The growing awareness on the early diagnosis of chronic diseases, which are rising in prevalence, increasing healthcare expenditure, and rapid technological developments are expected to drive the growth of the North American diagnostic imaging systems market at a CAGR of 5.0% during the forecast period (2019–2024). With this growth rate, the market value is expected to reach $17.7 billion by 2024. North America boasts the world’s most advanced healthcare system, characterized by the widespread usage of different types of imaging systems for diagnostic purposes.
In addition, the North American diagnostic imaging systems market is advancing with the increase in the number of people aged 65 years and above. Since the elderly people are more prone to chronic diseases, such as cardiac disorders, gastrointestinal problems, and cancer, which often require advanced diagnostic imaging technologies for their diagnosis, the demand for these systems in the country is increasing with the surge in the geriatric population. The U.S. Census Bureau says that this population in the country rose swiftly from 40.3 million in 2010 to 54 million in mid-2019.
Moreover, governments in the region are running awareness programs to educate people regarding the early diagnosis of chronic diseases, especially lung cancer, breast cancer, diabetes, cardiovascular diseases, tuberculosis, and arthritis. Such initiatives are leading to the increasing awareness on the use of advanced imaging systems capable of diagnosing several critical diseases at an early stage, thereby facilitating timely treatment and improving patient outcomes. Diagnostic imaging thus improves healthcare quality and reduces healthcare cost, as timely diagnosis and treatment help in shortening the recovery time and, in some cases, avoiding unnecessary invasive procedures.
Moreover, companies in the North American diagnostic imaging systems market, such as Esaote S.p.A., FUJIFILM Holdings Corporation, Karl Storz GmbH & Co. KG, Carestream Health Inc., General Electric Company, Koninklijke Philips N.V., Esaote S.p.A., and Siemens AG, are actively focusing on the development of advanced diagnostic imaging solutions, for better image quality and visualization of internal organs. To meet the increasing demand for diagnostic imaging devices, improve patients’ access to novel technologies, augment their market share and presence, and enhance patient outcomes, these companies are also indulging in collaborations and acquisitions.
Thus, the widening portfolio of diagnostic imaging devices is expected to propel the demand for such systems in the continent.