In recent years, the Medical Imaging Equipment industry has made many improvements to its technology in the attempt to reduce the cost of health services and bolster the quality of care in imaging facilities. New equipment permits radiologists to make faster interpretations and clinical decisions for their patients as a result.
According to the firm Transparency Market Research, the global market for imaging equipment is estimated to reach more than $35 billion by 2019, up from $24 billion in 2012. The group expects to see an average annual growth rate of 5.4 percent between 2013 and 2019. The market includes X-ray devices, CT scanners, ultrasounds and other modalities of Digital Radiography.
Transparency estimated that the CT and nuclear imaging equipment market would demonstrate the largest amount of growth due to the diagnosing capabilities of the technologies. Because each can effectively diagnose large numbers of wide-ranging diseases, both of these markets are expected to grow at a rate of more than 5 percent each, over the next five years.
The estimated success of the global imaging market may be attributed to a rise in the incidence of respiratory and cardiovascular diseases, such as tuberculosis and high blood pressure. According to the World Heath Organization, nearly 8.7 million people around the world suffered from tuberculosis in 2011. It calculated that roughly 23.3 million will die from cardiovascular diseases by 2030. Additionally, as members of the population age, they become increasingly prone to developing various diseases, including osteoporosis and stroke.
North America, Asia-Pacific leading the charge
When Transparency examined the regional contributions to market growth, it was found that North America had the largest revenue share in Diagnostic Imaging equipment in 2012. However, it was predicted that the Asia-Pacific region would experience the highest growth rate from 2013 to 2019 at more than 7 percent each year.
The success of the Asia-Pacific market can be attributed to improvements in the overall structure of health care in the region and a favorable demand and supply gap for Digital Imaging services.
With the efficiency of medical imaging equipment steadily rising each year, the quality of health care around the world should continue to improve. Radiologists will be able to provide more accurate assessments of scans and determine proper care plans for patients, limiting the amount of readmissions and repeated scans that may lead to higher costs for health services.
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