Global Imaging Market to Reach $26.6 B

The global diagnostic imaging market is expected to swell to $26.6 billion by 2016, driven by an aging population and advancements in the field.

The imaging market, which stood at $20.7 billion in 2010, is also expected to be bolstered by an increasing awareness about preventive care and development of products “that result in harmless imaging,” according to research firm MarketsandMarkets, whose report analyzes and studies major market drivers.

The market is expected to grow at a compound annual growth rate of 4.2 percent, according to the report which examined geography, forecasting revenues, and trends in X-ray, CT, MRI, ultrasound and nuclear imaging.

Topping the imaging trends garnering attention is the fusion of nuclear imaging with different modalities, such as PET/CT, SPECT/CT, and MRI/PET, according to the report. Portable diagnostic equipment is also facing demand, according to analysts.

In 2010, X-ray constituted the largest percent of market share with around 34 percent, followed by ultrasound at 21 percent, CT scan with 19.5 percent, MRI with 18.5 percent, and nuclear medicine with 7 percent. America dominates the market with around 36.6 percent market share, followed by Europe with 27.3 percent, and Asia with 27 percent. GE, Philips, and Siemens constituted the majority of the market. Toshiba, Hitachi, and Hologic are gaining presences, according to analysts.