Market Insights Health Medical Technology Medical Devices

Diagnostic Imaging Devices - NAFTA

NAFTA

The projected revenue for the Diagnostic Imaging Devices market market in the North American Free Trade Agreement (in North American Free Trade Agreement (NAFTA)) is estimated to reach US$13.91bn by 2024.
This market is expected to exhibit a compound annual growth rate (CAGR) of 3.82% between 2024 and 2029, which would lead to a market volume of US$16.78bn by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in this market, with an estimated revenue of US$11,930.00m in 2024.
In the NAFTA region, the United States dominates the market for Diagnostic Imaging Devices with its advanced technology and strong healthcare infrastructure.

Key regions: Germany, Japan, Netherlands, Spain, United States

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Analyst Opinion

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

Customer preferences: Customers in the NAFTA region are increasingly demanding advanced diagnostic imaging devices that offer high-quality imaging, improved accuracy, and faster results. They are also seeking devices that are easy to use, portable, and cost-effective. Additionally, there is a growing preference for devices that offer multi-modality imaging capabilities, allowing for more comprehensive and efficient diagnosis.

Trends in the market: One of the major trends in the Diagnostic Imaging Devices market in NAFTA is the increasing adoption of digital imaging technology. Digital imaging devices offer several advantages over traditional film-based devices, including higher image quality, faster image acquisition and processing, and the ability to easily store and share images electronically. This trend is driven by the need for more efficient and accurate diagnosis, as well as the growing demand for electronic health records and telemedicine applications. Another trend in the market is the rising demand for portable and handheld imaging devices. These devices are particularly favored in remote and underserved areas, where access to traditional imaging facilities may be limited. Portable devices allow for on-the-spot diagnosis and immediate treatment decisions, leading to improved patient outcomes. The use of portable devices is also increasing in emergency medicine and sports medicine, where quick and accurate diagnosis is crucial.

Local special circumstances: In the NAFTA region, there are certain local special circumstances that are influencing the development of the Diagnostic Imaging Devices market. One such circumstance is the increasing prevalence of chronic diseases, such as cardiovascular diseases and cancer, which require frequent diagnostic imaging. This is driving the demand for advanced imaging devices that can provide accurate and timely diagnosis. Another special circumstance is the aging population in the region. As the population ages, the demand for diagnostic imaging devices is expected to increase, as older individuals are more likely to require medical imaging for various age-related conditions. This demographic trend is contributing to the growth of the market.

Underlying macroeconomic factors: The Diagnostic Imaging Devices market in NAFTA is also influenced by underlying macroeconomic factors. Economic growth in the region, along with increasing healthcare expenditure, is driving the demand for advanced medical technologies, including diagnostic imaging devices. Additionally, favorable government policies and initiatives aimed at improving healthcare infrastructure and access to medical services are supporting the growth of the market. In conclusion, the Diagnostic Imaging Devices market in NAFTA is experiencing growth and development due to customer preferences for advanced and portable devices, the adoption of digital imaging technology, local special circumstances such as the increasing prevalence of chronic diseases and an aging population, and underlying macroeconomic factors such as economic growth and government support.

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.