The market for diagnostic imaging modalities is expected to grow from $20.7 billion in 2010 to $26.6 billion by 2016, according to a new report published this month by market research company MarketsandMarkets.
The company points to an aging global population and widening applications of diagnostic imaging as factors stimulating the imaging modality market. It estimated that there will be a compound annual growth rate of 4.2% from 2011 to 2016.
At 34%, x-ray equipment had the largest percentage of market share in 2010, according to the company. This was followed by ultrasound equipment at 21%, CT scanners at 19.5%, MRI scanners at 18.5%, and nuclear medicine systems at 7%.
The fusion of nuclear imaging with different modalities, such as PET/CT, SPECT/CT, and MRI/PET, is an emerging technology trend interesting purchasers, the company said. Portable diagnostic equipment is also experiencing immense demand from physicians.
In 2010, North America dominated the global market at 36.3% market share, followed by Europe and Asia at 27.3% and 27%, respectively, MarketsandMarkets said. GE Healthcare, Philips Healthcare, and Siemens Healthcare constitute the majority of the market. Philips's market share equaled that of GE's due to increased focus toward the emerging market. Toshiba America Medical Systems, Hitachi Medical Systems, and Hologic are cited as rapidly gaining presence in the global market.
Countries profiled in the report include the U.S., Canada, France, Italy, Germany, Spain, the U.K., China, Egypt, India, Israel, Japan, Morocco, and South Africa.
