What is the meaning of diagnostic imaging?
Diagnostic imaging lets doctors look inside your body for clues about a medical condition. A variety of machines and techniques can create pictures of the structures and activities inside your body. The type of imaging your doctor uses depends on your symptoms and the part of your body being examined.
The cancer diagnostics market was valued at $168,600.04 million in 2020, and is projected to reach $280,590.21 million by 2028, registering a CAGR of 6.9% from 2021 to 2028.
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| Market Size by 2030 | $68.8 Billion |
| Forecast Year | 2020-2030 |
| Growing CAGR | 5.8% |
| Base Year | 2020 |
| Report Key Pointer | COVID-19 Outbreak & Impact |
Growth of the cancer diagnostics market is attributed to increase in prevalence of cancer across the globe. Furthermore, rise of technological advancements related to cancer diagnostics and increase in geriatric population are the other factors that contribute to the growth of the market.
Rise in need for the point-of-care imaging system, increased demand for enhanced optical images for improved diagnosis of diseases and disorders, and rise in incidence of chronic diseases drive the growth of the global medical/diagnostic imaging market. However, high cost of diagnostic/medical imaging devices and unfavorable reimbursement scenarios restrain the market growth. On the other hand, rise in number of key players that aim to develop innovative technology and increase in R&D activities in imaging technologies present new opportunities in the coming years.
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Surge in government initiatives and other private organizations to spread awareness regarding early diagnosis and prevention of cancer is anticipated to boost the growth of the market in the coming years. In addition, rise of technological advancements aiding in better imaging of cancerous cells, improvement in equipment to identify the type of cancer, and increase in efficiency of the result will help the cancer diagnostics industry to gain traction during the forecast period. Furthermore, the growth in the number of diagnostics laboratories in developed countries is expected to drive the market in the next few years. Rise in incidences and prevalence of various types of cancer, such as breast cancer and lung cancer, will help the cancer diagnostics market propel during the forecast period. A steep rise in emphasis over health & safety regulations and surge in popularity of yoga and other health related practices will act as a growth opportunity during the forecast period. However, huge cost associated with diagnostic imaging system and development of different diagnostic approaches for various cancer mutations may hinder the growth of the market.
Impact of Covid-19 on Medical/Diagnostic Imaging Market
- The Covid-19 pandemic made a positive impact on the growth of the medical/diagnostic imaging market as the demand for CT scanners, MRI scanners, and X-ray imaging devices surged considerably to determine the level of infection.
- A huge number of clinics and hospitals across the globe were restructured to cope with rise in demand for scans and provide improved healthcare facilities.
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What is a diagnostic image called?
diagnostic imaging, also called medical imaging, the use of electromagnetic radiation and certain other technologies to produce images of internal structures of the body for the purpose of accurate diagnosis.
Leading players of the global in vitro diagnostics market analyzed in the research include Becton, Dickinson and Company, Abbott Laboratories, bioMérieux SA, Danaher Corporation (Beckman Coulter, Inc.), Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, QIAGEN N.V., Siemens AG, Sysmex Corporation, and Thermo Fisher Scientific, Inc.
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