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Digital Radiology Market Expected to Reach $12,156 Million, Globally, by 2022

 
 

quote Key companies are investing heavily in the digital radiology market to offer better image quality in reduced time that increases the efficiency of the procedures performed. Various end-use industries have initiated the use of digital radiology for improved results. Increase in demand for these devices among hospitals and diagnostic centers poses lucrative opportunities for players in the global radiology market. quote

Sriram Radhakrishnan
Team Lead, Healthcare at AMR

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The Digital Radiology Market was valued at $5,989 million in 2015, and is projected to reach $12,156 million by 2022, growing at a CAGR of 10.6% from 2016 to 2022. The stationary digital radiology segment held nearly three-fifths share of the global market in 2015.

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Digital radiology is vital tool gaining steady popularity in medical imaging, worldwide. Incorporation of digital X-ray sensors in digital radiology aids increases the efficiency and speed of workflow. Digital radiology systems assist in the diagnosis of various chronic diseases such as breast cancer, cardiovascular diseases, and respiratory diseases. Digital radiology is incorporated at a large scale in multispecialty clinics, hospitals, and huge diagnostic centers. High-quality imaging provided by thus technology with minimal radiation exposure drives the demand for digital radiology devices.

The market is driven by increase in prevalence of chronic diseases, rise in adoption of portable digital radiology systems, and growth in technological advancements pertaining to these systems. For instance, wireless X-ray detectors and advanced software used to transmit imaging data are gaining significant foothold in the digital radiology market. However, threat of excessive exposure to radiations and high costs associated with the installation of stationary digital radiology systems are anticipated to restrain the market growth.

The stationary digital radiology segment accounted for a major market share in 2015, owing to their widespread application, high adoption of stationary systems in hospitals, and less exposure to radiation. However, in terms of value, portable digital radiology segment is anticipated to register a high growth rate as they facilitate exceptional care for patient, especially in the emergency department, ICU, neonatal intensive care unit (NICU), and operating rooms. This is attributed to the low-cost, lightweight nature, ease of workflow, and high capability of performing complex computational tasks. For instance, FDR Go is the latest mobile digital radiology offered by Fujifilm that offers highly detailed imaging, consistent system availability, ease-of-use, and versatility.

Computed radiology accounted for the largest market share in 2015, and is expected to generate $6,964 million by 2022, growing at the CAGR of 9.6% during the forecast period. In addition, direct digital radiology is projected to register the highest CAGR of 12.0%.

The cardiovascular imaging segment is expected to dominate the market by application, owing to rise in incidence of cardiovascular diseases such as coronary heart disease (CHD). However, digital mammography is estimated to grow at a higher rate due to the increase in awareness about breast cancer. Diagnostic centers is expected to maintain its dominant position throughout the analysis period, owing to the high prevalence of diseases and high adoption of technologically advanced digital radiology devices.

Key Findings of the Digital Radiology Market

  • In terms of volume, portable digital radiology segment is projected to grow at the highest growth rate during the analysis period.
  • In 2015, computed radiology segment led the market, accounting for more than three-fifths share.
  • Dental imaging segment is expected to grow at a rapid rate, registering a CAGR of 11.9%.
  • U.S. was the major shareholder in the North American market in 2015, and is expected to grow at a CAGR of 10.2%.
  • In terms of volume, Asia-Pacific held the largest market share in 2015, and is anticipated to maintain its lead position throughout the forecast period.
  • Diagnostic center was the highest revenue-generating end-user segment in 2015, and is expected to continue its dominance in the future.

Asia-Pacific has witnessed highest growth rate for digital radiology systems, in terms of volume, and is expected to continue this trend, owing to rapid growth of the healthcare industry and increase in incidence of chronic diseases, specifically in China and India. Moreover, the shift from analog radiology to digital radiology has boosted the demand for novel digital radiology devices for improved services.

Prominent players operating in the digital radiology market are Agfa-Gevaert Group, Canon Inc., Carestream Health, Fujifilm Holdings Corporation, General Electric Company, Hitachi Medical Corporation, Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Aktiengesellschaft, and Swissray International, Inc.

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quote Digital Radiology Market by Product {Stationary Digital Radiology Systems (Ceiling-Mounted Systems and Floor-to-Ceiling Mounted Systems) and Portable Digital Radiology Systems (Handheld Radiology and Mobile Radiology Systems)}, Technology (Computed Radiology and Direct Radiology), Application and End User (Hospitals, Diagnostic Centers, and Other End Users) - Global Opportunity Analysis and Industry Forecast, 2014-2022 quote

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