Global Diagnostic Imaging Market to Reach $26.6 Billion by 2016

Fueled by the increasing size of the aged population and widening applications stemming from continuous developments, the global diagnostic imaging market is expected to grow from $20.7 billion in 2010 to $26.6 billion by 2016, indicates a research report issued by research firm MarketsandMarkets. Other factors providing an additional boost in this area encompass heightened awareness among consumers about the value of preventive care, in which diagnostic imaging plays a role, as well as the development of products that result in harmless imaging. Collectively, these catalysts will contribute to an estimated CAGR of 4.2% from 2011 to 2016, the report notes. Among emerging trends covered in the research, the report’s authors point to the fusion of nuclear imaging with different modalities of diagnostic imaging products. Portable diagnostic equipment is also gaining ground, with physician demand becoming increasingly intense. In terms of market share, X-ray held 34% of the total in 2010, followed by ultrasound (21%), CT (19.5%), MRI (18.5%), and nuclear medicine (7%). With respect to geographies, the market is dominated by the U.S., which retained a total diagnostic imaging market share of around 36.3% in 2010, followed by Europe (27.3%), Asia (27%), and the rest of the world (9.4%). GE, Philips, and Siemens (Germany) together constitute the majority of the market, with Philips’ market share equivalent to that of GE due to increased focus on the emerging market. However, the report indicates, other players are rapidly gaining presence in the sector, among them Toshiba, Hitachi, and Hologic. For a summary of the report and downloading options, click here: http://www.marketsandmarkets.com/Market-Reports/diagnostic-imaging-market-411.html