Jan 16, 2020 12:08 AM ET
Digital Imaging Market Size is Forecasted to Grow at CAGR of 8.69% During 2019-2025
iCrowd Newswire -
Jan 16, 2020
The Digital Imaging Market size is forecasted to reach revenue of $27.82bn by 2025 from $15.52bn from 2018, growing at a CAGR of 8.69% during the forecast period 2019-2025. The growth of the Digital Imaging market is owed to the ability of digital imaging to increase the accessibility to market data which helps the companies to form the Research and development base for the firm accurately. The major trend witnessed in the market includes Wi-Fi and photo sharing integration into cameras with the help of digital imaging technology. And also the camera equipped drones are also prevailed in the market which is having the capability to provide 360 degree spherical images.
Digital Imaging Market outlook
- Digital imaging involves radiographic techniques and medical imaging technologies that utilizes a wired or wireless hard sensor or phosphor plate sensors known as a receptor, instead of film. It is closely related to medical imaging
- Major players in the Digital Imaging market are GE , Olympus, Hexagon ,Cognex , Nikon, OMRON, Ametek , Matrox, Teledyne Technologies, National Instruments, and Keyence.
- In digital imaging, the x-ray machine is still used, but the image is converted from analog to digital.
- Pixel technology used in digital sensors helps in diagnosing anatomies such as bone trabeculation, lamina dura, and DEJ due to high contrast in digital imaging.
- The market is been adopted by government and business agencies in order to enhance efficiency and provide greater accessibility to viable informations.
By Type – Segment Analysis
On the basis of type segment, Radiography is the most dominant segment due to the reduced radiation among the system and reduced cost. It also provides enhanced X-ray image quality. Radiography segment is estimated to have a growth of 5.2% during the forecast period 2019-2025. Fluoroscopy is used in many types of examinations and procedures, such as barium X-rays, arthrography (visualization of a joint or joints), lumbar puncture, cardiac catheterization etc.
By Portability- Segment Analysis
On the basis of portability, portable systems is the largest segment in terms of revenue owing to the high image quality and wide application in patients with multiple trauma facility for imaging the neck, pelvis, and chest.
By Application- Segment Analysis
On the basis of application, cardiology segment held largest revenue in 2018 owing to the high prevalence of cardiovascular diseases worldwide. Oncology segment has been steeply rising due to the increasing cancer patients. According to WHO 9.6 million deaths are recorded worldwide in 2018.
By End User- Segment Analysis
On the basis of end user, Hospitals segment held the largest revenue in 2018 owing to the increasing number of Specialty, super Specialty and multi-Specialty hospitals prevailed in countries, followed by clinics and diagnostic imaging centres.
Geography – Segment Analysis
North America is estimated to hold highest digital imaging market share, of 31% in the market in 2018 on account of early use of technology and increasing investments to support the research and development of new products. Simultaneously, the expected growth in the economic environment will drive the digital imaging market in Europe while the market. Asia Pacific is projected to grow at a rapid pace during the course of the forecast period owing to the major infrastructural expansion and automation in manufacturing industries in countries such as India and China.
Drivers – Digital Imaging Market
- Technological Advancement in the Industry:
The company is thriving to be competitive in the market by identifying the gaps in the field and finding the potential for advanced technologies through collaborating with other companies to develop new technologies in the market. This advancement creates a technological advantage over traditional methods which drives the market.
- Rising need of industrial automation and increasing consumer awareness
Rising need of industrial automation and increasing consumer awareness is propelling the growth of the market. Digital imaging provides standard systems for inspection, automation, image analysis systems and customized effective vision systems. Consumers were more aware of the specifications of the imaging systems which enables them to choose the system that suits them.
Challenges – Digital Imaging Market
- High deployment cost and lack of skilled workforce are some challenging factors that can restrain this sector.
- Introduction of high quality cameras in smart phones reduce the growth of digital imaging market
- Digital Imaging Market Industry analysis
Companies are trying to create their own mark in the market by adopting new technologies at an accelerated rate. The company is enhancing digital capabilities in its business and to its customers. For the digital imaging market, the company provides a full deployment of NDT solutions and equipment which includes CT, hardness testing products, radiography, ultrasound, remote visual inspection and eddy current. It has been mainly adopting the organic growth strategy of introducing new products through product launches and expansions to grow in this market. For e.g. – GE provides new technologies like sensor-based measurement solutions, inspection technologies for the industrial and commercial purpose and also for the military and aerospace sector.
Digital Imaging Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Digital Imaging market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, digital imaging market demand, digital imaging market share, market drivers, digital imaging market scope, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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