North America Diagnostic Imaging Market Growth,
Opportunities and Forecast to 2028
The diagnostic imaging market in North America is expected to grow from US$ 15,802.91 million in 2021 to US$ 19,287.90 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028.
Drawing from the Centers for Disease Control and Prevention (CDC), a significant majority, six out of ten Americans, grapple with at least one chronic illness, including prevalent conditions like heart disease, stroke, cancer, and diabetes. These chronic diseases stand as the primary drivers of both mortality and disability across North America, also representing a substantial burden on healthcare expenditure. CDC data indicates that in 2020 alone, these leading chronic diseases accounted for nearly US$ 4.1 trillion in annual healthcare costs within the United States. The geriatric population, being more susceptible to these chronic conditions, widely utilizes diagnostic imaging for their management. Notably, JMIR Publications highlights an anticipated surge in the global population aged over 60, projected to reach 2 billion by 2050. This increasing prevalence of both aging and chronic diseases underscores the critical need for healthcare innovation aimed at enhancing health services.
Innovation within diagnostic imaging, particularly when integrated with information and communication technology (ICT), has demonstrated its utility across various settings, aiding in the improved diagnosis, treatment, and management of chronic diseases. Furthermore, ICT interventions in diagnostic imaging offer potential solutions to some of the challenges associated with aging and chronic conditions. Osteoporosis, a significant global health concern, imposes a considerable clinical and financial strain, exacerbated by rising life expectancy. This condition elevates the risk of falls, fractures, hospitalization, and mortality. A range of diagnostic imaging modalities, including computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound, provide complementary information on different facets of the same pathologies, enabling earlier detection of osteoporosis. For instance, MRI offers insights into diverse aspects of bone pathophysiology, with its findings playing a crucial role in early disease diagnosis and the prevention of subsequent clinical manifestations and consequences. The confluence of these factors is a significant driver for the overall North America Diagnostic Imaging Market.
The introduction of novel features and technologies presents vendors with opportunities to attract new customers and expand their presence in emerging markets. This dynamic is anticipated to propel the North America diagnostic imaging market at a substantial compound annual growth rate (CAGR) throughout the forecast period.
North America Diagnostic Imaging Market: Strategic Insights
Strategic insights for the North America Diagnostic Imaging market deliver data-centric analysis of the industry landscape, encompassing prevailing trends, key market participants, and regional specificities. These insights furnish actionable recommendations, empowering stakeholders to differentiate themselves by identifying untapped market segments or crafting unique value propositions. By leveraging data analytics, these insights facilitate the anticipation of market shifts for investors, manufacturers, and other industry players. Adopting a forward-looking perspective is crucial, enabling stakeholders to foresee market changes and strategically position themselves for sustained success within this evolving region. Ultimately, effective strategic insights equip readers to make well-informed decisions that foster profitability and achieve their business objectives within the market.
North America Diagnostic Imaging Market: Regional Insights
The geographic scope of the North America Diagnostic Imaging market defines the specific areas in which businesses operate and compete. A nuanced understanding of local distinctions, such as varying consumer preferences (for example, demand for specific plug types or battery backup durations), diverse economic conditions, and differing regulatory environments, is paramount for tailoring effective market strategies. Businesses can broaden their market reach by identifying underserved areas or adapting their offerings to meet local demands. A focused market approach enables more efficient resource allocation, targeted marketing campaigns, and improved positioning against local competitors, ultimately driving growth within those specific areas.
North America Diagnostic Imaging Market Segments Covered
North America Diagnostic Imaging Market By Modality
North America Diagnostic Imaging Market By Application
North America Diagnostic Imaging Market By End User
North America Diagnostic Imaging Market Regions and Countries Covered
North America
North America Diagnostic Imaging Market leaders and key company profiles
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
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