Digital Radiology Market Receives Boost from Increased Healthcare Expenditure in Developing Economies

The medical device industry is seemingly unscathed by the global economic meltdown and the rising growth in the global digital radiology market is just one piece of evidence. The demand for digital radiology devices such as digital detectors, portable radiography systems, and mobile C-arms has grown over the years and this market is poised to achieve healthy growth in the future.

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Paradigm Shift from Film-based Radiology to Digital Radiology

The overall radiology market has undergone a significant change in terms of the use of devices, with physicians, doctors, and clinicians switching from film-based radiology to digital radiology. The latter provides numerous benefits such as speedier and secure data transmission, superior quality of images, convenience, reduced radiation exposure, effective collection and organization of patient information, and accurate diagnosis and assessment.

The digital radiology market, like its parent industry, is driven as well as characterized by innovation and technology. Modernization of healthcare facilities and the adoption on technologically-advanced medical devices is likely to propel the global digital radiology market from a value of US$9.7 billion in 2012 to US$13.3 billion by 2018, according to a report published by Transparency Market Research. This report indicates that given the superiority of image capturing, the market for digital radiology will grow at a CAGR of 5.4% from 2012 to 2018, reaching a total unit count of 158.2 thousand by the end of the report’s forecast period.

Smaller Clinics, Healthcare Units Unable to take Advantage of Modern Devices

As is evident from market figures provided in the TMR report, the demand for digital radiology has grown significantly in recent times. This market is driven by expanding applications, innovation of more efficient and compact devices, rise in research and development activities, growing investments in the field, strong competition, affordability of digital radiology, and rise in market penetration. 

In contrast, digital radiology is greatly dependent on digital radiographic viewing programs and suitable hardware, which has restricted the growth of the market. Consistent patient concern regarding exposure to radiation has caused healthcare providers to shift to safer alternatives. Smaller clinics, outpatient diagnostic centers, and healthcare units are unable to benefit from digital radiology owing to its high cost of initial setup and further maintenance. This has further restricted the growth of the digital radiology market. 

The global digital radiology market is divided into four regions on the basis of geography: Europe, the Middle East, and Africa; Asia Pacific; North America; and Rest of the World. Holding a massive share of 41.9% in the total digital radiology market, North America emerged as the leader of the global market, followed by Western Europe. However, market analysis shows that developing economies in Asia Pacific and Eastern Europe are likely to witness a spurt in growth when it comes to the digital radiology market. 

The growing trend of digital radiology is reflected in the rise in the number of players operating in the global market. Some of the notable participants in the worldwide market for digital radiology are GE Healthcare, Konica Minolta, Inc., Siemens Healthcare, Canon Medical, Fujifilm Holdings Corporation, and Philips Healthcare. 

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