by
Christina Hwang, Contributing Reporter | May 20, 2016
Asia-Pacific region is
dominating the market
The world diagnostic imaging market is expected to reach $45 billion by 2022, according to a new report published by Allied Market Research. The report, titled
World Medical/Diagnostic Imaging Market – Opportunities and Forecasts, 2015-2022, sees a compound annual growth rate (CAGR) of 5.1 percent from 2015 to 2022.
Some reasons for the growth in the market include technological advancements, the growing incidence of chronic diseases, the increasing elderly population worldwide, a rise in the number of medical imaging procedures, and the benefits associated with having an early diagnosis.
X-ray imaging systems are expected to continue to be the highest revenue-generating portion of the imaging market. North America accounted for about one-third of the market share in 2015, and it's expected to dominate the overall market during this study period.
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The applications for cardiovascular and thoracic disease have also increased due to advancements in technology. Ultrasound systems have become more cost-effective and have enabled point-of-care bedside testing.
Mammography systems are the fastest growing segment, with a CAGR of 8.3 percent in terms of revenue. That increase can be attributed to innovation and digitalization of mammography devices, according to the report.
The Asia-Pacific region made up the majority of the diagnostic imaging market in 2015, and that will continue since this region is improving its health care infrastructure. Areas such as China and India are attempting to meet the medical needs of more patients.
China and Japan are the major stakeholders in the Asia-Pacific area, and account for more than 50 percent in the medical imaging market in the region.
The report mentions some factors that may restrict the market growth, which include a decrease in helium, high cost of imaging technologies, and the lack of reimbursement.
The major companies studied in the report include GE Healthcare, Philips Healthcare, Hitachi Medical Corporation, Hologic Inc., Siemens Healthcare, Samsung Medison, Shimadzu Corporation, Toshiba Medical Systems Corporation, Esaote S.P.A., and Fujifilm Corporation.
