PORTLAND, Oregon and PUNE, India, April 24, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Digital Radiology Market by Product, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global 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.
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.
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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.
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.
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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.
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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research