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Diagnostic imaging market to increase to $26.6 billion by 2016

Industry Sector

Healthcare and Medical

Published

18 January 2013

Author

Alex De Angelis

Type of News

Market

The global diagnostic imaging market is expected to increase to $26.6 billion by 2016, driven by an aging population and advancements in the field.

The imaging market, which stood at $20.7 billion in 2010, is also expected to be bolstered by an increasing awareness about preventive care and development of products "that result in harmless imaging."

Imaging for diagnostic purposes involves the services of radiologists, radiogaphers, medical physicists and biomedical engineers working together as a team for maximum output. This ensures the production of high quality of radiological service with consequent improvement of health care service delivery.

Diagnostic imaging comprises different imaging modalities and processes to image human body for diagnostic and treatment purposes and therefore has an important role in the improvement of public health in all population groups.

Furthermore, medical imaging is justified also to follow the course of a disease already diagnosed and/or treated. Area of medical imaging is very complex and, depending on a context, requires supplementary activities of medical doctors, medical physicists, biomedical engineers as well as technicians.

Medical imaging, especially X-ray based examinations and ultrasonography, is crucial in every medical setting and at all levels of heath care. In public health and preventive medicine as well as in curative medicine, effective decisions depend on correct diagnosis.

Though medical/clinical judgment maybe sufficient in treatment of many conditions, the use of diagnostic imaging services is paramount in confirming, correctly assessing and documenting course of the disease as well as in assessing response to treatment.

Up until 2010, 5 billion medical imaging studies had been conducted worldwide. Radiation exposure from medical imaging in 2006 made up about 50% of total ionizing radiation exposure in the United States. GE, Philips, and Siemens constituted the majority of the market., while Toshiba, Hitachi, and Hologic are gaining market presence.

Throughout Europe, diagnostic imaging is used on a regular basis. Turkey's diagnostic imaging market has a number of key categories with the largest market sector being MRI systems. In 2011, the MRI systems market sector was valued at US$59.2 million representing a CAGR growth of 4.6% during the period 2004 to 2011. The second largest diagnostic imaging market in Turkey was computed tomography systems being valued at US$54.6 million in 2011.

In Finland, the diagnostic imaging market's largest sector was x-ray systems. In 2011, Finland's x-ray systems market was valued at US$18.2 million. During the period 2004 to 2011, the sector's revenues increased at a CAGR of 5.5%. The second largest category of Finland's diagnostic imaging market is ultrasound systems. In 2011, the Finland ultrasound system market was valued at US$17 million.

Norway's imaging equipment market's fastest expanding sector is the nuclear imaging equipment market in Norway. Between the period 2004 to 2011, Norway's nuclear imaging equipment market reported revenue increases of 30.4% CAGR. This sector is forecast to increase by 5.1% CAGR during the period 2011 to 2018.

For more information on the diagnositc imaging market, see the latest research:

Turkey Diagnostic Imaging Investment Opportunities, Analysis and Forecasts to 2018

Egypt Diagnostic Imaging Investment Opportunities, Analysis and Forecasts to 2018

United Arab Emirates Diagnostic Imaging Investment Opportunities, Analysis and Forecasts to 2018

Chile Diagnostic Imaging Investment Opportunities, Analysis and Forecasts to 2018

Finland Diagnostic Imaging Investment Opportunities, Analysis and Forecasts to 2018

Norway Diagnostic Imaging Investment Opportunities, Analysis and Forecasts to 2018

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