U.S. Demand for Medical Imaging Products to Reach $21.4 Billion in 2010
U.S. demand for medical imaging products is projected to increase 6.0 percent annually to $21.4 billion in 2010. Technological advances, along with aging demographic patterns and changing health care approaches, will promote growth. New scanners and consumables with expanded testing capabilities will be adopted widely by hospitals and outpatient facilities as they seek to improve overall health care quality and efficiency. These and other trends are presented in “Medical Imaging (Equipment, Agents & Consumables),” a new study from The Freedonia Group, Inc., a Cleveland-based industry research firm.
Medical imaging equipment will post demand of over $16 billion in 2010, up 6.8 percent annually from 2005. CT scanners will lead growth as hospitals and outpatient facilities replace earlier generation machines with new high value-added multi-slice models. Due to shorter testing times and enhanced image resolution, high field machines will account for the largest share of new MRI installations through 2010 and beyond. PET installations will grow at a strong pace based on the availability of new hybrid PET/CT models with dual anatomical and metabolic scanning capabilities.
The continuing replacement of conventional analog machines with new computed and digital radiography models will provide modest growth for X-ray and radiographic fluoroscopy systems in spite of maturing markets. Nuclear medicine and ultrasound equipment will fare better than X-ray and fluoroscopy systems in the health care sector. New four-dimensional (4D) imaging systems for existing markets and new laptop and hand-held devices for point of care testing (POC) will boost overall growth prospects for diagnostic ultrasound equipment.
Demand for medical imaging consumables is projected to expand 3.6 percent annually to $5.3 billion in 2010. Radiopharmaceuticals will provide the best growth opportunities based on rising numbers of nuclear medicine and PET procedures as well as increasing professional preferences for high value-added biotechnology-derived substances that enhance image resolution and detail. The market for contrast agents will expand moderately with upward trends in the number of X-ray, CT and MRI scans on body regions where the targeted organ or tissue needs visual enhancement due to its masking by nearby in vivo matter. In this product group, nanosized compounds hold the best growth prospects as they are expected to greatly improve MRI-generated images.
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SOURCE: Freedonia Group, Inc.