According to our new research study on “Diagnostic Imaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Modality, Application, and End User,” the market is expected to grow from US$ 36,344.54 million in 2021 to US$ 53,410.59 million by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028. The rising prevalence of chronic diseases and technological advancements in diagnostic imaging equipment drive the global diagnostic imaging market growth.
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.
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Diagnostic medical imaging is a common technique to help visualize physical diagnosis in the clinical community. For diagnostic purposes, these systems are employed to image the body to obtain a correct diagnosis and determine future care. Diagnostic imaging is the technique or process of creating visual illustrations of the inner body for clinical examination and medical interpolation, along with the visual representation of the function of certain organs or tissues. It has a broad range of applications in a variety of oncological, orthopedic, gastroenterology, and gynecological fields.
The technological advancements in diagnostic imaging equipment accelerate the demand for diagnostic imaging, in developed and emerging regions. 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.
General Electric Company; Siemens Healthineers; Koninklijke Philips N.V.; KARL STORZ LTD.; FUJIFILM Holdings Corporation; CANON; HOLOGIC, Inc.; Carestream Health, Inc.; Stryker Corporation; and Olympus Corporation are among the leading companies operating in the global diagnostic imaging market.
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