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Digital Radiology Market value to enlarge to $12.15 Billion by 2022 : Portable Digital Radiology Segment to show highest growth rates during forecast period

02-15-2019 06:12 PM CET | Health & Medicine

Press release from: Allied Market Research

Digital Radiology Market

Digital Radiology Market

Digital radiology or digital radiography is a type of x-ray imaging that uses digital x-ray sensors instead of films to capture images. This results in immediate preview of the images that improves time efficiency and capacity to digitally transfer images. In addition, it is a preferred diagnosis modality compared with traditional analog x-ray for wide range of applications owing to less exposure to radiation. Moreover, novel technologies have been adopted well in developed regions, whereas digital radiology devices exhibit strong demand from large user pool from emerging economies, such as India and China.

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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Over the past years, the demand for digital radiology systems has increased significantly, owing to the advent of dental x-ray & digital mammography and wider adoption of portable radiology systems across diagnostic centers. Surge in healthcare expenditure by emerging Asian-Pacific economies, such as India, China, and others, is expected to create new opportunities for market expansion. However, high cost of installation of digital x-ray systems may restrict the market growth.

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.

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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 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.

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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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