Digital Radiology Market Expected to Reach $12,156 Million – Research Analysis Based on Company Shares and Global Competition and Industry Forecast 2020 to 2027
Pune, Maharashtra, India, September 8 2020 (Wiredrelease) Allied Analytics –:Global Digital Radiology/Radiography Market is expected to grow at a CAGR of 10.6% from 2020 to 2022, according to the report published by Allied Market Research. The report is a valuable source of insights on changing market trends, major winning strategies, market size & estimations, value chain, and competitive scenario. Drivers, restraints, and opportunities are mentioned in the report to enable market players and investors to determine business strategies and investment feasibility. Moreover, each segment is analyzed based on current market size, forecasts, and analysis in each region. The research also offers country-wise analysis for each region for devising expansion strategies.
Key companies are investing heavily in the digital radiology market to offer better image quality in reduced time that increases the efficiency of the procedures performed. Various end-use industries have initiated the use of digital radiology for improved results.
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Increase in demand for these devices among hospitals and diagnostic centers poses lucrative opportunities for players in the global radiology market
Major Key Companies in Market:-
Major players operating in the market include Agfa-Gevaert Group, Canon Inc., Carestream Health, Fujifilm Holdings Corporation, General Electric Company, Hitachi, Ltd., Konica Minolta, Inc., Koninklijke Philips N.V., Siemens Aktiengesellschaft, and Varian Medical Systems, Inc.
Other prominent players in the value chain include Varian Medical Systems, Esaote, Swissray International, Inc. IMIX ADR, InfiMed Inc., Imaging Dynamics, SteleRAD, VIDAR Systems Corp, Nova Imaging, and Basda Medical Apparatus Co., Ltd
Digital radiology is vital tool gaining steady popularity in medical imaging, worldwide. Incorporation of digital X-ray sensors in digital radiology aids increases the efficiency and speed of workflow. Digital radiology systems assist in the diagnosis of various chronic diseases such as breast cancer, cardiovascular diseases, and respiratory diseases. Digital radiology is incorporated at a large scale in multispecialty clinics, hospitals, and huge diagnostic centers. High-quality imaging provided by thus technology with minimal radiation exposure drives the demand for digital radiology devices.
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.
The stationary digital radiology segment accounted for a major market share in 2015, owing to their widespread application, high adoption of stationary systems in hospitals, and less exposure to radiation. However, in terms of value, portable digital radiology segment is anticipated to register a high growth rate as they facilitate exceptional care for patient, especially in the emergency department, ICU, neonatal intensive care unit (NICU), and operating rooms. This is attributed to the low-cost, lightweight nature, ease of workflow, and high capability of performing complex computational tasks. For instance, FDR Go is the latest mobile digital radiology offered by Fujifilm that offers highly detailed imaging, consistent system availability, ease-of-use, and versatility.
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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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