Italy Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Italy Diagnostic Imaging Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Italy diagnostic imaging equipment market is expected to record a CAGR of 5.5% over the forecast period.

COVID-19 had a significant impact on the Italy diagnostic imaging equipment market and the overall healthcare industry. For instance, as per the article published in 2021 under the title ‘Impact of the COVID-19 pandemic on the selection of chest imaging modalities and reporting systems: a survey of Italian radiologists’, the study revealed that the most used and preferred chest imaging modality to assess/exclude/monitor COVID-19 pneumonia during the different phases of the first COVID-19 wave was computed tomography (51.8% to 77.1% of participants). Additionally, while the narrative report was the most used reporting system (55.6% of respondents), one-third of the participants preferred to utilize structured reporting systems. Moreover, a paper published by researchers from Italy in 2021 under the title ‘The impact of COVID-19 on radiological findings in patients accessing the emergency department: a multicentric study’, stated that the total number of emergency department exams dropped from 32,06 (2019) to 939 (2020), with a relative increase of CT examinations from 23% to 33%. Hence as per the factors mentioned above, COVID-19 had a significant impact on Italy diagnostic imaging equipment market.

The major factors augmenting the growth of the diagnostic imaging market in Italy include the growing geriatric population, the rising burden of chronic diseases, and technological advancements. For instance, as per the report from International Agency for Research on Cancer, the incidence of cancer in Italy was 415 thousand in 2020 and it is expected to rise to 495 thousand by 2040. Since the high prevalence of chronic diseases leads to more diagnostic procedures the studied market is expected to grow in Italy over the forecast period. Furthermore, the ‘Italy Country Commercial Guide’ stated that, at the beginning of 2020, the Italian government anticipated improving local healthcare assistance to patients and reducing emergency room dependency, allocated EUR 235 million for the acquisition of basic diagnostics devices. Such devices for general practitioners’ use include ECG, spirometers, halters, dermo scopes, ultrasound devices (EcoFAST), as well as health IT platforms. Hence, the government initiatives and funding in the studied market in Italy boost the market growth.

As per the aforementioned factors, the Italy Diagnostic Imaging Equipment Market is likely to grow over the forecast period. However, the high cost of diagnostic imaging procedures and equipment restrains the market growth.

Key Market TrendsOncology Segment is Expected to Show Better Growth in the Forecast Years

The oncology segment is expected to witness growth over the forecast period owing to the factors such as the high prevalence of cancer cases and technological advancements in the cancer diagnostic field in Italy. Oncology deals with the diagnosis and treatment of tumors and cancers, which is one the leading causes of morbidity and mortality. According to Globocan 2020 report, among both sexes, breast, colorectum, and prostate cancers were among the most common cancers in Italy, with breast cancer alone contributing to more than 13.3% of the total new cases. The diagnostic test majorly adopted for breast cancer is the mammogram, the chance of adoption of a such diagnostic test in Italy is likely to be high. Furthermore, diagnostic imaging plays a vital role in interventional oncology with rising opportunities to diagnose and treat in a minimally invasive manner, which is expected to drive the market growth.

Furthermore, the presence of competitors, mergers, acquisitions, and collaboration in the studied area boosts the market growth. For instance, as per the 2021 report, Affidea, the largest European provider of diagnostic imaging, outpatient, and cancer care services continued to invest in the Italian market and announced the 100% acquisition of Medical Sport Center and Medical Center, two flagship medical centers in Lodi, Lombardy region, a densely populated area of 230.000 inhabitants. This transaction was the 20th in the last two years made by Affidea Group in alignment with a successful growth strategy consolidating its leadership position across 15 countries in Europe. With this acquisition, both the companies were adding new outpatient capabilities and adjacent services, synergetic with the other Affidea centers, which was likely to allow them to offer larger access for patients to best-in-class integrated services at the highest standards of quality and safety.

Hence as per the aforementioned factors, the Oncology segment is likely to face growth over the forecast period.

Competitive Landscape

The market studied is moderately competitive and there is a presence of international companies in Italy. For instance, Carestream Health, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company (GE Healthcare), Hitachi Medical Systems, Hologic, Inc., Koninklijke Philips N.V, Siemens AG, and Toshiba Corporation are some of the major players in diagnostic equipment market which are having a presence Italy.

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