Digital Radiology Market Volume is expected to surpass by 2023
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.
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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.
Surge in prevalence of chronic diseases, increase in demand for portable digital radiology systems, and technological advancements drive the market growth. However, high costs related installing stationary digital radiology systems and possibility of excessive exposure to radiations would restrain the market growth.
The stationary digital radiology segment contributed a major share in 2015, owing to the increase in applications, surge in adoption in hospitals, and small amount of exposure to radiation. However, based on value, the portable digital radiology segment would grow at the highest growth rate, owing to its ability to offer exceptional care for patients, especially in ICU, emergency department, neonatal intensive care unit (NICU), and operating rooms.
Computed radiology contributed to the largest market share in 2015, and is expected register a CAGR of 9.6% throughout the forecast period. Moreover, the direct digital radiology segment is expected to grow at the highest CAGR of 12.0% during the forecast period. Based on application, the cardiovascular imaging segment would dominate the market, owing to increase in incidence of cardiovascular diseases including coronary heart disease (CHD). However, the digital mammography segment is expected to register the highest growth rate, owing to rise in awareness related to breast cancer. The diagnostic center segment would maintain its dominance during the forecast period, owing to rise in prevalence of diseases and increased adoption of technologically advanced devices.
Key Findings of the report:
• Based on volume, the portable digital radiology segment is expected to register the highest growth rate during the forecast period.
• In 2015, the computed radiology segment accounted for the major market share, accounting for more than three-fifths of the total share.
• The dental imaging segment is estimated to register the highest growth rate, growing at a CAGR of 11.9% through 2022.
• The U.S. accounted the major market share in the North American market in 2015, and would grow at the highest CAGR of 10.2% during the forecast period.
In terms of volume, Asia-Pacific contributed the highest market share in 2015, and is expected to maintain its lead during the forecast period. This is due to growth in the healthcare sector and surge in incidence of chronic diseases, in India and China. In addition, the shift from analog radiology to digital radiology has resulted in the rise in demand for novel digital radiology devices.
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