Diagnostic Imaging Devices - Iceland

Iceland is projected to achieve a revenue of US$14.33m in the Diagnostic Imaging Devices market market by 2024.
It is expected to experience a steady annual growth rate of 7.00%, leading to a market volume of US$20.11m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue of US$11.93bn in 2024.
Iceland's growing demand for advanced diagnostic imaging devices is driven by its progressive healthcare system and emphasis on early detection and prevention.

Definition:
The market covers diagnostic imaging devices such as X-ray systems, ultrasound systems, computed tomography scanners, Magnetic resonance imaging (MRT) systems, and related components.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Siemens Healthineers, General Electric, Philips, Fujifilm Holdings. Further information on the key players can be found in the Market Shares boxes.

X-ray systems
Computed tomography (CT) scanners
Magnetic resonance imaging (MRT) systems
Positron emission tomography (PET) scanners

Non-imaging diagnostics
In vitro diagnostics (IVD)

The Diagnostic Imaging Devices market in Iceland has experienced steady growth in recent years, driven by customer preferences for advanced medical technology, increasing healthcare expenditure, and favorable government initiatives.

Customer preferences: In line with global trends, customers in Iceland prefer diagnostic imaging devices that offer high-quality imaging, accuracy, and efficiency. They also value devices that are compact and portable, allowing for easy transportation and use in remote areas. Additionally, there is a growing demand for devices that offer advanced features such as 3D imaging and real-time monitoring capabilities. Customers are willing to invest in these advanced devices to ensure accurate and timely diagnoses.

Trends in the market: One of the key trends in the Diagnostic Imaging Devices market in Iceland is the increasing adoption of digital imaging technology. Digital imaging devices offer several advantages over traditional film-based systems, including faster image acquisition, improved image quality, and the ability to store and share images electronically. The shift towards digital imaging is driven by the need for more efficient and cost-effective diagnostic processes, as well as the growing availability of electronic health records and telemedicine services. Another trend in the market is the growing demand for portable and handheld imaging devices. These devices are particularly useful in remote and underserved areas, where access to traditional imaging facilities may be limited. Portable devices allow healthcare professionals to bring diagnostic imaging capabilities directly to the patient, enabling faster and more convenient diagnoses. The increasing use of portable devices is also driven by the need for point-of-care imaging in emergency situations and ambulatory care settings.

Local special circumstances: Iceland's small population size and dispersed geography present unique challenges and opportunities for the Diagnostic Imaging Devices market. While the market size may be relatively small compared to larger countries, there is a higher per capita healthcare expenditure, indicating a willingness to invest in advanced medical technology. The country's focus on universal healthcare and high-quality healthcare services also contributes to the demand for advanced diagnostic imaging devices.

Underlying macroeconomic factors: The growth of the Diagnostic Imaging Devices market in Iceland is supported by favorable macroeconomic factors, including a stable economy, increasing healthcare expenditure, and government initiatives to improve healthcare infrastructure. The government has implemented policies to promote the adoption of digital healthcare solutions, including diagnostic imaging devices, to enhance the efficiency and quality of healthcare services. Additionally, the aging population in Iceland is driving the demand for diagnostic imaging devices, as the prevalence of chronic diseases and age-related conditions increases. In conclusion, the Diagnostic Imaging Devices market in Iceland is witnessing steady growth, driven by customer preferences for advanced technology, increasing healthcare expenditure, and government initiatives. The adoption of digital imaging technology and portable devices are key trends in the market, reflecting the need for more efficient and convenient diagnostic processes. The small population size and dispersed geography of Iceland present unique challenges and opportunities for the market, but the country's commitment to universal healthcare and high-quality healthcare services supports the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

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.