Report: Nuke med, ultrasound to push global imaging market to $24.4B

The global market for diagnostic imaging is forecast to exceed $24.4 billion by 2016 with a compounded annual growth rate of six percent from 2009 to 2016, according to GBI Research’s report. Nuclear imaging systems and ultrasound systems are the key revenue generators, and the market is expected to be driven by demand from the emerging economies of Brazil, India and China, according to the report.

The report provides market trends information on six diagnostic imaging market categories: CT systems, mammography equipment, MRI systems, nuclear imaging equipment, ultrasound systems and x-ray systems.

As lower reimbursement rates and healthcare budget cuts affect demand for diagnostic imaging in the U.S. and Europe, emerging countries are being viewed as key drivers for demand in the diagnostic imaging market, according to the report.

A combination of increased government spending on healthcare and rising personal income is driving many facilities in emerging economies to install advanced diagnostic imaging systems. Increased sales of high-end systems, catering to high-end hospitals and the expanding middle class in China, India and Brazil, is expected to spur growth in all three markets. Fueled by the increasing sales of advanced equipment, these emerging markets will grow from $2.1 billion to exceed $5.2 billion by 2016, the report predicted.

The global diagnostic imaging systems market is dominated by GE Healthcare (23 percent), Philips Healthcare (23 percent) and Siemens Healthcare (22 percent), according to the report. With the rapid growth of diagnostic imaging systems in emerging economies, companies such as GE Healthcare, Philips Healthcare and Siemens Healthcare are increasingly looking at acquisitions in India, China and Brazil and are focusing on India and China to fuel double digit growth rates for their diagnostic imaging products.