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The digital radiography market has been forecast to increase at a compound annual growth rate (CAGR) of 3.5% over the next three years, to reach a market value of US$742.8 million by 2015.
High quality images, which can be electronically stored, archived, retrieved, and transmitted, calls for a new technology, and digital radiography is the magic talisman for an all-digital radiology environment.
Key factors fuelling growth within the digital radiography market include the increasing implementation of picture archiving and communication systems, the rising awareness of the importance of quality healthcare, governmental support, a greater emphasis on developing healthcare infrastructure and the ability of the patient population to increasingly afford quality health services.
The prolonged world economic recession has taken its toll on the digital radiography market. Witnessing declines in procedural volumes, high-end technology intensive imaging, such as, MRI and CT have been battered. Expensive imaging equipments, although still offering a sturdy value proposition from a technology standpoint, have lost their popularity due to a host of macro economic reasons, such as, decline in reimbursements of medical imaging, cutbacks in healthcare expenditure, budgetary constrains and postponement of equipment replacement decisions.
The United States represents the largest region within the digital radiography market, distantly followed by Japan. Sale of digital radiography units in the US is projected to reach 1,126 units by the end of 2012. While budgetary crackdowns and unfavourable healthcare regulations sharpen the blow on developed markets like North America and Europe, developing markets in Asia-Pacific in contrast exhibits greater resilience to the economic turmoil. China especially emerges tall over the horizon with strong growth forecasted in the field of radiography.
The digital radiography market will continue to benefit from the aging world population, which requires twice as much radiographic examination when compared to the yesteryears. Technology innovations that help improve workflow, ergonomics and user-interface will also play its role in supporting the market's growth.
Key players currently dominating the digital radiography market include Philips Healthcare, GE Healthcare Ltd., Siemens Healthcare, and Shimadzu Corp.
For more information on the digital radiography market, see the latest research: Digital Radiography Market
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