Market Analysis: Replacement Tube Market Should Mirror Overall Imaging Market

As the global diagnostic imaging market continues to grow it stands to reason that the replacement tube market will also prosper.

“The future of the global diagnostic imaging market looks good with opportunities in hospitals and imaging centers. The global diagnostic imaging market is expected to reach an estimated $33.2 billion by 2022 and it is forecast to grow at a CAGR (compound annual growth rate) of 3.4 percent from 2017 to 2022,” according to a PRNewswire report from the first quarter of 2017. “The major drivers for market growth are increasing health care expenditures, rising public awareness associated with early diagnosis of disease, technological advancement in imaging procedures, and a growing geriatric population.”

“Emerging trends which have a direct impact on the dynamics of the diagnostic imaging industry include the increasing use of technically advanced diagnostic imaging systems, manufacturing portable diagnostic imaging systems for improved diagnosis procedures, and clear resolution for imaging with accuracy,” PRNewswire added.
MarketsandMarkets predicts growth in the global diagnostic imaging market through 2021.

The market is expected to reach $36.43 billion by 2021, at a CAGR of 6.6 percent from 2016 to 2021. A number of factors such as increasing investments, funds, and grants by government bodies for modernization of imaging facilities; increasing investments from public-private organizations; growth in the number of diagnostic imaging centers; rising prevalence of cancer; increasing geriatric population and the subsequent growth in the incidence of various diseases; technological advancements in diagnostic imaging modalities; and increasing preference for minimally invasive treatments drive the growth of this market,” according to MarketsandMarkets. “However, factors such as the high cost of diagnostic imaging systems, technological limitations associated with standalone systems, unfavorable health care reforms in the U.S., and the shortage of helium are expected to restrain the growth of this market to a certain extent.”

MarketsandMarkets states that North America is expected to hold the largest share of the market, followed by Europe. The firm reports that the Asia-Pacific market is expected to register the highest CAGR during the forecast period.

“Factors such as increasing incidence of chronic diseases, rising awareness of the benefits of early disease diagnosis, development of new health care facilities, growing medical tourism in APAC countries, and increasing government initiatives for the modernization of health care infrastructure are driving the growth of the market in the Asia-Pacific region,” MarketsandMarkets stated.

Major players in the global diagnostic imaging market include GE Healthcare, Siemens Healthineers GmBH, Koninklijke Philips N.V., Toshiba Medical Systems Corp., Hitachi Ltd., Carestream Health Inc., Esaote S.p.A, Hologic Inc., Fujifilm Corp., Samsung Medison and Shimadzu Corp.

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