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The diagnostic imaging market share in Europe is expected to increase by USD 2.94 billion and accelerate at a CAGR of 6.70% from 2021 to 2026.
The surge in chronic conditions across Europe is fueling the demand for diagnostic imaging equipment. This rise is particularly evident in cases of cancer, cardiovascular diseases, and neurological disorders, where accurate diagnosis is crucial. Consequently, there's a corresponding uptick in demand for medical imaging systems, propelling the diagnostic imaging market's growth throughout Europe in the foreseeable future. However, the market faces challenges due to the substantial costs linked with diagnostic imaging equipment and procedures, serving as a deterrent to its expansion.
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This market research report extensively covers the market segmentation by type (X-rays, ultrasound, MRI scans, CT scans, and others) and geography (Sweden, UK, Finland, and Rest of Europe). The market research and growth report also offers information on several market vendors, including Agfa-Gevaert NV, Canon Inc., Esaote Spa, FUJIFILM Holdings Corp., General Electric Co., Hologic Inc., Koninklijke Philips NV, Onex Corp., Shimadzu Corp., and Siemens AG among others.
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The market share growth in Europe by the X-rays segment will be significant during the forecast period. The digital X-ray systems segment is currently in a high-growth phase and is expected to remain the same during the forecast period. The market has substantially benefitted from the increasing adoption of digital radiography (DR) systems in Europe. The increase in the adoption of DR systems can be attributed to the demand for digital X-ray systems, which is primarily driven by the growing need to diagnose chronic diseases, such as breast cancer and spinal disorders.
The market is experiencing significant growth and evolution, driven by advancements in technology and healthcare infrastructure. With the increasing demand for accurate and timely diagnosis, the market is witnessing a surge in medical equipment and radiology solutions. Modalities such as X-ray, MRI, CT scan, ultrasound, PET scan, and nuclear medicine are becoming increasingly essential for healthcare providers in diagnosing various medical conditions. The adoption and software solutions are revolutionizing the way medical imaging is conducted, enhancing efficiency and accuracy in diagnosis. Hospitals and clinics are investing heavily in diagnostic imaging equipment and services to meet the growing demand for advanced healthcare solutions. This trend is expected to continue, driving further growth and innovation in the diagnostic imaging market. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the diagnostic imaging industry in Europe. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
The market is experiencing robust growth, primarily fueled by the escalating prevalence of chronic conditions. Notably, in 2020, lung cancer, breast cancer, prostate cancer, colorectal cancer, and stomach cancer emerged as the most commonly diagnosed types, collectively representing nearly half of all cancer cases. Lung and breast cancers notably dominated the diagnostic landscape. According to the Joint Research Centre (JRC) Europe, over 2.9 million individuals were diagnosed with cancer in 2020, with 1.3 million succumbing to it. This surge underscores the imperative for enhanced cancer screening and diagnosis, propelling the demand for diagnostic imaging technologies, including X-ray, MRI, CT scan, ultrasound, PET scan, and nuclear medicine. The burgeoning need for these modalities is reshaping the landscape, particularly within hospitals and clinics, driving market expansion across Europe.
Integration of Artificial Intelligence (AI) is another factor supporting the market growth in Europe. The integration of artificial intelligence (AI) with diagnostic imaging enables end-users to automate and standardize complex diagnostic procedures, improve patient experience and outcomes, and reduce the cost of care. It also enhances the features of diagnostic imaging equipment. It produces a large volume of data from the result of X-rays, CT scanners, magnetic resonance imaging (MRI), and other testing modalities. Meanwhile, the integration of AI enables radiologists and technicians to increase productivity, improve accuracy, and reduce errors in diagnosis. Such factors will boost the market growth in Europe during the forecast period.
High costs associated with the diagnostic imaging market growth in Europe. For instance, the average cost of an MRI machine is USD 150,000-USD 300,000. Also, additional costs are needed for their remodeling, installation, and maintenance. The equipment requires annual service maintenance. It includes the cost of preventative maintenance, parts, labor charges, and the allowance paid to technicians. This further increases the cost for end-users, such as hospitals, diagnostic centers, and clinics. also, the cost of the single procedure includes hospital stay, facilities, and the fees of physicians and support staff, which depends on the type of hospital setting. Such high costs may be a challenge for the market developments during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market development. The actionable insights on the trends and challenges will help companies evaluate and develop evolution strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market players, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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51% of the market's growth will originate from Rest of Europe during the forecast period. Sweden, the UK, and Finland are the key markets for medical imaging market. Market growth in this region will be faster than the growth of the market in other regions.
The high adoption of technologically advanced diagnostic devices will facilitate the market in Europe growth in Rest of Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
The market is witnessing substantial growth driven by several factors, including advancements in technology, increasing prevalence of diseases, and rising demand for medical imaging services. With the adoption of cutting-edge imaging modalities such as MRI, X-ray, CT scan, ultrasound, PET scan, and nuclear medicine, healthcare facilities are better equipped to diagnose and treat various conditions effectively. Moreover, the integration of digital software and AI technologies has revolutionized diagnostic imaging, enabling faster and more accurate diagnosis. This has led to significant improvements in patient care and outcomes. As hospitals and clinics continue to invest in state-of-the-art imaging equipment and services, the market is expected to expand further to cater to the growing needs of the population.
Medical Diagnostics Market : The market size is forecast to increase by USD 74.58 billion at a CAGR of 6.15% between 2022 and 2027.
Refurbished Medical Imaging Equipment Market : The market size is forecast to increase by USD 5,892.42 million at a CAGR of 7.63% between 2022 and 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.70% |
Market growth 2022-2026 |
USD 2.94 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.11 |
Regional analysis |
Sweden, UK, Finland, and Rest of Europe |
Performing market contribution |
Rest of Europe at 51% |
Key consumer countries |
Sweden, UK, and Finland |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Agfa-Gevaert NV, Canon Inc., Esaote Spa, FUJIFILM Holdings Corp., General Electric Co., Hologic Inc., Koninklijke Philips NV, Onex Corp., Shimadzu Corp., and Siemens AG |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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