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Digital Radiology Market Expected to Reach $12,156 Million | Global Market Share, Trends, Growth and Analysis with Carestream Health, Fujifilm Holdings Corporation, General Electric Company
Digital Radiology Market
"Digital Radiology Market by Product, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020-2026," 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 to 2022.
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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.
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.
Computed radiology accounted for the largest market share in past year, 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.
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