Diagnostic Imaging Market

GE Healthcare (US) and Siemens Healthineers (Germany) are Major Players in Diagnostic Imaging Market

The global diagnostic imaging market is projected to reach USD 33.5 billion by 2024 from USD 25.7 billion in 2019, at a CAGR of 5.5% from 2019 to 2024. The growth of this market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations. However, the high cost of diagnostic imaging systems, technological limitations associated with standalone systems, declining reimbursements, increasing regulatory burden in the US, and the shortage of helium availability are expected to limit market growth to a certain extent.

The major players in the market include GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert N.V. (Belgium), Canon Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Esaote S.p.A (Italy), Hologic, Inc. (US), FUJIFILM Holdings Corporation (Japan), Samsung Electronics (South Korea), Mindray Medical International (China), Planmed Oy (Finland), CurveBeam LLC (US), and Shimadzu Corporation (Japan), among others.

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An analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product launches and enhancements, partnerships, agreements, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the diagnostic imaging market. Among these business strategies, partnerships and agreements were the most widely adopted growth strategies by market players.

GE Healthcare (US) dominated the global diagnostic imaging market in 2018. The company focuses on adopting various organic growth strategies like product launches & approvals and inorganic growth strategies, such as acquisitions and collaborations, to expand its presence and share in the diagnostic imaging market. The company offers modalities in all product segments of diagnostic imaging market. In line with this, the company launched various diagnostic imaging products like SIGNA Premier 3.0T MRI system in 2018, CardioGraphe CT Scanner in 2017 and Vivid iq high-end portable compact cardiovascular ultrasound in 2016 which helped it to expand its presence in the market.

Siemens Healthineers (Germany) held the second position in the global diagnostic imaging market in 2018. The company majorly focuses on growth strategies, such as acquisitions and expansions, to increase its market presence and product offerings. The company has a significant presence all across the globe and offers modalities under all of the diagnostic imaging market product segments. The company has collaborated with several healthcare service providers and educational institutions to propel innovation and improve its market presence. As a part of its long-term growth strategy, the company invests in fast-growing markets as well as new markets by strengthening its position in the global diagnostic imaging market.

Related Reports:

Diagnostic Imaging Market by Product (MRI (Open, Closed), Ultrasound (2D, 3D/4D, Doppler), CT, X-Ray (Digital, Analog), SPECT, Hybrid PET, Mammography), Application (OB/Gyn, Cardiology, Oncology), End User (Hospitals, Imaging Centers) - Forecast to 2024

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Report Code
MD 2367
RI Published ON
5/8/2019
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