The global radiology systems market has an estimated value of $9.7 billion in 2012 and is expected to reach $13.3 billion by 2018, according to a new report from Transparency Market Research.
The report, “Digital Radiology Market – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2012 – 2018,” provides perspective on the market and its growth.
The report's researchers noted that the increasing need for providers to be able to store, archive and retrieve large volumes of images and data is helping to drive market growth.
“… (M)odern diagnostic equipments and scanners are producing very large volume of data, which requires better data management systems. This initiated the gradual shift of radiology departments across the globe from film-based to digital radiology systems. Eventually digital radiology became an integral component of workflow optimization strategy of radiology departments,” the report's researchers wrote.
S.B. Kumar, research manager at Transparency Market Research, says there are several other important factors pushing growth.
“Technical advantages in the form of reduced radiation exposure, increased patient throughputs, flexible image manipulation, image capturing superiority are the most significant market driving forces,” said Kumar.
New usages and growing global markets have also had a positive impact on the market’s upward trend. “Increased application areas such as minimally-invasive procedures, pain management, orthopedics, neurovascular and others have increased the market adoption,” said Kumar. “High expenditure on healthcare infrastructure in developing markets such as China, Brazil and India has created new untapped markets for device manufacturers and distributors,” he added.
In addition, a steady price decrease for the equipment is also playing a role. “Strong market competition is resulting in an annual 4 to 7 percent price erosion. This has increased the market penetration,” said Kumar.