Market Insights Health Medical Technology Medical Devices

Diagnostic Imaging Devices - Europe

Europe

The Diagnostic Imaging Devices market market in Europe is anticipated to witness a substantial growth in revenue, projected to reach €14.91bn by 2024.
This market is expected to exhibit a steady annual growth rate (CAGR 2024-2029) of 4.21%, leading to a market volume of €18.32bn by 2029.
When compared globally, it is noteworthy that the United States will generate the highest revenue in this market, with an estimated amount of €10,950.00m by 2024.
In Germany, there is a growing trend towards the adoption of advanced diagnostic imaging devices in the medical technology market.

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

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Analyst Opinion

The Diagnostic Imaging Devices market in Europe is experiencing steady growth due to increasing customer preferences for advanced medical imaging technologies, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Europe are increasingly demanding diagnostic imaging devices that offer high-quality images, accurate diagnoses, and minimal radiation exposure. This has led to a growing preference for devices such as MRI scanners, CT scanners, and ultrasound machines that provide detailed imaging and are considered safer alternatives to traditional X-ray machines. Additionally, there is a rising demand for portable and handheld imaging devices that allow for greater flexibility and accessibility in healthcare settings.

Trends in the market: One of the key trends in the Diagnostic Imaging Devices market in Europe is the integration of artificial intelligence (AI) technology. AI algorithms are being developed and incorporated into imaging devices to enhance image quality, improve diagnostic accuracy, and streamline workflow. This trend is driven by the need for faster and more accurate diagnoses, as well as the increasing availability of big data and advancements in machine learning. Another trend in the market is the shift towards digital imaging. Traditional film-based imaging systems are being replaced by digital imaging technologies, such as digital X-ray systems and Picture Archiving and Communication Systems (PACS). Digital imaging offers numerous advantages, including faster image acquisition, easier storage and retrieval of images, and the ability to share images electronically. This trend is driven by the desire to improve efficiency and reduce costs in healthcare settings.

Local special circumstances: Europe has a well-developed healthcare infrastructure and a strong emphasis on healthcare quality and patient safety. This creates a favorable environment for the adoption of advanced diagnostic imaging devices. Additionally, the aging population in Europe is driving the demand for diagnostic imaging devices, as older individuals tend to require more frequent medical imaging for the diagnosis and monitoring of age-related conditions.

Underlying macroeconomic factors: The Diagnostic Imaging Devices market in Europe is influenced by various macroeconomic factors, including government healthcare policies, reimbursement systems, and economic conditions. Government initiatives to improve healthcare access and quality, such as investment in healthcare infrastructure and the implementation of digital health strategies, are driving the demand for diagnostic imaging devices. Reimbursement policies also play a crucial role in the adoption of these devices, as favorable reimbursement rates encourage healthcare providers to invest in advanced imaging technologies. Additionally, economic stability and disposable income levels impact the affordability and accessibility of diagnostic imaging devices. In conclusion, the Diagnostic Imaging Devices market in Europe is driven by customer preferences for advanced imaging technologies, emerging trends such as AI integration and digital imaging, local special circumstances like a well-developed healthcare infrastructure and an aging population, and underlying macroeconomic factors including government policies and economic conditions. These factors contribute to the steady growth of the market in Europe.

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.