August 30, 2012 — According to a new market report published by Transparency Market Research entitled, "Digital Radiology Market - Global Industry Size, Market Share, Trends, Analysis and Forecast, 2012 - 2018," the global radiology systems market is estimated at $9.7 billion in 2012 and expected to reach $13.3 billion by 2018, at a compound annual growth rate of 5.4 percent from 2012 to 2018.
Globally, the North America region is expected to maintain its lead position in terms of revenue until 2018. North America holds about 41.9 percent of the global digital radiology market revenue share in 2012, followed by Europe. However, emerging economies, including China, India, Brazil and Mexico, are expected to witness high growth rates in the next six years. In terms of volume, the global digital radiology market is expected to reach 158,200 units by 2018.
Movement Away From Film
Radiology departments across the globe face issues of storing, archiving and retrieving a large volume of images and data with traditional films. Moreover, with increasing adoption of telemedicine and medical telemetry, faster and secure transmission of such data is crucial. In addition, modern 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 several benefits that are compelling the improved adoption of digital radiology worldwide are: superior and accurate image capture, reduced radiation exposure for patients and workers, flexibility in image management, improved patient throughputs and superior evaluation of data and images. Increasing research and development activities in the field have given rise to newer, more compact and powerful equipment, which has provided additional growth to the industry.
Strong market competition is resulting in annual 4-7 percent price erosion. This has made the devices more affordable and enhanced the market penetration. Increased application areas, such as minimally invasive procedures, pain management, orthopedics, neurovascular and others, have increased the market adoption.
Initial installation cost and cost outlay is very high for digital radiography setups. The average cost of devices is above $50,000, which is limiting its adoption by small clinics and outpatient diagnostic centers. Serious concerns have been raised by healthcare professionals due to the radiation exposure caused to patients during radiological examination. In the future, the market is expected to be inclined towards a safer device which can produce enhanced image quality with minimum use of radiation.
The digital radiology devices market is extremely competitive, with a close gap between Siemens Healthcare, GE Healthcare, Philips Healthcare, Canon Medical, Konica Minolta and Fujifilm. Siemens Healthcare is the market leader, with about 12.9 percent revenue share in 2012. Strong sales networks, large research and development expenditures, and competitive pricing have helped global players gain an edge over regional players. But high expenditures on healthcare infrastructure in developing countries like China, Brazil and India are creating new untapped markets for device manufacturers and distributors.
This report is an effort to identify factors, which will be the driving force behind the digital radiology market and sub-markets in the next few years. It provides extensive analysis of the digital radiology industry, current market trends, industry drivers and challenges for better understanding of the digital radiology market status. The study presents an assessment of digital radiology, digital detectors, portable radiography systems and mobile C-arms.