Healthcare Market in the U.S. is Expected to Witness Fastest Growth, at a CAGR of 6.6% during Forecast Period
Healthcare Ecosystem Insights is a report that provides an analysis of the healthcare industry in Germany, Singapore, France, Japan, the U.K., China, and the U.S. Growing at a 3.6% CAGR during the forecast period, the healthcare industry of China is projected to reach $542.4 billion by 2024. Government initiatives and improved infrastructure, growing chronic disease prevalence, and increasing healthcare expenditure and gross domestic product are stimulating the industry growth in these countries.
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The major categories of the healthcare industry, based on diagnostic equipment type, are ultrasound devices, computed tomography scanners, X-ray, magnetic resonance imaging systems, endoscopes, and mammography equipment. In all the countries covered in the report, X-ray is expected to be the fastest growing category in addition to being the largest. During the forecast period, a 40.4% share in Singapore’s healthcare industry is predicted to be occupied by the X-ray category by 2024, progressing at a 6.4% CAGR. The growth of this category is attributed to the increasing use of such systems for various diseases’ diagnosis.
Based on in-vitro diagnostics (IVD) technology, the categories of the healthcare industry are clinical chemistry, microbiology, immunoassay/immunochemistry, molecular diagnostics, urinalysis, hematology, and others. The largest market share in the French healthcare industry was held by the immunoassay/immunochemistry category, accounting for 43.8%, and it is projected to grow at a 4.2% CAGR during the forecast period. The popularity of this category can be attributed to technological advancements. Additionally, the hematology and molecular diagnostics categories are projected to hold a revenue share of 6.6% and 14.2%, respectively, by 2024.
The fastest growth is expected to be witnessed by the U.S. healthcare industry at a 6.6% CAGR during the forecast period. The rising prevalence of chronic diseases is considered a key factor in the region’s growth. About six in 10 adults suffer from a chronic disease, as per the 2019 National Center for Chronic Disease Prevention and Health Promotion report. It is the top fifth country in the world considering the age-standardized rate for all cancers. The increasing cancer prevalence in the country is expected to drive the demand for advanced diagnostic imaging systems, thereby driving the industry growth.
To strengthen their product portfolio and increase their market share, key players in the healthcare industry are acquiring other players. For instance, Core Medical Imaging Inc., a medical imaging product and services company, was acquired by Shimadzu Medical Systems USA in January 2019.
Know More: https://www.psmarketresearch.com/press-release/healthcare-ecosystem-insights
