Global Diagnostic Tools Market, By Type (X-Ray Systems, Ultrasound Systems, Computed Tomography (CT) Scanners, Magnetic Resonance Imaging Systems, Cardiovascular Monitoring and Diagnostic Devices, Nuclear Imaging Device), Application (Hospitals, Diagnostic Centers, Other) - Industry Trends and Forecast to 2029.
Diagnostic Tools Market Analysis and Size
Growing demand for better medical treatment among population is expected to drive the market growth. Other factors such as technological advancement in healthcare infrastructure, increasing adoption from emergency and intensive care units in hospitals and rising demand for portable devices are expected to accelerate the diagnostic tools market in the forecast period.
Data Bridge Market Research analyses that the diagnostic tools market which was USD 38059.2 million in 2021, would rocket up to USD 52893.39 million by 2029, and is expected to undergo a CAGR of 4.20% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Diagnostic Tools Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (X-Ray Systems, Ultrasound Systems, Computed Tomography (CT) Scanners, Magnetic Resonance Imaging Systems, Cardiovascular Monitoring and Diagnostic Devices, Nuclear Imaging Device), Application (Hospitals, Diagnostic Centers, Other)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Siemens (Germany), General Electric (U.S.), Koninklijke Philips N.V. (Netherlands), CANON MEDICAL SYSTEMS CORPORATION (Japan), Hitachi Ltd. (Japan), FUJIFILM Holdings Corporation (Japan), Carestream Health (U.S.), Konica Minolta Business Solutions India Private Limited. (Japan), Hologic, Inc. (U.S.), SouthwestMedical (U.K.), TOSHIBA CORPORATION (Japan), Sanrad Medical Systems Private Limited (India), ONEX Corporation (Canada), Shimadzu Corporation (Japan), ESAOTE SPA (Italy)
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Market Opportunities
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Market Definition
A diagnostic test is one that determines a condition's source or nature. A diagnostic test may be used to determine a disease's identity or pinpoint symptoms' source. A diagnostic exam may be used to pinpoint particular strengths and shortcomings when employed for other purposes.
Diagnostic Tools Market Dynamics
Drivers
- Rising demand for better medical care
The population's rising demand for better medical care is anticipated to fuel market expansion. The market for diagnostic tools is anticipated to expand during the forecast period of 2022 to 2029 due to additional factors including technological development in the healthcare infrastructure, rising adoption from hospital emergency and intensive care units, and rising demand for portable devices.
- Demand of diagnostic tools
The key trends that are anticipated to create opportunities for the growth of the global diagnostic tools market during the forecast period include the increasing advancements in technology, the rising popularity of electric tools, and the rising number of product launches with regard to diagnostic equipment and professional diagnostic tools.
- Rise in the geriatric population
The rising prevalence rates of lifestyle disorders like diabetes and obesity, rising health-care spending, and the fast-growing diagnostic industry are driving the expansion of the diagnostic tools market. In addition, the growing elderly population, increased demand for laboratory automation, and more awareness of preventative healthcare are all driving the diagnostic tools market forward.
Opportunities
- Increase in the number of research and development activities
In the upcoming years, it is also projected that strict government standards for car testing, which are increasing people's need to often diagnose their medical tools, will fuel the segment's rise.
Restraints/Challenges
On the other hand, the high cost associated with drug development and distribution will obstruct the market's growth rate.
This diagnostic tools market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the diagnostic tools market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Diagnostic Tools Market
The COVID-19 epidemic lockdowns decreased the number of tests done and reagent sales. However, testing numbers are on the rise again as governments increasingly relax their travel restrictions. Dealing with infectious diseases has grown to be a major global medical concern in the wake of the COVID-19 epidemic. There is an increasing demand for more accurate and user-friendly testing technologies as well as the extension of testing structures in addition to immunizations and therapeutic drugs.
Recent Development
- In November 13, 2020, BorgWarner Inc. stated that it had added a new car diagnostic tool to its Delphi Technologies Aftermarket offering, enabling workshops to support the newest advanced driver-assistance systems (ADAS) technologies.
Global Diagnostic Tools Market Scope
The diagnostic tools market is segmented on the basis of type, application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- X-Ray Systems
- Ultrasound Systems
- Computed Tomography (CT) Scanners
- Magnetic Resonance Imaging Systems
- Cardiovascular Monitoring and Diagnostic Devices
- Nuclear Imaging Device
Application
- Hospitals
- Diagnostic Centers
- Other
Diagnostic Tools Market Regional Analysis/Insights
The diagnostic tools market is analysed and market size insights and trends are provided by country, type, application as referenced above.
The countries covered in the diagnostic tools market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the diagnostic tools market due to the growing number of geriatric population and innovative medical technology adoption.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising health awareness among the people and growing demand of advanced medical technology.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The Global diagnostic tools market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Global diagnostic tools market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Global diagnostic tools market. The data is available for historic period 2010-2020.
Competitive Landscape and Diagnostic Tools Market Share Analysis
The diagnostic tools market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to diagnostic tools market.
Some of the major players operating in the diagnostic tools market are:
- Siemens (Germany)
- General Electric (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- Hitachi Ltd. (Japan)
- FUJIFILM Holdings Corporation (Japan)
- Carestream Health (U.S.)
- Konica Minolta Business Solutions India Private Limited (Japan)
- Hologic, Inc. (U.S.)
- SouthwestMedical (U.K.)
- TOSHIBA CORPORATION (Japan)
- Sanrad Medical Systems Private Limited (India)
- ONEX Corporation (Canada)
- Shimadzu Corporation (Japan)
- ESAOTE SPA (Italy)
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