With the global economy on a rising trend, the global medical equipment market is witnessing significant growth with new investments and acquisitions taking place. The medical device industry is one of the most vibrant industries of any economy. Despite the recent global meltdown, the medical device industry continues to grow and receive wide attention from industry players.
Modernization of healthcare facilities and technology advancement is expected to drive the global medical equipment market. Emerging markets are witnessing growth in healthcare industry due to increase in healthcare spending and rising concern towards healthcare. Rising ageing population, which requires long term medication and latest technological innovation, is expected to drive the healthcare medical devices market in the developed nations. Cutting healthcare expenditure and thus reducing the reimbursement is considered to be the most important factor affecting the growth of the medical devices market.
The North American region still accounts for majority of the market followed by Western Europe; however Asian economies and East European nations have spurred the growth of medical device industry in the last few years.
With continuous developments and innovation, imaging modalities have wider applications and procedures such as MRI spectroscopy, which helps in differentiating malignant from benign lesions and MRI angiography, which helps in producing three-dimensional images of body parts and assesses the status of blood vessels.
During the last decade the major thrust was on developing a product which can produce harmless imaging and also reduce hazards. Equipment manufacturers are putting in continuous efforts to develop cost effective and less risky equipment. This has led to a wider acceptance of medical equipment among the players.
Many developed nations, especially the ones in Europe, are facing tough times with respect to public debt, thereby resulting in worsening fiscal deficit. In order to bring the fiscal deficit under control many Governments are now focusing on cutting the healthcare expenditure by various means such as reduction in reimbursement of medical bills.
The medical industry is one of the few sectors that has remained unscathed by the global economic meltdown and the digital radiology market is an important segment of the overall healthcare industry. Technological advancements and modernized facilities are the main factors that drive the global digital radiology market. The report identifies similar factors that fuel the global digital radiology market and those that will pose a threat.
The digital radiology market research report is an attempt to help clients gain a better understanding of the market and form strategic business decisions based on that. It analyses the various nuances of the overall digital radiology market and provides in-depth information regarding the same. The report tracks the changing trends that govern the digital radiology industry, and the past and recent developments that have occurred in the market.
In addition to this, the report segments and cross-examines the global digital radiology market on the basis of device and geography. The main devices evaluated in the digital radiology report are portable radiography system, digital detectors devices, and mobile C-arm. The key regions that fall under the global digital radiology market are North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Overview of the global digital radiology market
The global radiology industry has witnessed a paradigm shift from film-based radiology to digital radiology owing to the various benefits in terms of convenience, collection and organization of patient information, and secure and speedier transmission of data. Digital radiology also offers significant advantages such as reduced radiation exposure, superior quality of images, and accurate diagnosis and evaluation. The market for digital radiology has grown significantly in recent years due to factors such as rise in research and development activities in the field, innovation of more powerful and compact devices, increased market penetration, affordability of digital radiology, widening application areas, and strong competition.
On the flip side, the initial set-up cost as well as cost outlay of digital radiology is extremely high, depriving small clinics, healthcare units, and outpatient diagnostic centers of its services. Moreover, concerns about patient exposure to radiation have led many healthcare providers to switch from digital radiology devices to safer devices. The dependability of digital radiology devices on suitable hardwires and digital radiographic viewing programs has negatively affected the overall market for digital radiology.
Based on figures provided in the report, the worldwide market for digital radiology was valued at US$9.7 billion in 2012 and, growing at a CAGR of 5.4%, is estimated to be valued at US$13.3 billion by the end of 2018. Accounting for 41.9% of the market share, North America dominates the global digital radiology market in terms of revenue, with Europe following suit.
Companies mentioned in the research report
The research report identifies and profiles some of the leading players of the digital radiology market. These industry leaders include GE Healthcare, Fujifilm Holdings Corporation, Konica Minolta, Inc., Philips Healthcare, Siemens Healthcare, and Canon Medical. The research report evaluates each company’s contribution to the global digital radiology market and how it operates amongst competitors and various stakeholders. Accurate information regarding individual market size, product portfolio, recent developments, and financial holdings has been provided in the digital radiology market report.
Major geographies analyzed under this research report are:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments