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US demand to grow 5.8% annually through 2019
The Freedonia Group projects that US demand for medical imaging products will rise 5.8 percent yearly to $32 billion in 2019. Gains will reflect advancing technologies, aging demographic trends, epidemiological patterns, and changing patient care strategies. New equipment, consumables, and data systems with enhanced and expanded performance capabilities will build sales among hospitals and outpatient facilities pursuing improvements in the accuracy, quality, and efficiency of diagnostic procedures. Trends promoting value-based patient care approaches will impact favorably on the market for medical imaging products that yield fast and accurate testing results and enable the long-term monitoring of therapeutic outcomes.
CT scanners to be fastest growing imaging equipment
Demand for medical imaging equipment is expected to grow 6.2 percent per year to more than $20 billion in 2019. CT scanners will generate the fastest revenue growth as an increasing number of currently installed systems reach the end of their product life cycles and are replaced with higher value-added new generation models. High-slice CT models will fare particularly well in the marketplace based on the higher resolution of images, broader disease detection capabilities, and faster testing times. These scanners are able to detect the smallest of tumors or plaque deposits rapidly, making them well-suited to the diagnosis of various cancer and heart disease markers. Among other medical imaging equipment, MRI, combination PET/CT, digital radiology systems, and handheld ultrasound devices will account for the fastest unit and revenue growth. High-field scanners will dominate new MRI installations due to their ability to visualize exceptionally fine anatomical detail and to provide images of physiological processes. Combination PET/CT systems will expand applications in nuclear medicine based on dual anatomical and metabolic screening capabilities and advantages in blood flow analysis.
Imaging consumables to post moderate growth
Demand for medical imaging consumables is predicted to rise 3.9 percent annually to $6 billion in 2019. Radiopharmaceuticals and contrast agents will continue to divide revenues and will post moderate growth in demand. Upward trends in the volume of nuclear medicine procedures for the analysis of cancer, cardiovascular, cerebral, and several other conditions will boost the market for radiopharmaceuticals. Sales of contrast agents will benefit from an expanding number of X-ray, CT, and MRI scans on body regions where the targeted organ or tissue requires visual enhancement for detection. Lastly, the penetration of digital radiography systems will decrease demand for x-ray films and reagents.
Growing digital imaging tests to boost PACS revenue
The expanding use of digital medical imaging tests will boost revenue growth for picture archiving and communication systems (PACS) throughout the medical community. Total demand for PACS related products including computer hardware and software, supplies, and services, is expected to reach $5.2 billion in 2019. While fully integrated networks targeted to hospitals and large outpatient facilities will continue to lead sales, mini systems adaptable to use in dental and physicians’ offices will achieve significant market penetration.
Company Profiles
Profiles 27 competitors in the US industry including GE Healthcare, Philips Healthcare, Siemens Medical Solutions & Toshiba Medical Systems
Additional Information
This detailed study examines the US market for medical imaging products, including equipment, consumables, and picture archiving and communications systems (PACS). The range of equipment discussed and analyzed includes general medical X-ray systems; magnetic resonance imaging (MRI) scanners; ultrasound devices and units; computed tomography (CT) scanners; nuclear medicine systems (positron emission tomography, single photon emission computed tomography, and scintillation); dental X-ray and cone beam computed tomography imaging systems; and specialty angiography, mammography, and fluoroscopic radiography systems. Contrast agents, radiopharmaceuticals, and X-ray film and plates comprise the medical imaging consumables covered in the study. The examination of PACS extends to hardware, software, supplies, and services.
The study also assesses medical imaging product demand patterns in hospital and non-hospital facilities; reviews overall trends in the healthcare environment; and analyzes the key regulatory, technological, and competitive factors influencing market size and growth. Profiles of leading industry producers are provided and company market shares are estimated.