Diagnostic Equipment Market

The global market for electro-diagnostic apparatus and ultra-violet or infra-red ray apparatus is projected to experience steady growth over the next eight years, with consumption volume expected to reach 5.4B units by 2030. The market is forecasted to increase in value to $190.3B by the end of 2030, with a CAGR of +3.0% for consumption volume and +4.6% for market value. The article also covers trends in production, imports, and exports of diagnostic equipment, with key importing and exporting countries highlighted. Import and export prices are analyzed, showing fluctuations over the years.

Market Forecast

Driven by increasing demand for electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 5.4B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $190.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electro-Diagnostic Apparatus, And Ultra-Violet Or Infra-Red Ray Apparatus

In 2022, consumption of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by -14% to 4.3B units for the first time since 2018, thus ending a three-year rising trend. In general, the total consumption indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +35.2% against 2018 indices. As a result, consumption reached the peak volume of 5B units, and then reduced in the following year.

The global diagnostic equipment market revenue contracted significantly to $133B in 2022, with a decrease of -27.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +22.0% against 2018 indices. As a result, consumption attained the peak level of $183.8B, and then reduced dramatically in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Denmark (963M units), Austria (722M units) and China (578M units), with a combined 53% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +14.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest diagnostic equipment markets worldwide were China ($31B), the United States ($26.7B) and Japan ($10.3B), with a combined 51% share of the global market. South Korea, Mexico, Russia, Indonesia, the UK, Austria, Denmark and India lagged somewhat behind, together accounting for a further 15%.

In terms of the main consuming countries, India, with a CAGR of +13.7%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of diagnostic equipment per capita consumption was registered in Denmark (164 units per person), followed by Austria (81 units per person), the United States (1.6 units per person) and the UK (1.5 units per person), while the world average per capita consumption of diagnostic equipment was estimated at 0.5 units per person.

In Denmark, diagnostic equipment per capita consumption increased at an average annual rate of +13.4% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Austria (+2.3% per year) and the United States (+5.3% per year).

Production

World Production of Electro-Diagnostic Apparatus, And Ultra-Violet Or Infra-Red Ray Apparatus

In 2022, production of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus decreased by -11.5% to 4.6B units for the first time since 2018, thus ending a three-year rising trend. Overall, the total production indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +44.0% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of 37% against the previous year. As a result, production attained the peak volume of 5.2B units, and then dropped in the following year.

In value terms, diagnostic equipment production declined to $128B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 29%. As a result, production attained the peak level of $144.8B, and then dropped in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were Denmark (967M units), Austria (726M units) and China (715M units), with a combined 53% share of global production.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +14.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Electro-Diagnostic Apparatus, And Ultra-Violet Or Infra-Red Ray Apparatus

Global diagnostic equipment imports expanded sharply to 443M units in 2022, increasing by 6.6% on 2021 figures. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -6.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 67% against the previous year. As a result, imports attained the peak of 473M units. From 2020 to 2022, the growth of global imports remained at a lower figure.

In value terms, diagnostic equipment imports totaled $30.3B in 2022. In general, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.5% against 2015 indices. The most prominent rate of growth was recorded in 2019 with an increase of 19%. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports By Country

In 2022, the United States (102M units), distantly followed by Germany (39M units), the Netherlands (33M units), Japan (29M units) and China (24M units) were the key importers of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus, together generating 51% of total imports. The following importers - the UK (18M units), France (15M units), Italy (15M units), Spain (12M units), Canada (11M units), South Korea (8.9M units), Hong Kong SAR (8.6M units) and Brazil (7.1M units) - together made up 22% of total imports.

Imports into the United States increased at an average annual rate of +4.9% from 2012 to 2022. At the same time, China (+13.7%), Germany (+13.0%), France (+10.1%), Italy (+9.7%), Spain (+9.0%), the Netherlands (+8.3%), Brazil (+8.1%), Hong Kong SAR (+7.6%), Canada (+6.1%), the UK (+5.5%), Japan (+4.6%) and South Korea (+3.3%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of +13.7% from 2012-2022. From 2012 to 2022, the share of Germany, China and the Netherlands increased by +4.3, +2.8 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($6.7B) constitutes the largest market for imported electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus worldwide, comprising 22% of global imports. The second position in the ranking was taken by Germany ($3.2B), with a 10% share of global imports. It was followed by China, with an 8% share.

In the United States, diagnostic equipment imports increased at an average annual rate of +4.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+7.3% per year) and China (+2.3% per year).

Import Prices By Country

In 2022, the average diagnostic equipment import price amounted to $68 per unit, with a decrease of -2.7% against the previous year. In general, the import price recorded a mild setback. The pace of growth appeared the most rapid in 2020 when the average import price increased by 26%. Global import price peaked at $78 per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($102 per unit), while Spain ($32 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electro-Diagnostic Apparatus, And Ultra-Violet Or Infra-Red Ray Apparatus

In 2022, overseas shipments of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus increased by 22% to 730M units, rising for the sixth year in a row after two years of decline. Overall, exports showed resilient growth. The most prominent rate of growth was recorded in 2020 when exports increased by 41% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, diagnostic equipment exports reached $30.5B in 2022. Over the period under review, total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.0% against 2015 indices. The growth pace was the most rapid in 2021 when exports increased by 13%. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports By Country

In 2022, the United States (245M units), distantly followed by China (161M units), the Dominican Republic (49M units) and Ireland (33M units) were the main exporters of electro-diagnostic apparatus, and ultra-violet or infra-red ray apparatus, together mixing up 67% of total exports. The following exporters - the Netherlands (33M units), Germany (31M units), Japan (21M units), Mexico (18M units), the UK (15M units) and Italy (15M units) - together made up 18% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +60.0%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($6.6B), Germany ($4.4B) and the Netherlands ($2.9B) appeared to be the countries with the highest levels of exports in 2022, together comprising 46% of global exports. China, Japan, Ireland, Mexico, the UK, Italy and the Dominican Republic lagged somewhat behind, together accounting for a further 30%.

The Dominican Republic, with a CAGR of +52.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average diagnostic equipment export price stood at $42 per unit in 2022, falling by -16.1% against the previous year. Overall, the export price recorded a deep slump. The pace of growth was the most pronounced in 2018 an increase of 8.2% against the previous year. As a result, the export price attained the peak level of $80 per unit. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($139 per unit), while the Dominican Republic ($5.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.4%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform