The diagnostic imaging market in Europe is expected to grow from US$ 11,168.77 million in 2021 to US$ 15,311.23 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.
According to the World Health Organization (WHO) report, diagnostic imaging has developed rapidly and plays a central role in healthcare by supporting the diagnosis and treatment of diseases. Diagnostic imaging services include confirming, assessing, and documenting the course of many conditions for ultimately drawing the response to treatment.
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The WHO collaborates with partners and manufacturers to develop a technical solution for improving the diagnostic imaging services for patients’ safety. In March 2018, GE Healthcare announced launching a new diagnostic imaging product supported by AI technology and involved in quickly capturing data and reconstructing images as the product was fast approved by the FDA. The newly launched product is efficient for fast connectivity and advanced algorithm, ensuring 48 times more data throughput and ten times the processing power of the previous system. On the other hand, through the support of technological advancements, diagnostic imaging has played a crucial role in cancer diagnosis. For example, diagnostic imaging takes pictures inside of the body and has a pivotal role in diagnosing and managing cancer patients. The first method is the utilization of CT and MRI, which offers detailed information on the location, size, morphology, and structural changes of the surrounding tissues of the tumor.
The second method is the utility of PET and SPECT, which offers insights related to tumor physiology with anatomical details. Combining these two methods enables the integration of anatomy and function in a single approach, and applying such “hybrid” imaging techniques allows the characterization of tumors at all stages. Additionally, integration of various diagnostic imaging techniques such as X-ray spectrometry-related techniques and methodologies can be deployed more efficiently intended for different interdisciplinary uses. With the advent of such advanced technologies, the diagnostic imaging market will grow exponentially during the forecast period. With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe diagnostic imaging market at a substantial CAGR during the forecast period.
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General Electric Company
Siemens Healthineers
Koninklijke Philips N.V.
KARL STORZ SE & Co. KG
FUJIFILM Holdings Corporation
Canon Inc.
Hologic, Inc.
Carestream Health Inc.
Stryker Corporation
Olympus Corporation
Europe Diagnostic Imaging Strategic Insights
Strategic insights for the Europe Diagnostic Imaging provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
. Rising Prevalence of Chronic Diseases
Chronic diseases, including cardiovascular diseases, diabetes, and cancer, are on the rise across Europe. These diseases often require long-term monitoring and imaging to track their progression and assess the effectiveness of treatments. The increasing prevalence of these conditions is a significant factor fueling the demand for diagnostic imaging technologies.
. Growing Focus on Early Diagnosis
Early diagnosis is crucial for improving treatment outcomes, particularly in the case of cancer, neurological disorders, and cardiovascular diseases. As a result, healthcare providers are increasingly investing in diagnostic imaging technologies to detect diseases at an early stage, which can lead to better prognosis and lower treatment costs.
. Market Challenges
Despite the growth opportunities, the diagnostic imaging market in Europe faces several challenges that could impact its expansion.
High Cost of Imaging Equipment
One of the primary challenges facing the European diagnostic imaging market is the high cost of advanced imaging equipment. The installation, maintenance, and operational costs associated with MRI, CT, and PET scanners are significant, making it difficult for smaller healthcare facilities or rural hospitals to invest in these technologies. Although advances in portable and compact imaging devices are helping alleviate this issue, the initial investment required for cutting-edge imaging systems remains a barrier for many healthcare providers.
4.2. Regulatory and Reimbursement Issues
In Europe, the regulatory landscape for medical devices, including diagnostic imaging equipment, is complex and varies by country. Manufacturers must comply with strict European Union (EU) regulations, including those related to safety, performance, and quality control, which can delay the launch of new products and increase costs. Additionally, reimbursement policies for diagnostic imaging procedures differ across European countries, which can impact patient access to diagnostic services.
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