases. Diagnostic imaging services include confirming, assessing, and documenting the course of many conditions for ultimately drawing the response to treatment. The WHO collaborates with partners and manufacturers to develop a technical solution for improving the diagnostic imaging services for patients' safety. In March 2018, GE Healthcare announced launching a new diagnostic imaging product supported by AI technology and involved in quickly capturing data and reconstructing images as the product was fast approved by the FDA. The newly launched product is efficient for fast connectivity and advanced algorithm, ensuring 48 times more data throughput and ten times the processing power of the previous system. On the other hand, through the support of technological advancements, diagnostic imaging has played a crucial role in cancer diagnosis. For example, diagnostic imaging takes pictures inside of the body and has a pivotal role in diagnosing and managing cancer patients. The first method is the utilization of CT and MRI, which offers detailed information on the location, size, morphology, and structural changes of the surrounding tissues of the tumor. The second method is the utility of PET and SPECT, which offers insights related to tumor physiology with anatomical details. Combining these two methods enables the integration of anatomy and function in a single approach, and applying such "hybrid" imaging techniques allows the characterization of tumors at all stages. Additionally, integration of various diagnostic imaging techniques such as X-ray spectrometry-related techniques and methodologies can be deployed more efficiently intended for different interdisciplinary uses. With the advent of such advanced technologies, the diagnostic imaging market will grow exponentially during the forecast period.
On the contrary, limited skilled healthcare professionals and high costs related to diagnostic imaging equipment.
Based on modality, the North America 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 21.4% market share in 2021, amassing US$ 3,382.10 million. It is projected to garner US$ 5,208.82 million by 2028 to expand at 7.5% CAGR during 2021–2028.
Based on application, the North America diagnostic imaging market is segmented into cardiology, oncology, neurology, orthopedics, gastroenterology, obstetrics/gynecology, and others. The cardiology segment held 29.9% market share in 2021, amassing US$ 4,720.46 million. It is projected to garner US$ 6,860.81 million by 2028 to expand at 6.4% CAGR during 2021–2028.
Based on end user, the North America diagnostic imaging market is categorized into hospitals and clinics, diagnostic imaging centers, ambulatory surgical centers (ASCs), and others. The hospitals and clinics segment held 41.9% market share in 2021, amassing US$ 6,621.37 million. It is projected to garner US$ 9,483.37 million by 2028 to expand at 6.2% CAGR during 2021–2028.
Based on country, the North America diagnostic imaging market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.0% market share in 2021. It was assessed at US$ 13,427.37 million in 2021 and is likely to hit US$ 19,287.90 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.
Key players dominating the North America 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 April 2021, RaySearch Laboratories AB and Canon Medical Systems USA, Inc. have expanded their partnership to allow RaySearch's U.S. salesforce to sell Canon Medical's Aquilion Large Bore CT and Celesteion PET/CT products. Together, the companies will bring their integrated radiation oncology portfolio to more customers in the United States, enhancing cancer patient care even more.
- 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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