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New Study: Digital Radiology Market Value Expected to Grow $12,156 Mn by 2022

12-10-2018 04:28 PM CET | Health & Medicine

Press release from: Allied Market Research

Digital Radiology Market

Digital Radiology Market

"Major companies are investing heavily to provide more image quality and cost savings to the digital radiation market. Various end-use industries have begun to use digital radiation for improved results. As demand for these devices increases in hospitals and diagnostic centers, there is a better opportunity for players in the global radiation market."

Latest Report "Digital Radiology Market Expected to Reach $12,156 Million, Globally, by 2022", Published by Allied Market Research. The 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 radiation is an important tool in the ever-popular medical imaging field around the world. Integrating digital X-ray sensors with digital radiation improves workflow efficiency and speed. Digital radiation systems help diagnose a variety of chronic diseases such as breast cancer, cardiovascular disease and respiratory disease. Digital radiation is massively integrated into multi-specialty hospitals, hospitals and diagnostic centers. High-quality images are provided by digital radiography.

The market is dominated by the proliferation of chronic diseases, the adoption of portable digital radiation systems, the increase in technology development. For example, wireless x-ray detectors and advanced software are used to transmit imaging data, which has gained an important foothold in the digital radiation market. However, the risk of overexposure to radiation and the high costs associated with the installation of fixed digital radiation systems are expected to curb market growth.

The fixed digital radiation field occupies a major market share in 2015 due to its wide application, high adoption rate of fixed systems in hospitals and low exposure to radiation. However, in terms of value, the Portable Digital Radiology sector is expected to register at a high growth rate, especially since it provides excellent management for patients in the emergency room, ICU, neonatal intensive care unit (NICU) and operating room. This is due to their low cost, light weight, ease of workflow and high performance computing. For example, FDR Go is the latest mobile digital radiology technology from Fujifilm that offers very precise 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.

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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.

About us

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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