The surging geriatric population in several countries is one of the major factors fueling the demand for diagnostic imaging systems across the world. As per the 2019 World Population Ageing report published by the UN, the total population of people all over the world in the age bracket-65 years or above is soaring rapidly. Furthermore, their population is predicted to rise from 703 million in 2019 to 1.5 billion by 2050.
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The governments of many countries are making huge investments for improving and developing their healthcare infrastructure. For instance, as per the World Bank, the healthcare expenditure of Brazil, India, China, and the U.S. was 7.9%, 3.2%, 4.2%, and 16.4% of the GDP, respectively, in 2010 and this increased to 9.4%, 3.5%, 5.1%, and 17.0% respectively in 2017. This subsequently pushed up the demand for diagnostic imaging systems in these countries.
Due to the above-mentioned factors, the sales of diagnostic imaging systems are growing rapidly, which is, in turn, driving the advancement of the global diagnostic imaging systems market. According to the estimates of P&S Intelligence, a market research company based in India, the valuation of the market will rise from $38.9 billion in 2019 to $70.0 billion by 2030. Furthermore, the market is predicted to progress at a CAGR of 5.8% between 2020 and 2030.
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Geographically, the demand for these systems was found to be the highest in North America during the last few years. This was because of the high incidence of chronic diseases, the presence of several hospitals and diagnostic centers, and the high healthcare expenditure in the regional countries. However, in the future years, the sales of diagnostic imaging systems are predicted to boom in the Asia-Pacific region, primarily because of the growing prevalence of chronic diseases in the region.
