A new study projects that the diagnostic imaging market will reach $33.42 billion by 2020, at a compound annual growth rate (CAGR) of 6.2% from 2015 to 2020. The report, published by MarketsandMarkets, analyzed and studied the major market drivers, restraints, opportunities, and challenges in North America, Europe, the Asia-Pacific, and more regions.

As of 2015, North America holds the largest share of the diagnostic imaging market, followed by Europe. But the Asia-Pacific market is expected to grow at a CAGR of 7.2% from 2015 to 2020—the highest amount. A number of factors, including an increasing incidence of chronic diseases, a heightened awareness about the benefits of diagnosing diseases earlier, the development of new healthcare facilities, and increasing government initiatives concerning the modernization of healthcare, are stimulating the growth of the diagnostic imaging market in the Asia-Pacific region.

From a global perspective, the surge of cancer and cardiac, neurological, and musculoskeletal disorders, as well as measures to diagnose diseases earlier are increasing the utilization of diagnostic imaging services. The study also found that low-cost, technologically advanced imaging systems with applications in multiple fields are further stimulating the demand for radiology worldwide.

Impeding the growth of the global diagnostic imaging market, however, are the risk of radiation exposure and the high cost of diagnostic imaging systems and procedures. Technological limitations—especially of standalone systems—are further limiting utilization, the study found.

For more information about this research, visit MarketsandMarkets.