Diagnostic Imaging Market in Europe by Type and Geography - Forecast and Analysis 2022-2026
| Published: Jan 2022 | Pages: 120 | SKU: IRTNTR72157 |
Europe Diagnostic Imaging Market Forecast 2022-2026
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.
What will the Diagnostic Imaging Market Size in Europe be During the Forecast Period?
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Market Segmentation
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.
By Type Analysis
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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.
Market Dynamics
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.
Key Market Driver
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.
Significant Market Trend
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.
Key Market Challenge
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.
Who are the Major Diagnostic Imaging Market Companies in Europe?
The report analyzes the market's competitive landscape and offers information on several market players, including:
- Agfa-Gevaert NV
- Canon Inc.
- Esaote Spa
- FUJIFILM Holdings Corp.
- General Electric Co.
- Hologic Inc.
- Koninklijke Philips NV
- Onex Corp.
- Shimadzu Corp.
- Siemens AG
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.
Product Insights and News
- Canon Inc - The company offers diagnostic imaging products such as Aplio i-series ultrasound.
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.
Market Value Chain Analysis
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.
Regional Analysis
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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.
Market Analyst Overview
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.
Similar Reports :
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Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.70% |
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Market growth 2022-2026 |
USD 2.94 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.11 |
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Regional analysis |
Sweden, UK, Finland, and Rest of Europe |
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Performing market contribution |
Rest of Europe at 51% |
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Key consumer countries |
Sweden, UK, and Finland |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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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 |
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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 |
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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. |
What are the Key Data Covered in this Market Research and Growth Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive market growth and forecasting during the next five years
- Precise estimation of the market size in Europe and its contribution to the parent market
- Accurate predictions on upcoming market trends and changes in consumer behavior
- The growth of the industry in Europe across Sweden, the UK, Finland, and Rest of Europe
- A thorough analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the market vendors in Europe
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 01: Parent market
**2.2: Market Characteristics
**2.3 Value chain analysis
*Exhibit 02: Value chain analysis: Healthcare Equipment
*2.2.1 Research and development
*2.2.2 Inputs
*2.2.3 Operations
*2.2.4 Distribution
*2.2.5 Marketing and sales
*2.2.6 Post-sales and services
*2.2.7 Industry innovations
***3. Market Sizing
**3.1 Market definition
*Exhibit 03: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 04: Market segments
**3.3 Market size 2020
**3.4 Market outlook: Forecast for 2020 - 2025
*3.4.1 Estimating growth rates for emerging and high-growth markets
*3.4.2 Estimating growth rates for mature markets
*Exhibit 05: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 06: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 07: Five forces analysis 2020 & 2025
**4.2 Bargaining power of buyers
**4.3 Bargaining power of suppliers
**4.4 Threat of new entrants
**4.5 Threat of substitutes
**4.6 Threat of rivalry
**4.7 Market condition
*Exhibit 08: Market condition - Five forces 2021
***5 Market Segmentation by Type
**5.1 Market segments
*The segments covered in this chapter are:
- X-rays
- Ultrasound
- MRI scans
- CT scans
- Others
*Exhibit 09: Type - Market share 2021-2026 (%)
**5.2 Comparison by Type
*Exhibit 10: Comparison by Type
**5.3 X-rays - Market size and forecast 2021-2026
*Exhibit 11: X-rays - Market size and forecast 2021-2026 ($ million)
*Exhibit 12: X-rays - Year-over-year growth 2021-2026 (%)
**5.4 Ultrasound - Market size and forecast 2021-2026
*Exhibit 13: Ultrasound - Market size and forecast 2021-2026 ($ million)
*Exhibit 14: Ultrasound - Year-over-year growth 2021-2026 (%)
**5.5 MRI scans - Market size and forecast 2021-2026
*Exhibit 15: MRI scans - Market size and forecast 2021-2026 ($ million)
*Exhibit 16: MRI scans - Year-over-year growth 2021-2026 (%)
**5.6 CT scans - Market size and forecast 2021-2026
*Exhibit 17: CT scans - Market size and forecast 2021-2026 ($ million)
*Exhibit 18: CT scans - Year-over-year growth 2021-2026 (%)
**5.7 Others - Market size and forecast 2021-2026
*Exhibit 19: Others - Market size and forecast 2021-2026 ($ million)
*Exhibit 20: Others - Year-over-year growth 2021-2026 (%)
**5.8 Market opportunity by Type
*Exhibit 21: Market opportunity by Type
***6 Customer landscape
**6.1 Overview
*Exhibit 22: Customer landscape
***7 Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 23: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 24: Geographic comparison
**7.3 Sweden - Market size and forecast 2021-2026
*Exhibit 25: Sweden - Market size and forecast 2021-2026 ($ million)
*Exhibit 26: Sweden - Year-over-year growth 2021-2026 (%)
**7.4 UK - Market size and forecast 2021-2026
*Exhibit 27: UK - Market size and forecast 2021-2026 ($ million)
*Exhibit 28: UK - Year-over-year growth 2021-2026 (%)
**7.5 Finland - Market size and forecast 2021-2026
*Exhibit 29: Finland - Market size and forecast 2021-2026 ($ million)
*Exhibit 30: Finland - Year-over-year growth 2021-2026 (%)
**7.6 Rest of Europe - Market size and forecast 2021-2026
*Exhibit 31: Rest of Europe - Market size and forecast 2021-2026 ($ million)
*Exhibit 32: Rest of Europe - Year-over-year growth 2021-2026 (%)
**7.7 Market opportunity by geography
*Exhibit 33: Market opportunity by geography ($ million)
***8 Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increasing prevalence of chronic conditions In Europe
*8.1.2 Technological advancements and upgrades in medical imaging modalities
*8.1.3 Growing importance of tele-imaging
**8.2 Market challenges
*8.2.1 High costs associated with diagnostic imaging
*8.2.2 Stringent regulatory framework
*8.2.3 Product recall
*Exhibit 34: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Integration of Artificial Intelligence (AI) with diagnostic imaging
*8.3.2 Emergence of blockchain technology and growing demand for cloud computing in medical imaging
*8.3.3 Focus on portable, wearable, and wireless imaging devices
***9. Vendor Landscape
**9.1 Competitive scenario
**9.2 Vendor landscape
*Exhibit 35: Vendor Landscape
**9.3 Landscape disruption
*Exhibit 36: Landscape disruption
**9.4 Industry risks
*Exhibit 37: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 38: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 39: Market positioning of vendors
**10.3 Agfa-Gevaert NV
*Exhibit 40: Agfa-Gevaert NV - Overview
*Exhibit 41: Agfa-Gevaert NV - Business segments
*Exhibit 42: Agfa-Gevaert NV - Key offerings
*Exhibit 43: Agfa-Gevaert NV - Segment focus
**10.4 Canon Inc.
*Exhibit 44: Canon Inc. - Overview
*Exhibit 45: Canon Inc. - Business segments
*Exhibit 46: Canon Inc. -Key news
*Exhibit 47: Canon Inc. - Key offerings
*Exhibit 48: Canon Inc. - Segment focus
**10.5 Esaote Spa
*Exhibit 49: Esaote Spa - Overview
*Exhibit 50: Esaote Spa - Product and service
*Exhibit 51: Esaote Spa – Key news
*Exhibit 52: Esaote Spa - Key offerings
**10.6 FUJIFILM Holdings Corp.
*Exhibit 53: FUJIFILM Holdings Corp. - Overview
*Exhibit 54: FUJIFILM Holdings Corp. - Business segments
*Exhibit 55: FUJIFILM Holdings Corp. – Key news
*Exhibit 56: FUJIFILM Holdings Corp. - Key offerings
*Exhibit 57: FUJIFILM Holdings Corp. - Segment focus
**10.7 General Electric Co.
*Exhibit 58: General Electric Co. - Overview
*Exhibit 59: General Electric Co. - Business segments
*Exhibit 60: General Electric Co. – Key news
*Exhibit 61: General Electric Co. - Key offerings
*Exhibit 62: General Electric Co. - Segment focus
**10.8 Hologic Inc.
*Exhibit 63: Hologic Inc. - Overview
*Exhibit 64: Hologic Inc. - Business segments
*Exhibit 65: Hologic Inc. – Key news
*Exhibit 66: Hologic Inc. - Key offerings
*Exhibit 67: Hologic Inc. - Segment focus
**10.9 Koninklijke Philips NV
*Exhibit 68: Koninklijke Philips NV - Overview
*Exhibit 69: Koninklijke Philips NV - Business segments
*Exhibit 70: Koninklijke Philips NV – Key news
*Exhibit 71: Koninklijke Philips NV - Key offerings
*Exhibit 72: Koninklijke Philips NV - Segment focus
**10.10 Onex Corp.
*Exhibit 73: Onex Corp. - Overview
*Exhibit 74: Onex Corp. - Business segments
*Exhibit 75: Onex Corp. – Key news
*Exhibit 76: Onex Corp. - Key offerings
*Exhibit 77: Onex Corp. - Segment focus
**10.11 Shimadzu Corp.
*Exhibit 78: Shimadzu Corp. - Overview
*Exhibit 79: Shimadzu Corp. - Business segments
*Exhibit 80: Shimadzu Corp. - Key offerings
*Exhibit 81: Shimadzu Corp. – Key news
*Exhibit 82: Shimadzu Corp. - Segment focus
**10.12 Siemens AG
*Exhibit 83: Siemens AG - Overview
*Exhibit 84: Siemens AG - Business segments
*Exhibit 85: Siemens AG – Key news
*Exhibit 86: Siemens AG - Key offerings
*Exhibit 87: Siemens AG - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 88: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 89: ?Research Methodology
*Exhibit 90: ??Validation techniques employed for market sizing?
*Exhibit 91: ??Information sources
**11.4 List of abbreviations
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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diagnostic imaging market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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