Digital Radiology Market to Reach $8.3 Bn, Globally, by 2030 at 6.6% CAGR: Allied Market Research
Rise in frequency of chronic diseases, sports-related injuries, and cancer and surge in age-related disorders drive the growth of the global digital radiology market.
PORTLAND, Ore., April 11, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Digital Radiology Market by Product (Stationary Digital Radiology System, Portable Digital Radiology System), by Application (Cardiovascular Imaging, Chest Imaging, Dental Imaging, Digital Mammography, Orthopedic Imaging, Other Applications), by Technology (Direct Digital Radiology, Computed Digital Radiology), by End User (Hospitals, Diagnostic Clinics, Other End Users): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global digital radiology/radiography industry generated $3.9 billion in 2020, and is expected to reach $8.3 billion by 2030, witnessing a CAGR of 6.6% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in frequency of chronic diseases, sports-related injuries, and cancer and surge in age-related disorders drive the growth of the global digital radiology market. However, high costs of tests and scarcity of competent professionals restrain the market growth. On the other hand, focus on providing new technologies to end customers, specifically for C-arms and fluoroscopy devices, presents opportunities in the coming years.
Covid-19 Scenario
- During the Covid-19 pandemic, the demand for diagnostic imaging procedures increased to determine the level of infection. The necessity for high-speed workflow and effective patient management occurred during the pandemic.
- The demand for digital radiology systems increased, due to rapid image collection and detection. Many companies developed new products to address increasing needs in hospitals and diagnostics centers.
The stationary digital radiology system segment to maintain its dominant share during the forecast period
Based on product, the stationary digital radiology system segment contributed to the highest market share in 2020, accounting for nearly three-fifths of the global digital radiology market, and is projected to maintain its dominant share in terms of revenue during the forecast period. This is due to wide availability in almost all diagnostic centers. However, the portable digital radiology system segment is projected to witness the highest CAGR of 7.1% from 2021 to 2030, owing to development and launch of various instruments for portable purposes.
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The diagnostic clinics segment to continue its leadership status throughout the forecast period
Based on end user, the diagnostic clinics segment held the highest market share in 2020, accounting for more than half of the global digital radiology market, and is projected to continue its leadership status throughout the forecast period. Moreover, this segment is expected to manifest the largest CAGR of 7.2% from 2021 to 2030. This is attributed to surge in awareness and adoption of early diagnosis and treatments. The report also analyzes the segments including hospitals and others.
North America to maintain its leadership status by 2030
Based on region, North America contributed the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global digital radiology market, and is expected to maintain its leadership status by 2030. This is due to rapid adoption of advanced technologies and presence of key players across the region. However, LAMEA is projected to portray the fastest CAGR of 6.4% during the forecast period, owing to rise in availability of radiology services and increase in healthcare investments.
Leading Market Players
- Agfa-Gevaert group
- Cannon Inc.
- Detection Technology
- Fujifilm Holdings
- Hitachi Ltd.
- General Electrics
- Medtronics
- Koninklijke Phillips
- Samsung Electronics Co. Ltd.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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