European Imaging Systems Market to Grow to $2.2 Billion in Next 5 Years

Increasing elderly populations and the prevalence of unhealthy lifestyles in Europe will drive demand for diagnostic imaging, growing the market to almost $2.2 billion by 2017, according to the Millennium Research Group (MRG). The market will be somewhat limited by the European debt crisis since capital investment in new equipment will be delayed, the report authors caution. However, they believe slow economic recovery after 2013 and ongoing replacement of aging systems will accelerate demand for MRI and CT systems. In particular, higher-end models in the CT system market have become attractive because of advanced features such as better quality imaging and superior radiation dose-management, the report says. In addition, the market is shifting towards higher-end direct radiography (DR) X-ray systems for efficiency. "The shift to DR X-ray systems is somewhat of a double-edged sword," said MRG analyst Felix Lam, in the press release. "These premium systems are fueling revenues, but their efficiency in patient throughput also means that one DR system can replace multiple analog and computed radiography systems." The European diagnostic imaging system market is comprised primarily of GE Healthcare, Siemens Healthcare and Philips Healthcare, which compete across multiple imaging modalities.