An increased per capita income of consumers - residing in metropolitan cities, and increasing consumerism in developing nations are supporting demand for advanced treatment methods and better healthcare infrastructure. Additionally, the rising number of diseased people, coupled with better health insurance policies that enable people to get access to quality healthcare services are supporting the Digital Imaging Market. The demand for digital imaging in the healthcare industry is growing rapidly due to its capability to improve patient safety and privacy. According to the India Brand Equity Foundation, the healthcare market in India is expected to reach $372 billion by 2022. Increasing awareness of the population towards better healthcare practices, change in lifestyle are the key factors governing the healthcare sector. Improved reliability, reduced requirement for physical storage space, elimination of environmental problems caused by film-based imaging, and error-free image recovery are some major factors boosting the growth of the digital imaging market globally. Advantage of technological advancements over traditional methods, rising demand for industrial automation, and increasing consumer awareness are rising safety and quality standards and boosting the demand for digital imaging. The global digital imaging market was valued at $15 billion in 2018 and is anticipated to grow with a CAGR of 8.43%, during the forecast period 2019-2025.
Owing to recent technological developments and increased process automation, the automotive industry is focusing mainly on cost reduction, along with high-value propositions which, in turn, has led this industry a major contributor in the digital imaging market growth. Digital imaging in the automotive industry is prerequisite during production, qualification, and process development phases. Infrastructural developments and construction of power plants are expected to boost the growth of digital imaging. Computed tomography (CT) and ultrasonography digital imaging techniques enhance diagnostic accuracy in medical diagnosis practices. Detailed and accurate digital imaging of lungs, brain and other parts of the body are very helpful for the healthcare professionals for better diagnosis of patients with acute illnesses.
Surging Digital Imaging Market Share in North America
North America held the largest market share accounted for 32% of the global digital imaging market in 2018. Digital imaging is gaining huge demand, due to continuous developments in healthcare, automotive, and semiconductor industries. Countries such as the U.S., Canada, and Mexico are leading the regional market, owing to remarkable growth in the industrial sector. Early adoption of technology and increasing investment to support the development of new products are acting as factors creating opportunities for the digital imaging market in North America.
The application segment that will be creating the most lucrative opportunities for the digital imaging market is inspection, which is projected to grow at a CAGR of 6.7% through to 2025. The key factors such as rise in manufacturing capacity, increasing demand for quality food and shortage of skilled manpower significantly drive the digital imaging market growth, for quality control and inspection application in manufacturing industries. Thus, increasing demand for quality products is augmented to boost the segment growth.
Digital Imaging Market Growth Drivers
· Demand in facial recognition applications
Digital imaging plays a
major role in facial recognition. This detection technique is used in the biometrics
process, where the size and position of human faces are identified in
self-assertive digital pictures. Video surveillance, image database management,
and human-computer interface are some key applications of digital imaging.
· Augmented growth of the aerospace industry
DigDigital imaging is a major tool in the aerospace industry, where it is commonly used to ensure the safety of manufactured components and assemblies. The quality of images is tested on a real-time basis, as they are produced, digitally transferred and improved promptly. Digital imaging perfectly suited for the inspection of complex aircraft structures such as inspection of metal structures for un-melted powder and porosity.
· Propelled growth in artificial intelligence (AI)
Artificial intelligence (AI) can boost up the workflow efficiency in the imaging departments majorly in the healthcare sector. AI can enhance the healthcare professional’s ability to recognize the more relevant information, can scan the images and consolidate the all the past data related to the old history of the patient which is very crucial for the patient care.
The major players in the Digital Imaging Market:
The prominent players in the digital imaging market are Ametek, Cognex, Matrox, Olympus Corporation, OMRON, and Teledyne Technologies. These companies are continuously focusing on R&D investments, mergers and acquisitions, and partnership strategies to gain ground in the global market.
Mergers and acquisitions are key strategies adopted by the players to stay ahead of their competitors. Teledyne Technologies, a U.S. based company has announced its acquisition with scientific imaging businesses of Florida based Roper Technologies on Feb 05, 2019. With this acquisition, Teledyne Technologies has enhanced its digital imaging product portfolio thereby its position in the global market.
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