Global Cardiovascular Monitoring And Diagnostic Devices And Equipment Market

The wearable ECG monitor market consists of sales of ECG monitors embedded with optical sensors and designed to be affixed to a limb of human (patient) body to monitor physiological information anytime and anywhere. The market consists of revenues generated by establishments that are primarily engaged in the manufacturing of diagnostic wearable ECG monitors. An ECG records the tiny electrical signals that are generated by the beating of patient`s heart. An ECG provides data on the heart rate, the rhythm, the state of the conduction system and muscle tissue (heart attacks), and even the level of certain chemicals like potassium in the blood, and the effect of medication.

The cardiovascular devices market consists of sales of cardiovascular devices and related services by entities (organizations, sole traders, and partnerships) that produce cardiovascular devices used in diagnosing and treating cardiovascular diseases. The main types in the cardiovascular devices market are cardiovascular surgery devices and equipment, cardiac rhythm management (CRM) devices and equipment, interventional cardiology devices and equipment, defibrillator devices and equipment, peripheral vascular devices and equipment, prosthetic heart valve devices and equipment, electrophysiology devices and equipment, and cardiac assist devices and equipment. Defibrillators are devices that are restoring the normal heartbeat by sending an electric pulse or shock to the heart. They are used to prevent or correct an arrhythmia, a heartbeat that is uneven or slow or fast. The type of expenditure is public, private. The products used are instruments/equipment, disposables. The various end-users are hospitals and clinics, diagnostic laboratories, and others. The global cardiovascular devices market size is expected to grow from $53.44 billion in 2021 to $59.48 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The global cardiovascular device market size is then expected to grow to $85.64 billion in 2026 at a CAGR of 9.5%. Leadless pacemakers are being used for certain medical conditions such as slow heart rate (bradycardia), as they provide a less-invasive alternative to conventional pacemakers. A leadless pacemaker is a self-contained device that is inserted in the right ventricle of the heart without incisional access, leads, or a surgical pocket. Furthermore, the medical procedure for a leadless pacemaker can be performed in under 30 minutes, with few postprocedural restrictions. These devices are gaining popularity as they eliminate complications related to lead placement which includes cardiac perforation, pneumothorax, and lead dislodgement. Major companies manufacturing leadless pacemakers are Medtronic and Abbott. Major companies in the cardiovascular devices market include Medtronic Inc., Boston Scientific Corporation, Abbott Laboratories, Edwards Lifesciences, Cardinal Health, Inc., Johnson & Johnson, Terumo Corporation, Getinge Group, Teleflex Inc., and Becton Dickinson. North America was the largest region in the global cardiovascular devices market in 2021. Western Europe was the second largest region in the global cardiovascular market. Africa was the smallest region in the global cardiovascular device market. The regions covered in the global cardiovascular devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the cardiovascular devices market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global cardiovascular devices market is segmented - 1) By Type: Cardiovascular Surgery Devices and Equipment, Cardiac Rhythm Management (CRM) Devices and Equipment, Interventional Cardiology Devices and Equipment, Defibrillator Devices and Equipment, Peripheral Vascular Devices and Equipment, Prosthetic Heart Valve Devices and Equipment, Electrophysiology Devices and Equipment, Cardiac Assist Devices and Equipment 2) By End-User: Hospitals and Clinics, Diagnostic Laboratories, Others 3) By Type of Expenditure: Public, Private 4) By Product: Instruments/Equipment, Disposables

The ECG devices market consists of sales of ECG devices by entities (organizations, sole traders, and partnerships) that are used to record heart activities through electric signals and are amplified on the ECG monitor. The devices are used to diagnose various types of heart diseases and arrhythmias in a person’s body, therefore, assisting the relevant therapy. The market consists of revenue generated by the companies manufacturing the ECG devices. The main types of ECG devices are monitoring ECG systems and diagnostic ECG systems. Monitoring ECG systems record the electrical signal of the heart to check for different heart conditions. The various technology involved is portable ECG systems and wireless ECG systems. The various lead types involved are single-lead ECG, 3-6 lead ECG, and 12-Lead ECG. The various end-users involved are hospitals, home care settings, and others. The global ECG devices market size is expected to grow from $4.62 billion in 2021 to $4.99 billion in 2022 at a compound annual growth rate (CAGR) of 8%. The global ECG device market is expected to grow to $7.04 billion in 2026 at a CAGR of 9%. The increasing incidence of cardiovascular diseases is expected to boost the demand for the ECG devices market over the coming years. Cardiovascular disease is one of the most common of all health problems and the leading cause of death globally. To check for various cardiac diseases, an electrocardiogram (ECG or EKG) measures the electrical signal from the heart. Electrodes are set on the chest to record the electrical signals sent by the heart, which cause it to beat. According to the Centers for Disease Control and Prevention, heart disease is the major cause of death in the USA, accounting for almost 647,000 deaths per year. Moreover, according to the American Heart Association, 2019, around 121.5 million adults in the USA have some form of cardiovascular disease. Thus, increasing cardiovascular diseases such as hypertensive heart disease, stroke, peripheral artery diseases, and ischemic heart disease (IHD) drive the growth of the ECG devices market. The launch of advanced ECG devices is shaping the ECG devices market. Major companies operating in the ECG devices sector are focused on developing technological solutions for ECG devices to strengthen their position. For instance, in September 2020, AliveCor, a US FDA-cleared personal electrocardiogram (ECG) technology company launched a clinically validated personal ECG device based on KardiaMobile 6L technology. In just 30 seconds, individuals can record a medical-grade ECG using this device. It is small enough to slip into a pocket. Users can use their smartphones to monitor their heartbeats. In December 2020, Philips, a Europe-based health technology company acquired BioTelemetry for $2.8 billion (approx. EUR 2.3 billion). The acquisition of BioTelemetry fits well with Philips' cardiac care portfolio and its strategy to transform care delivery across the health continuum with integrated solutions. BioTelemetry, Inc is a U.S.-based company that provides heart monitoring devices. Major players in the ECG devices market are GE Healthcare, Koninklijke Philips N.V, Spacelabs Healthcare, CardioNet Inc, Schiller AG, Nihon Kohden Corporation, Medtronic PLC, OSI Systems, Mindray Medical International Limited, and Hill-Rom Holdings Inc. The regions covered in the global ECG devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the ECG devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The global ECG devices market is segmented - 1) By Product: Monitoring ECG Systems, Diagnostic ECG Systems 2) By Technology: Portable ECG Systems, Wireless ECG Systems 3) By Lead Type: Single Lead ECG, 3-6 Lead ECG, 12-Lead ECG 4) By End-User: Hospitals, Homecare Settings, Others

The cardiovascular surgery devices and equipment market consist of sales of cardiovascular surgery devices and related services. Cardiovascular surgery devices and equipment are used in cardiac surgery and other cardiovascular procedures performed to repair structural defects of the cardiovascular system of the heart and its damaged or blocked valves and vessels. The main product types in the cardiovascular surgery devices and equipment are beating heart surgery systems, cardiopulmonary bypass equipment, cardiac ablation devices, and perfusion disposables. Cardiopulmonary bypass equipment is used in open-heart surgeries and is operated by perfectionists. The various applications are congenital heart defects, cardiac arrhythmia, coronary heart disease, congestive heart failure, and other applications. These are used in home and ambulatory care, hospitals, diagnostic laboratories, and research laboratories. The global cardiovascular surgery devices and equipment market size is expected to grow from $1.57 billion in 2021 to $1.68 billion in 2022 at a compound annual growth rate (CAGR) of 7.0%. The global cardiovascular surgery equipment market size is expected to grow to $2.04 billion in 2026 at a CAGR of 5.0%. The rising geriatric population along with the rising deaths related to cardiovascular disorders is driving the cardiovascular surgical devices market. According to American Heart Association (AHA), in the US, approximately 43.7 million aged above 60 suffered from cardiovascular disorders. It is also reported by AHA that death related to cardiac diseases amount to 17.3 million per year and is expected to rise to more than 23.6 million by 2030, worldwide. Due to these factors, a higher number of surgeries are being performed, thereby driving the market. The cardiovascular surgical devices market may be restrained due to stringent and longer approval processes by the regulatory authorities. According to a researcher from Harvard Business School, innovative first-mover products such as implantable defibrillators or transcatheter heart valves are delayed for approvals by FDA, thereby adding to the development cost to the manufacturer. For new cardiovascular devices (first-entrants), the innovator spends 7.2 months longer than the first follow-on innovator. For example, Edwards Lifesciences trans-catheter heart valve was approved in Europe 4 years before it was approved in the USA. The study also estimated the financial loss associated with the delay in getting the approval. The delay may cost firms an average of $6.7 million to the already existing $94 million average prices to introduce a new medical device to market, thereby hampering companies’ pursuit of innovations. Companies in the cardiovascular surgery devices and equipment market are investing in second-generation bioresorbable stents and as well rectifying the glitches which occurred in the earlier version of bioresorbable stents. This advancing segment is poised to garner $247 million by 2025. Due to the all-new device features such as thinner strut thicknesses, faster resorption times, and better radial force, these are expected to grow at a higher growth rate. A higher elective procedure volume due to the less-invasive nature of PCIs, when compared to coronary artery bypass grafting, is expected to drive bioresorbable stents adoption. For instance, Amaranth Medical has developed three medical devices with thinner strut thickness, the latest bearing a magnitude of 100 microns. The U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH) made public, its priority list for medical device guidance documents. This would allow the companies in promoting innovation and as well save them from the stringent consequences of non-approval of any product. Thus, a clearer and transparent approval method would drive the cardiovascular surgical devices market in the future. Major players in the cardiovascular surgery devices and equipment market are Abbott Laboratories, Boston Scientific Corporation, Cook Medical, C.R.Bard, Abiomed, St.Jude medical, Angiodynamics Inc., Transmedics, Terumo cardiovascular systems corporation, and Edwards Life Science Corporation. North America was the largest region in the cardiovascular surgery devices and equipment market in 2021. Western Europe was the second-largest region in the global cardiovascular surgery device and equipment market. The regions covered in the global cardiovascular surgery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the cardiovascular surgery devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and USA. The global cardiovascular surgery devices and equipment market is segmented - 1) By Product Type: Beating Heart Surgery Systems, Cardiopulmonary Bypass Equipment, Cardiac Ablation Devices, Perfusion Disposables 2) By End-User: Home and Ambulatory Care, Hospitals, Diagnostic Laboratories, Research Laboratories 3) By Application: Congenital Heart Defects, Cardiac Arrhythmia, Coronary Heart Disease, Congestive Heart Failure, Others

The electrosurgical devices market consists of sales of electrosurgical devices and related services. Electrosurgical devices include surgical generators and electrosurgical instruments Electrosurgical instruments include monopolar, bipolar and ultrasonic instruments. These devices deliver high-frequency electrical currents and voltages through an active electrode. They are used for cutting, sealing, and coagulating tissue during a variety of open and laparoscopic surgical procedures. The main products of the electrosurgical devices are electrosurgery generators, electrosurgery instruments and accessories, argon, and smoke management systems. Electrosurgery generators facilitate therapeutic endoscopy by supplying the high-frequency electrical current required to use endoscopic accessories. The applications involved are general surgery, gynecology surgery, urologic surgery, orthopedic surgery, cardiovascular surgery, cosmetic surgery, and neurosurgery. The various end-users are hospitals, specialized clinics, and ambulatory surgery centers. The global electrosurgical devices and equipment market size is expected to grow from $7.93 billion in 2021 to $8.65 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The global electrosurgical devices market size is expected to grow to $11.54 billion in 2026 at a CAGR of 7.5%. The increasing prevalence rate of chronic diseases contributed significantly to the growth of the electrosurgical devices and equipment market. The electrosurgical devices are used in the surgery of many life-threatening diseases such as skin cancer, small basal cell carcinomas, squamous cell carcinoma, wound surgery, skin surgery, non-cancerous moles, dentistry, and others. There has been an increase in the number of skin diseases worldwide. For example, in the year 2019, according to one study conducted by the American Society of Clinical Oncology, around 2,000 people in the USA are diagnosed with Merkel cell carcinoma each year and this number has rapidly increased from past decades. According to WHO, the global burden of major chronic diseases currently accounts for 43% of all diseases and is set to rise to 60% by 2020. According to a United Nations’ report on world population aging, globally the 60+ aged population is projected to grow by 56% to reach 1.4 billion. The growth of the aging population and rising chronic disease incidence will contribute to increased hospitalization. The increase in the patient pool is expected to rise the demand for electrosurgical devices and equipment. The high incidence of product recalls is one of the factors restraining the electrosurgical devices and equipment market growth. The medical device industry is seeing a significant spike in product recalls during recent years due to defective devices, software issues, mislabeling issues, and quality issues. The electrosurgical devices and equipment market is a minor part of the medical device market and hence, product recall in the electrosurgical market is quite often. For example, in March 2019, Covidien, PLC, recalled its class 2 Covidien Force Traverse electrosurgical device due to bad sterile packaging. Zimmer Biomet, a medical device company recalled it is class 1 SPF PLUS-Mini and SPF XL IIB Implantable Spinal Fusion Stimulators due to high levels of potentially harmful chemicals which may be toxic to tissues and organs. FDA Safety Communication notice was Magellan Diagnostics and LeadCare of Meridian Bioscience, Inc. for its LeadCare Testing Systems for giving inaccurate test results. Electrosurgery is the application of a high-frequency electric current on biological tissue to create. Technological advances have led to the development of modern ESUs that deliver the medically useful thermal effect. This system is capable of continuously monitoring current and voltage, deriving parameters such as power and tissue resistance, and analyzing them. Depending on the desired treatment outcome, these devices can also keep the operating parameters constant or change them in a targeted manner through control and regulation. Electrosurgical equipment manufacturers should consider investing ESUs to increase market share in the market. The regulatory changes related to customer data protection such as the European Union's General Data Protection Regulation (GDPR), changes to equipment approval procedures, and other regulatory changes are leading to increased costs of electrosurgical equipment product development and supply to healthcare services organizations. The GDPR is an EU law on the data protection and privacy of individuals residing in the European Union and the European Economic Area (EEA). It also regulates the export of personal data outside the EU and EEA areas. According to a report by Ernst and Young, Fortune 500 companies are spending $7.8 billion to comply with GDPR. In the USA, the U.S. Department of Health and Human Services and Center for Devices and Radiological Health are regulating electrosurgical devices under US FDA. There are two main ways that manufacturers can follow for premarket approval. One way consists of conducting clinical studies and submitting a premarket approval (PMA) application that includes evidence providing reasonable assurance that the device is safe and effective. The other way involves submitting a 510(k) notification demonstrating that the device is substantially equivalent to a device already on the market (a predicate device) that does not require a PMA. The FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k)s by over 55% over the last decade. The delays in product releases and additional costs incurred due to stringent approval processes put a strain on investments relating to electrosurgical equipment new product development resulting in potential loss of revenue. Major players in the electrosurgical devices market are Bovie Medical Corporation, Johnson & Johnson Private Limited, B. Braun Melsungen AG, Medtronic PLC, Smith and Nephew, Boston Scientific, Stryker Corporation, ATMOS Inc, Heal Force Bio-Meditech Holdings Limited, and Erbe Elektromedizin GmbH. North America was the largest region in the electrosurgical devices market in 2021. Western Europe was the second-largest region in the global electrosurgical devices market. The regions covered in the global electrosurgical equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the electrosurgical devices market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia. The global electrosurgical devices and equipment market is segmented - 1) By Product: Electrosurgery Generators, Electrosurgery Instruments and Accessories, Argon and Smoke Management Systems 2) By End-User: Hospitals, Specialized Clinics, Ambulatory Surgery Centers 3) By Application: General Surgery, Gynecology Surgery, Urologic Surgery, Orthopedic Surgery, Cardiovascular Surgery, Cosmetic Surgery, Neurosurgery

The electrophysiology devices and equipment market consist of sales of electrophysiology devices and equipment and related services. Electrophysiology devices and equipment are used in the diagnosis and treatment of heart rhythm disorders through electrical activity. The main product types in the electrophysiology devices and equipment are electrophysiology ablation catheters, electrophysiology diagnostic catheters, and electrophysiology lab systems. Electrophysiology ablation catheters measure the electrical activity of the heart and diagnose abnormal heart rhythm. The various monitoring devices involved are electrocardiograph (ECG), electroencephalograph (EEG), electrocorticography (ECoG), electromyography (EMG), electroretinographic (ERG), electrooculography (EOG), Holter monitoring devices, X-ray systems, imaging and 3D mapping systems, and diagnostic electrophysiology catheters that are used in indication analysis of atrioventricular nodal reentry tachycardia (AVERT), Wolff-Parkinson-white syndrome (WPW), atrial flutter, and atrial fibrillation. The various end-users of electrophysiology devices and equipment are used in hospitals, diagnostic centers, and clinics. The global electrophysiology devices and equipment market size is expected to grow from $4.8 billion in 2021 to $5.42 billion in 2022 at a compound annual growth rate (CAGR) of 13.0%. The global electrophysiology equipment market size is expected to grow to $8.18 billion in 2026 at a CAGR of 10.8%. An increase in the prevalence rate of cardiovascular diseases (CVD) forms one of the major drivers for the industries operating in the electrophysiology devices and equipment market. CVD cases remain the leading cause of death across the globe, which increases the demand for a quick and effective treatment of the disease, thus increasing the demand for electrophysiology devices. According to the data released by American Heart Association (AHA) in 2019, at least 48% of all adults in the USA have some form of cardiovascular disease. CVD prevalence excluding high blood pressure among adults in the USA is 9%. Also, according to the Centers for Disease Control and Prevention (CDC), by 2030, 12.1 million people in the United States will suffer from atrial fibrillation, which is the most common type of heart arrhythmia. Lack of uniformity in the regulations governing the electrophysiology devices and equipment industry sometimes restricts the companies in the market from expanding globally, thereby hampering the market’s growth. The impact of individual country regulatory requirements can have huge implications for the availability of new electrophysiology devices and equipment. According to regulations in a few geographies, the manufacturers are required to conduct clinical trials (premarket and/or post-market) be either in whole or in part within a country. However, in markets such as Brazil, Japan, India, and China where local regulations are still in the nascent stage, the cost to run the trials is incurred by the manufacturers. For example, trials for devices like cardiac rhythm management (CRM) in multiple countries have less merit and do not reflect the true test results as it becomes difficult for the manufacturers to provide sufficient devices to run tests. To increase the profit margins and sales, the companies operating in the Electrophysiology (EP) devices and equipment industry are coming up with new technologies aimed towards improving EP mapping and localization technology. EP mapping is a procedure used to diagnose the origins of abnormal heart rhythms. This procedure uses an electrically sensitive catheter. With improved mapping technologies it becomes easy to detect and locate abnormalities in the heart. For example, in January 2019, Abbott started its sensor-enabled TactiCath contact force ablation catheter for the treatment of atrial fibrillation. It is designed to provide accurate images of the heart extended with real-time electricity activity information. The Reuse of a single-use device (SUD) is permitted by The Medicines and Healthcare products Regulatory Agency (MHRA) may impact the electrophysiology devices and equipment market growth as few of the products within the market may be reused. The MHRA allows the reuse of electrophysiology catheters, however, the device should be adherent to the medical devices directive and should have a CE mark. The reuse or reprocessing of electrophysiology catheters by electrophysiology (EP) laboratories in the US help in reducing the costs of these devices and lessening the environmental burden of the discarded bio-waste materials. As there is no clear regulation on reuse in developing nations such as Africa., Asia, Eastern Europe, Central America, and South America, the electrophysiology devices and equipment market may face a few challenges. In September 2021, Boston Scientific, a company operating in electrophysiology devices and equipment acquired Lumenis for a deal amount of $1.07 billion. With this acquisition, Boston scientific company expands its portfolio in the US and Japan. Lumenis is a medical equipment company and a technology company based in Israel. Major players in the electrophysiology devices and equipment market are St. Jude Medical, Boston Scientific Corporation, Abbott Laboratories, GE Healthcare, Philips Healthcare, Biotronik SE & Co. KG, Medtronic Inc., Biosense Webster, Microport Scientific Corporation, and Japan Lifeline Co. North America was the largest region in electrophysiology devices and equipment market in 2021. Western Europe was the second-largest region in the global electrophysiology devices market.The regions covered in the global electrophysiology devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the electrophysiology devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia. The global electrophysiology devices and equipment market is segmented - 1) By Product Type: Electrophysiology Ablation Catheters, Electrophysiology Diagnostic Catheters, Electrophysiology Lab Systems 2) By Monitoring Device Type: Electrocardiograph (ECG), Electroencephalograph (EEG), Electrocorticograph (ECoG), Electromyograph (EMG), Electroretinograph (ERG), Electrooculograph (EOG), Holter Monitoring Devices, X-Ray Systems, Imaging and 3D Mapping Systems, Diagnostic Electrophysiology Catheters 3) By Indication Analysis: Atrioventricular Nodal Reentry Tachycardia (AVNRT), Wolff-Parkinson-White Syndrome (WPW), Atrial Flutter, Atrial Fibrillation 4) By End-User: Hospitals, Diagnostic Centers, Clinics

The 3D diagnostic imaging services market consists of revenues generated by the use of 3D diagnostic imaging procedures such as 3D X-rays, 3D ultrasound, MRI, and other 3D nuclear imaging techniques (PET, SPECT) to diagnose patients with chronic diseases. The 3D diagnostic imaging technique provides advanced services that help in various applications such as oncology, cardiology, orthopedics and others. 3D diagnostic imaging is used to create three dimensional visual representations of interior body parts for medical analysis with the help of Computer-Aided Design (CAD) or a Magnetic Resonance Image (MRI) technology. The main techniques of 3D diagnostic imaging services are ultrasound, MRI, X-ray, computed tomography, others. An ultrasound is a type of imaging test that utilizes sound waves to create images of organs, tissues, and other structures within the body. The various applications include oncology, cardiology, orthopedics, and others that are used by diagnostic centers, hospitals and research centers. The global 3D diagnostic imaging services market size is expected grow from $184.32 billion in 2021 to $195.51 billion in 2022 at a compound annual growth rate (CAGR) of 6.1%. The growth in the 3D diagnostic imaging market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The 3D diagnostic imaging services market is expected to reach $246.89 billion in 2026 at a CAGR of 6%. The demand for Point-of-Care Testing (PoCT) has been steadily increasing over the years. The growth in demand is likely to continue and drive the market for 3D diagnostic imaging services market. This is because PoCT allows physicians and medical staff to accurately achieve real-time, lab-quality diagnostic results within minutes rather than hours. Also, the changing healthcare delivery system is aimed at delivering cost effective care at patient’s home. In most of the countries, especially developing countries, more effective care for infectious diseases is needed. PoCT technologies provide effective care with easy-to-use devices and improved analytical performance and recent improvements in the speed, usability and affordability of medical imaging with 3D integration have greatly expanded the capabilities of PoCT testing systems. These advances are greatly driving the 3D diagnostic imaging services market. The 3D diagnostic imaging services market is constrained by the shortage of qualified and skilled healthcare resources. The main reasons are aging workforce, complexity of the latest procedures and their reluctance towards learning the new procedures, and shrinking number of accredited training programs. According to the WHO, there will be a shortage of 18 million health workers by 2030, with the majority of these personnel coming from low- and lower-middle-income countries. The shortage of skilled workforce is expected to affect the 3D diagnostic imaging services market. Therefore, there is an urgent need to train more healthcare professionals in the latest procedures and technologies including 3D imaging to enable accurate diagnosis and treatment in the most efficient manner. Introduction of improved data storage and information sharing systems such as medical cloud technology is creating more growth opportunities for 3D diagnostic imaging. This is because medical imaging requires adequate resources to process, store, exchange and use large quantities of medical data for appropriate diagnostic and treatment decisions, and advanced cloud computing in medical imaging addresses these concerns. Cloud computing is an emerging solution for questions related to delivering complex services and data interchange over the internet. Cloud computing technology enables medical data sharing across regions, allowing more patients to obtain the medical resources they need. It allows easy retrieval of data and provides doctors with more convenient clinical image data services (clear and informative images). Medical cloud imaging has become an important field of cloud computing. In January 2020, Metropolis Healthcare, a chain of diagnostic companies, acquired 51% stake in Shraddha Diagnostic Centre for Rs 9.36 Crores ($1.27 million). This acquisition helps Metropolis Healthcare expand its geographical reach in 9 cities and towns in India. Shraddha Diagnostics is a private company that majorly serves the B2B segment. Major players in the 3D diagnostic imaging services market are Laboratory Corporation of America Holdings, Quest Diagnostics Inc, Alere Inc., Bio-Reference Laboratories, DaVita Healthcare Partners Inc, Genomic Health Inc., Myriad Genetics Inc., NeoGenomics Inc., Sonic Healthcare Limited, Spectra Laboratories and SYNLAB International GMBH. The regions covered in the 3D diagnostic imaging services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the 3D diagnostic imaging services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global 3D diagnostic imaging services market is segmented - 1) By Technique: Ultrasound, MRI, X-Ray, Computed Tomography, Others 2) By Application: Oncology, Cardiology, Orthopedic, Others 3) By End User: Diagnostic Centers, Hospitals, Research Centers

Diagnostic Equipment Market Characteristics

The diagnostic devices (or) equipment market consists of sales of diagnostic equipment and related services by entities (organizations, sole traders and partnerships) that produce diagnostic equipment used in diagnosis of various diseases. This industry includes establishments that produce diagnosis equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, magnetic resonance imaging systems and other diagnostics equipment.