According to the report published by Allied Market Research, the global digital radiology market is expected to reach $12.15 billion by 2022, registering a CAGR of 10.6% from 2016 to 2022. The report offers a detailed analysis of changing market dynamics, top investment pockets, market share, and competitive intelligence. The report states that the stationary digital radiology segment accounted for nearly three-fifths of the total market share in 2015.
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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Leading market players active in the global digital radiology market include Agfa-Gevaert Group, Carestream Health, Canon Inc., General Electric Company, Fujifilm Holdings Corporation, Konica Minolta, Inc., Hitachi Medical Corporation, Siemens Aktiengesellschaft, Koninklijke Philips N.V., and Swissray International, Inc.
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