The growing prevalence of chronic diseases such as cancer, CVD across the globe further contributes to the growth of the diagnostic imaging services market. According to the International Agency for Research on Cancer (IARC), in 2018 there were 17 million new cancer cases and 9.5 million cancer mortality across the globe. Moreover, the global cancer burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer mortality in 2020. According to the American Medical Association, the prevalence of cancer (mentioned in table) of different organs has been increasing rapidly which has increased the demand for accurate diagnostic imaging services for the early diagnosis of cancer. Various diagnostic imaging technologies such as ultrasound systems are available for the diagnosis of the different types of cancer. For instance, the somov automated breast ultrasound (ABUS) system is used for screening women with dense breast tissue.
CVDs are estimated to be one of the major causes of mortality globally. According to WHO, CVD accounts for more than 17.3 million mortalities per year. And the number of mortalities by cardiovascular diseases is further estimated to reach 23.6 million by 2030. Cardiovascular diseases account for 31%, with around 80% of mortalities occurring in low and middle-income countries. According to the American Heart Society, in 2017, cardiovascular disease is the cause of around 800 thousand mortalities in the US. Heart Disease is the leading cause of mortality across the globe and in the US, about 370,000 Americans lose their lives every year. Ultrasound like transthoracic Echocardiogram is one of the most common medical diagnostic tool cardiologists use to view aorta, heart and other blood vessels. Further, imaging technologies such as MRI, ultrasound is safe, non-invasive, and does not use ionizing radiation due to which it is significantly in demand globally.
Technological development further boosts the diagnostic imaging services market growth
The scope of technological modernization continues to grow in all industries such as healthcare, automobile, energy and so on. In healthcare, technological advancement is playing an important role in almost all processes. Technological advancement in the healthcare sector has been increasing due to demand for improvements in patient access, lower wait times, improved revenues for health systems, lower-cost systems, and much more. Technological advancement in the healthcare sector is driving the growth of the global diagnostic imaging services market. Since the 1970s, the healthcare provider has been utilizing a traditional imaging system such as the b-mode ultrasound system for diagnostic purposes.
Over the past 10 years, there have been substantial technological improvements in the system and development of new technologies that allowed ultrasound to become more widely adopted globally. Technological improvement in equipment includes a reduction in the size of equipment, less heat generation, and more power-efficient. All these upgrades in the equipment along with significant improvement in the image quality is driving the growth of the global diagnostic imaging services market. Further, the introduction of point-of-care imaging technology is one of the major advancements in the market. Point-of-care imaging devices have widely utilized in emergency rooms, PCP offices, and obstetric practices. This trend is expected to persist as healthcare reform continues to favour the use of more cost-effective solutions which in turn drive the growth of the global diagnostic imaging services market.
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