The global digital radiology systems market is expected to grow to $13.3 billion in 2018.
That represents a compound annual growth rate of 5.4 percent between 2012 and 2018. In 2012, the market is estimated to be $9.7 million, according to Transparency Market Research.
North America accounts for the lion’s share of the global digital radiology market share in terms of revenue at 41.9 percent, followed by Europe.
Large volumes of data being created by digital diagnostic equipment, scanners and the like as well as by the adoption of telemedicine and telemetry tools has fueled the demand for faster and better data management systems including digital radiology devices.
The adoption is also becoming more widespread as digital radiology systems have grown compact and become even more powerful. But there are other benefits of digital radiology devices such as more accurate and higher-quality image capture, and lowered radiation exposure for both providers and patients.
As adoption of digital radiology equipment and systems increase, competition has also heated up. That has led to price erosion of 4 percent to 7 percent annually, according to the report. Still, the technology may be off-limits for smaller clinics with the average cost of a device being more than $50,000.
Siemens Healthcare is the top dog and commands 12.9 percent revenue share in 2012, but there is close competition among Siemens and GE Healthcare, Philips Healthcare, Canon Medical, Konica Minolta and Fujifilm.
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