News | September 30, 2009

Diagnostic Imaging Market to Grow 7 Percent by 2015

September 30, 2009 - The global diagnostic imaging market is forecast to reach $24.6 billion in 2015. According to a report by research group Global Markets Direct, the global market for diagnostic imaging was valued at $15.8 billion in 2008 and is forecast to reach $24.6 billion in 2015 with a CAGR of 7 percent. The market is expected to be driven by increase in the number of independent diagnostic centers, governments push towards electronic storage of patient records and technological advances.

New hospital constructions in the United States, China and India are expected to drive the diagnostic imaging market in the future. China and India with their huge patient pool are expected to drive new hospitals construction in the next decade. In the United States, more than 3,000 projects (including hospitals, outpatient clinics) are currently under development.

Increasing numbers of diagnostic centers independent of the hospitals are leading to a growth in the market, the report indicates. Low cost set up compared to full-fledged hospital construction and an increasing patient demand has led to growth in the independent diagnostic centers.

According to the study, the ultrasound systems and nuclear imaging equipment categories are expected to increase their share in the diagnostic imaging market.

The ultrasound systems category’s contribution towards the diagnostic imaging market is expected to increase from 19 percent in 2008 to 23 percent in 2015. High institutional affordability, miniaturization of the systems and negligible patient risk are expected to drive ultrasound systems sales at a CAGR of 9 percent over the next seven years.

Nuclear imaging equipment category’s contribution towards diagnostic imaging market is expected to increase from 13 percent in 2008 to 15 percent in 2015. The nuclear imaging equipment market is forecast to reach $3.6 billion in 2015. Increasing institutional purchase from Europe and financial assistance from the manufacturers are expected to drive the market for the next seven years. This sector will experience growth due to the expansion of coverage for Fluorodeoxyglucose (FDG) PET for diagnosis and treatment of almost all types of cancer by the U.S. Centers for Medicare & Medicaid Services.

As for the mammography equipment market, the report finds it is relatively unexplored and dominated by a select few companies. The global mammography equipment is dominated by Hologic with a market share of 42 percent in 2008. GE Healthcare and Siemens Medical Solutions also have a considerable share in the market. Growth rate in the market being over 6 percent and the competition being limited to a handful of players, the market provides excellent opportunities for new entrants and existing players.

“The Future of the Diagnostic Imaging Market to 2015” report provides key data, information and analysis on the global diagnostic imaging market. The report provides market landscape, competitive landscape and market trends information on six market categories including computed tomography systems, mammography equipment, MRI systems, nuclear imaging equipment, ultrasound systems and X-ray systems. This report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape in terms of mergers and acquisitions, pipeline products and technology offerings.

The scope of the report is as follows:
- The report covers data and analysis on the diagnostic imaging market in the leading geographies of the world – the US, Canada, UK, Germany, France, Italy, Spain, Japan, China, India, Australia, and Brazil.
- The report covers global market size and company share data for six market categories including computed tomography systems, mammography equipment, MRI systems, nuclear imaging equipment, ultrasound systems and x-ray systems.
- Annualized market revenues data from 2001 to 2008, forecast forward for 7 years to 2015. Updated company shares data for 2008.

For more information: www.companiesandmarkets.com/Summary-Market-Report/

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