Global Diagnostic and Testing Equipment Market, By Product Type (X-Ray Imaging, Digital, Analog, MRI, Ultrasound, CT-Scan, Nuclear Imaging), Application (Oncology, Cardiology, Orthopaedics, Others), Portability (Stationary X-ray Imaging Systems, Portable X-ray Imaging Systems), End-Users (Hospitals, Diagnostic Centres, Research Centres) - Industry Trends and Forecast to 2031.
Diagnostic and Testing Equipment Market Analysis and Size
Diagnostic and Testing Equipment refers to a broad category of medical device used to visualize and create images of the internal structures of the human body. These images assist healthcare professionals in diagnosing and monitoring various medical conditions. The rise in sedentary-related illnesses including diabetes, cardiovascular disease, high blood pressure, and lipid disorders, among others, is what motivates the development of clinical diagnostic tests. In addition, it is anticipated that the number of patients with cancer and chronic renal disease would rise in the next years, propelling the market for clinical diagnostics.
Data Bridge Market Research analyzes that the global diagnostic and testing equipment market was valued at USD 48.70 billion in 2023 and is expected to reach USD 71.41 billion by 2031, registering a CAGR of 4.90% during the forecast period of 2024-2031. Due to the global rise in heart patients and other cardiovascular disorders, the “cardiology” segment is predicted to dominate the market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (X-Ray Imaging, Digital, Analog, MRI, Ultrasound, CT-Scan, Nuclear Imaging), Application (Oncology, Cardiology, Orthopaedics, Others), Portability (Stationary X-ray Imaging Systems, Portable X-ray Imaging Systems), End-Users (Hospitals, Diagnostic Centres, Research Centres)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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General Electric (U.S.), Hitachi Ltd. (Japan), Hologic, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Samsung Medison Co., Ltd. (South Korea), Shimadzu Corporation (Japan), CANON MEDICAL SYSTEM CORPORATION (Japan), Esaote SPA (Italy), Allengers (U.S.), CURA Healthcare (India), Neusoft Corporation (China), NP JSC Amico (Russia), Shanghai Lianying Medical Technology Co., Ltd. (China), FUJIFILM Corporation (Japan), Siemens Healthineers AG (Germany)
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Market Opportunities
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Market Definition
The global diagnostic and testing equipment market refers to the industry that produces tools and devices used by healthcare professionals to diagnose and monitor medical conditions. These include machines such as X-ray machines, blood glucose monitors, and diagnostic imaging devices. The market focuses on creating accurate and reliable equipment to help healthcare providers assess and treat patients effectively. With advancements in technology, this market continually evolves to provide more efficient and precise diagnostic tools, contributing to improved healthcare outcomes globally.
Global Diagnostic and Testing Equipment Market Dynamics
Drivers
- Increasing Prevalence of Chronic Diseases
The rising incidence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders, is driving the demand for diagnostic imaging equipment. These devices play a crucial role in the early detection, diagnosis, and monitoring of these conditions.
- Growing Demand for Minimally Invasive Procedures
There is a growing trend toward minimally invasive surgeries and procedures, which rely heavily on imaging guidance. Diagnostic imaging equipment, such as CT scanners, MRI machines, and ultrasound systems, are essential for precise visualization and guidance during these procedures, and these acts as driver for the market.
- Growing Awareness and Diagnosis
There is a growing awareness among individuals about the importance of early diagnosis and the need for timely diagnosis and treatment of dental disorders. As a result, more people are seeking medical help, leading to an increased diagnosis of conditions that require diagnostic imaging equipment.
Opportunities
- Integration of Imaging with Electronic Health Records (EHR)
The integration of imaging equipment with electronic health records systems allows for seamless data sharing, efficient workflow management, and improved patient care. This integration presents opportunities for manufacturers to develop imaging devices with enhanced connectivity and interoperability features.
- Mobile Imaging Solutions
The demand for portable and mobile imaging solutions is increasing. These solutions enable imaging in remote areas, disaster zones, and during home healthcare visits. Developing lightweight, handheld, and mobile-friendly diagnostic imaging equipment can tap into this market opportunity.
Restraints/ Challenges
- Maintenance and Service Costs
Diagnostic imaging equipment requires regular maintenance, calibration, and servicing to ensure accurate and reliable performance. The associated costs and the need for trained technical personnel can add to the overall expenses for healthcare providers. Limited access to maintenance and service support in remote or underdeveloped areas can also be a restraint.
- Limited Access in Rural and Underserved Areas
Rural and underserved areas often face challenges in accessing advanced diagnostic imaging equipment and services. The high cost of equipment, lack of healthcare infrastructure, and limited availability of trained personnel can result in inadequate access to timely and quality imaging services in these regions.
This global diagnostic and testing equipment market, report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global diagnostic and testing equipment market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In Feb 2023, emphasizing quality imaging and a variety of features to promote efficient diagnosis, Mindray has launched the handheld ultrasound system TE Air
- In March 2022, Siemens Healthineers showcased the latest products and technologies in radiology at 74th National Conference, IRIA 2022, Bengaluru, India. Reiterating the need to be at the center of clinical decision-making across the full healthcare spectrum, Siemens Healthineers introduced its unique solutions in MRI and CT portfolio- MAGNETOM Free.Star and NAEOTOM Alpha
Global Diagnostic and Testing Equipment Market Scope
The global diagnostic and testing equipment market is segmented on the basis of product type, application, portability, and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- X-Ray Imaging
- Digital
- Analog
- MRI
- Ultrasound
- CT-Scan
- Nuclear Imaging
Application
- Oncology
- Cardiology
- Orthopaedics
- Others
Portability
- Stationary X-ray Imaging Systems
- Portable X-ray Imaging Systems
End-Users
- Hospitals
- Diagnostic Centres
- Research Centers
Global Diagnostic and Testing Equipment Market Region Analysis/Insights
The global diagnostic and testing equipment market is analyzed and market size insights and trends are provided by country, product type, application, portability, and end-users as referenced above.
The countries covered in the market report are U.S., Canada and Mexico in North America, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific in the Asia-Pacific, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa as a part of Middle East and Africa, Brazil, Argentina and Rest of South America as part of South America.
North America region dominating global diagnostic and testing equipment market due to robust infrastructure, high demand for logistics, and extensive road networks. The region's advanced manufacturing capabilities and favorable regulations further bolster its dominance in the market. Additionally, strategic partnerships and technological advancements contribute to North America's strong position indiagnostic testing equipment globally.
Asia-Pacific region is the fastest growing region in the global diagnostic and testing equipment market due to expanding infrastructure projects, rising demand for logistics services, and increasing investments in transportation.
The country section of the market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Diagnostic and Testing Equipment Market Share Analysis
The global diagnostic and testing equipment market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global diagnostic and testing equipment market.
Some of the major players operating in the global diagnostic and testing equipment market are:
- General Electric (U.S.)
- Hitachi Ltd. (Japan)
- Hologic, Inc. (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Samsung Medison Co., Ltd. (South Korea)
- Shimadzu Corporation (Japan)
- CANON MEDICAL SYSTEM CORPORATION (Japan)
- Esaote SPA (Italy)
- Allengers (U.S.)
- CURA Healthcare (India)
- Neusoft Corporation (China)
- NP JSC Amico (Russia)
- Shanghai Lianying Medical Technology Co., Ltd. (China)
- FUJIFILM Corporation (Japan)
- Siemens Healthineers AG (Germany)
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