Feature | August 30, 2012

Digital Radiology Global Market to Reach $13.3 Billion by 2018

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.

Browse the full report or visit www.transparencymarketresearch.com

Related Content

Philips Receives FDA Clearance for ProxiDiagnost N90 DRF System
Technology | Radiographic Fluoroscopy (RF) | March 15, 2018
March 15, 2018 – Philips announced it has received 510(k) clearance from the U.S.
Imaging agent helps predict success of lung cancer therapy
News | Oncology Diagnostics | March 08, 2018
March 8, 2018 – Doctors contemplating the best therapy for...
Designed to optimize workflow, IntelliSpace Portal supports consistency across applications.
Sponsored Content | Case Study | Imaging | March 06, 2018
As one of the largest Catholic, not-for-profit healthcare systems in the United States, St. Louis-based SSM Health has...
Imaging Plays Key Role in Evaluating Injuries at Olympics
News | Orthopedic Imaging | February 28, 2018
The Olympic Games give elite athletes a chance at athletic triumph, but also carry a risk of injury. When injuries...
ContextVision Demonstrates VolarView and the Orthopedic Package at ECR 2018
Technology | Advanced Visualization | February 27, 2018
At this year’s European Congress of Radiology (ECR), Feb. 28-March 4 in Vienna, Austria, ContextVision will showcase...
Carestream Supplies Wireless Digital X-ray Detectors for 2018 NFL Combine
News | Digital Radiography (DR) | February 27, 2018
In addition to demonstrating their speed, agility and strength at the 2018 National Football League (NFL) Scouting...
Qioptiq Introduces SlimLine for X-ray Diagnostics Featuring Spine Mode
Technology | Orthopedic Imaging | February 23, 2018
Qioptiq, an Excelitas Technologies Company, recently introduced SlimLine for X-ray Diagnostics featuring Spine Mode....
Hologic and Dexalytics to Provide Athletic Body Composition Analysis at University of Minnesota
News | Bone Densitometry Systems | February 22, 2018
Hologic Inc. announced it has signed an agreement with the University of Minnesota to be the exclusive provider of...
Sponsored Content | Videos | Pediatric Imaging | February 22, 2018
FUJIFILM Medical Systems U.S.A., Inc. and FUJIFILM SonoSite Inc., are offering a full-suite pediatric solutions...
ECR 2018 Spotlights Artificial Intelligence and Current Radiology Trends
News | Interventional Radiology | February 21, 2018
The European Congress of Radiology (ECR) announced the theme of its 2018 annual meeting, Feb. 28-March 4 in Vienna...
Overlay Init