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Diagnostic Imaging Market to 2016 -Nuclear Imaging Systems and Ultrasound Systems to be the Key Reve.

The global market for diagnostic imaging is forecast to exceed $24.4 billion by 2016 with a compounded annual growth rate (CAGR) of 6% from 2009 to 2016.

The market is expected to be driven by demand from the emerging economies of Brazil, India and China. As these countries focus on healthcare, the construction of and spending on, hospitals in the public and private arena, is set to double over the next seven years. In the developed markets such as the US and Europe, the focus is on new technologies, that will bring greater efficiency and cost savings to budget strapped hospitals and healthcare providers.

The US is on of the biggest markets for diagnostic imaging, contributing 35% towards the global market in 2009. In 2009, the US market was valued at $5.4 billion and is forecast to grow at a CAGR of 5%, to reach $7.7 billion by 2016. Due to an aging population and the introduction of recent healthcare reforms, set to cover 37m previously uninsured people, diagnostic imaging is set to grow steadily over the next few years. Even with factors such as cuts in physician fees for services by Medicare, and declining reimbursement levels, the US is still expected to lead the global market.

A combination of increased government spending on healthcare and rising personal incomes is driving many facilities to install advanced diagnostic imaging systems in the emerging economies. Increased sales of high-end systems, catering to high end hospitals and the expanding middle class of China, India and Brazil, is expected to spur growth in all three markets at a faster rate. Fueled by the increasing sales of advanced equipment, these emerging markets will grow from a combined 2009 value of $2.1 billion to exceed $5.2 billion by 2016. Major players such as Philips, Siemens and GE Healthcare are focusing on India and China to look for double digit growth rates for their diagnostic imaging products. As lower reimbursement rates and healthcare budget cuts affect demand for diagnostic imaging in the US and Europe, the emerging countries are being viewed as key drivers for demand in the diagnostic imaging market.

The global diagnostic imaging systems market is dominated by GE Healthcare (23%), Philips Healthcare (23%) and Siemens Healthcare (22%). These companies offer a wide range of products across various segments of the global diagnostic imaging market and have been well established in the US and Europe since the inception of diagnostic imaging systems. With the rapid growth of diagnostic imaging systems in emerging economies, companies such as GE Healthcare, Philips Healthcare, and Siemens Healthcare are increasingly looking at acquisitions in India, China and Brazil.

GBI Research’s report, “Diagnostic Imaging Market to 2016 - Nuclear Imaging Systems and Ultrasound Systems to be the Key Revenue Generators” provides key data, information and analysis on the global diagnostic imaging market. The report provides a market landscape, competitive landscape and market trends information on six diagnostic imaging market categories: computed tomography systems, mammography equipment, MRI systems, nuclear imaging equipment, ultrasound systems, and x-ray systems. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the latest, advances in diagnostic imaging technology. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.

Source: GBI Research