Lewes, DE -- (ReleaseWire) -- 07/14/2014 -- Publisher estimates that the global diagnostic X-ray imaging market, worth $2.4 billion in 2012, will reach almost $4.0 billion by 2020, increasing at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. Many players are active in this market, and the key drivers for increased revenue in the global diagnostic X-ray imaging market are:
- Rising prevalence of diseases diagnosed with X-ray systems and an increasing aging population
- Increased demand for cost-effective and quality healthcare
- Implementation of picture archiving and communication systems/radiology information systems (PACS/RIS) worldwide
- Increased patient awareness regarding excessive radiation exposure associated with computed tomography (CT) imaging
- Implementation of digital tomosynthesis (DT) to reduce costs and exposure to ionizing radiation compared with advanced imaging technologies
- Monitoring applications of diagnostic X-ray imaging
- Digital mobile radiography systems
- Steady reimbursement and other government funding
The key barriers in the global diagnostic X-ray imaging market are:
- Growing gap between the supply of and demand for radiologists
- Advanced imaging modalities, which inhibit the growth of X-ray imaging
- Lack of enthusiasm surrounding X-ray imaging and shrinking radiology training
- Decreased monetary incentive to use X-ray imaging over other more expensive modalities
- Increasing prevalence of lifestyle-related diseases
- Reduced hospital budgets
- Trend in hospital consolidation
- Impact of the medical device excise tax
The X-ray imaging market is a moderately growing market with a CAGR of 6.9% globally. It is a mature sector of the diagnostic imaging market, and its growth is primarily attributable to the emerging economies.
China Diagnostic X-ray Imaging Market to Double by 2020
China will continue to provide immense opportunities for increasing sales within the global diagnostic X-ray imaging market, as the market revenue rises from $527.9m in 2012 at a CAGR of 9.6% to hit the billion-dollar mark in 2020. According to Publisher’s estimates, the Chinese market accounted for 22.2% of the global revenue in diagnostic X-ray imaging in 2012; this share is estimated to increase to 27.6% by 2020, seeing maximum growth. In addition, Publisher expects that the growth in sales in China will be attributable to the transition from analog X-ray systems to digital X-ray systems in the country, as well as to increased sales of systems, as China implements its healthcare reform and strives to improve healthcare access across the country, from urban to rural regions.
With increasing household incomes and a demand for better-quality healthcare, China will also see a rise in the use of X-ray imaging procedures, as X-ray imaging is deemed a basic tool of radiology, while being a cost-effective and easy-to-use technique. This is supplemented by the fact that China has the largest patient population in the world, and diagnostic imaging procedures, such as X-ray imaging, form a cornerstone of healthcare practice.
The global economic downturn has been an ongoing concern within the diagnostic imaging market; even though the X-ray imaging market is susceptible to economic downturns, this downturn has affected this market only partially, as these systems are less capital-intensive than other diagnostic imaging modalities. However, since the X-ray imaging market is a mature one, its growth in developed markets such as the US and the European Union (EU) is limited due to saturation in the presence of these systems, which, in turn, limits the amount of growth that can be experienced in these regions.
The market growth for X-ray imaging in the US and EU is heavily dependent on the replacement of existing systems because, as is the case in most of the developed countries, the capacity for new installations is limited. As the US and EU economies recover, it can be expected that the equipment will be replaced. However, at this point in time, the key opinion leaders (KOLs) who Publisher interviewed for this report indicated that not all equipment is replaced at the end of the average product lifecycle, which negatively affects new product sales in the US and EU markets.
The rising prevalence of disease, an aging population, and an escalating global population will act as major drivers of the increased use of diagnostic X-ray imaging. In addition, cost-containment measures implemented by healthcare authorities will favor diagnostic X-ray imaging over the other, more expensive techniques, such as magnetic resonance imaging (MRI) and CT, when appropriate clinical questions arise more frequently.
Know more about this report at : http://www.marketresearchreports.com/globaldata/medipoint-diagnostic-x-ray-imaging-global-analysis-and-market-forecasts
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