Diagnostic Imaging Devices - APAC

APAC

Highlights

The Diagnostic Imaging Devices market market in APAC is anticipated to witness a remarkable growth in the coming years.
By 2024, the revenue is projected to reach a staggering amount of US$10.62bn.
This demonstrates the significant potential and demand for Diagnostic Imaging Devices market in the region.
Moreover, the market is expected to exhibit a steady growth rate, with a compound annual growth rate (CAGR) of 5.28% between 2024 and 2029.
This translates to a market volume of US$13.74bn by 2029, reflecting the increasing adoption and utilization of Diagnostic Imaging Devices market in in Asia-Pacific.
In a global perspective, it is worth noting that the United States is expected to generate the highest revenue in the Diagnostic Imaging Devices market market.
In 2024 alone, the United States is projected to generate a substantial revenue of US$11.93bn.
This highlights the dominant position of the United States in the global market and signifies its significant contribution to the overall revenue in the industry.
In Japan, the growing demand for advanced diagnostic imaging devices is driven by the country's aging population and the need for early detection of diseases.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Diagnostic Imaging Devices market in APAC is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in the APAC region have shown a strong preference for advanced and innovative diagnostic imaging devices. They are increasingly seeking high-quality medical care and are willing to invest in state-of-the-art technology for accurate diagnosis and treatment. This preference is driven by the growing awareness of the importance of early detection and prevention of diseases, as well as the increasing demand for non-invasive and minimally invasive procedures.

Trends in the market: One of the major trends in the Diagnostic Imaging Devices market in APAC is the adoption of digital imaging technologies. Digital imaging offers several advantages over traditional film-based imaging, such as faster image acquisition, higher image quality, and the ability to store and share images electronically. This trend is driven by the increasing availability of high-speed internet and the growing use of electronic medical records in healthcare facilities across the region. Additionally, there is a growing demand for portable and handheld imaging devices, which allow for greater flexibility and convenience in healthcare settings. Another trend in the market is the increasing demand for imaging devices with artificial intelligence (AI) capabilities. AI-powered imaging devices can analyze medical images and provide real-time insights to healthcare professionals, aiding in faster and more accurate diagnosis. This trend is driven by the need to improve diagnostic accuracy and efficiency, as well as the growing availability of AI technologies in the healthcare industry.

Local special circumstances: Each country in the APAC region has its own unique set of circumstances that influence the development of the Diagnostic Imaging Devices market. For example, in countries like China and India, there is a large population with a high burden of diseases, which drives the demand for diagnostic imaging devices. Additionally, the rapid urbanization and increasing disposable income in these countries have led to the establishment of more healthcare facilities, further driving the demand for imaging devices.

Underlying macroeconomic factors: The growth of the Diagnostic Imaging Devices market in APAC is also influenced by underlying macroeconomic factors. The region has been experiencing rapid economic growth, which has resulted in increased healthcare spending. Governments in the APAC region are investing in healthcare infrastructure and technology to improve the quality of healthcare services. Furthermore, the aging population in many APAC countries is driving the demand for diagnostic imaging devices, as the elderly are more prone to chronic diseases that require frequent monitoring and diagnosis. In conclusion, the Diagnostic Imaging Devices market in APAC is developing rapidly due to customer preferences for advanced technology, the adoption of digital imaging and AI capabilities, local special circumstances, and underlying macroeconomic factors. As the region continues to invest in healthcare infrastructure and technology, the market is expected to grow further in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.