Global Digital Radiology Market to Surpass USD 8 Billion by 2030 Due to Surge in Chronic Diseases
Posted on 12 Apr 2022
The global digital radiology/radiography market was valued at USD 3.9 billion in 2020 and is expected to record a CAGR of 6.6% from 2021 to 2030 to reach USD 8.3 billion by 2030, driven by a rise in the frequency of chronic diseases, sports-related injuries, and cancer and a surge in age-related disorders. However, the high costs of tests and scarcity of competent professionals could restrain the market growth. Nevertheless, the focus on providing new technologies to end customers, specifically for C-arms and fluoroscopy devices, will present growth opportunities for the market players over the coming years.
These are the latest findings of Allied Market Research (Portland, OR, USA), a market research and business consulting firm.
During the COVID-19 pandemic, there was an increase in the demand for diagnostic imaging procedures to determine the level of infection. There was a need for high-speed workflow and effective patient management during the pandemic. The demand for digital radiology systems increased due to the requirement for rapid image collection and detection of COVID-19. Many companies developed new products to address the increasing need for COVID-19 diagnosis in hospitals and diagnostics centers.
Based on product, the stationary digital radiology system segment held the highest market share in 2020, accounting for nearly three-fifths of the global digital radiology market, and is projected to maintain its dominant share in terms of revenue during the forecast period. This is due to the wide availability of stationary digital radiology systems in almost all diagnostic centers. However, the portable digital radiology system segment is projected to witness the highest CAGR of 7.1% from 2021 to 2030, owing to the development and launch of various instruments for portable purposes.
Based on end-user, the diagnostic clinics segment held the highest market share in 2020, accounting for more than half of the global digital radiology market, and is projected to maintain its leadership position throughout the forecast period. Moreover, the segment is expected to register the highest CAGR of 7.2% during the forecast period due to a surge in awareness and adoption of early diagnosis and treatments.
Geographically, North America held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global digital radiology market, and is expected to maintain its leadership position until 2030 due to the rapid adoption of advanced technologies and presence of key players in the region. However, the LAMEA region is projected to register the fastest CAGR of 6.4% during the forecast period, owing to an increase in the availability of radiology services and higher healthcare investments.
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