The size of the Diagnostic Imaging Market in North America was worth USD 11.43 billion in 2022 and is estimated to be growing at a CAGR of 6.45%, to reach USD 15.63 billion by 2027.
The rapidly growing geriatric population and associated disease prevalence across the North American region are significant factors promoting the North American Diagnostic Imaging market.
The risk of developing diseases increases proportionally to age. The centers for Disease Control and Prevention (CDC) estimates that nearly 80% of older people in the United States have at least one chronic condition. Furthermore, according to the American Medical Association (AMA), at least 60% of people aged 65 and up have more than one chronic condition. The prevalence of age-related diseases such as Alzheimer’s disease, Parkinson’s disease, arthritis, and dementia, as well as CVD and Cancer, is expected to rise as the geriatric population grows. Low-dose automated CT scanners have also become a major technological achievement in this field. These devices provide high-resolution images with reduced radiation exposure and provide high-quality images with better spatial resolution.
Additionally, factors such as increasing demand for early disease diagnosis and broadening scope of clinical applications, technological advancements in diagnostic imaging modalities, and increasing investments are further accelerating the growth rate of the North American diagnostic imaging market.
However, high costs associated with the installation and maintenance limit the demand of the North American diagnostic imaging market.
Impact of COVID-19 on the North American Diagnostic Imaging market:
The COVID-19 pandemic has had both positive and negative effects on the diagnostic imaging market. One of the consequences is that hospitals, particularly small-scale hospitals and imaging centers, have severely limited purchasing capacity. The pandemic has also had an impact on the operations of manufacturing firms. Furthermore, the turnaround time for delivering products and services was impacted due to newer packaging protocols and lockdown measures imposed by countries. Because hospitals needed to free up capacity and resources for potential COVID-19 emergencies. The number of routine and elective procedures was significantly reduced.
This research report on the North American diagnostic imaging market has been segmented and sub-segmented into the following categories:
Geographically, the North American market leads the global market, is very modern, and focuses on innovating cost-effective techniques. In addition, companies are committed to research, sourcing, and quality, factors that are central to the industry's success. The North American market is growing due to the growing elderly population and accompanying illnesses, easy access to diagnostic imaging modalities, and high adoption of technological advancements. X-Ray, Ultrasound, computed tomography, magnetic resonance imaging, mammography, and others modalities make up the market. In addition, oncology, orthopedics, cardiovascular, neurology, urology, and others make up the diagnostic imaging equipment market in North America.
In comparison to other industrialized countries, the United States is predicted to see a faster rate of population aging. Because the aged population is more susceptible to chronic diseases, imaging services rise as the population ages. When compared to younger people in Canada, the majority of the senior population uses diagnostic imaging modalities. According to Statistics Canada, geriatrics will account for nearly 23% to 25% of the total Canadian population in the coming years.
KEY MARKET PLAYERS:
A few of the notable companies operating in the North American Diagnostic Imaging Market profiled in this report are GE Healthcare, Siemens Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Hologic Inc., Fujifilm Corporation & Shimadzu Corporation.
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