Global Diagnostic X-ray Imaging Market will expand at 6.7% CAGR by 2020

A recent analysis on the growing Global Diagnostic X-ray Imaging Market ($2.4 billion worth in 2012), predicted that by 2020 it can gross at least $4.0 billion, at CAGR of 4.7% to 6.7% in this forecast period. The use of the technology is prevalent because of increase in revenue, market size, diseases, Government plans, enhanced insurance coverage, aging population, quality healthcare, radiology information systems, patient awareness, and utilization of digital tomosynthesis, computed tomography, respectively and a lot more, as propagated by market research reports.

Barriers can be seen in form of unbalanced demand and supply curve for radiologists, low training, and advanced modalities in imaging, lessened incentives and hospital budget. The growth will be greater in Asia-Pacific regions like China, which will double by the end of 2020, data as obtained from Medical Device Market Research. The revenue of diagnostic X-ray imaging in China in 2012 was $527.9 million and by 2020, it will lead at 9.6% CAGR along with steady 27.6% contribution in the relevant global arena in the same period.

The Key Leaders in Diagnostic X-ray Imaging

Other market leaders would be U.S. and Europe besides few nations from Asia-Pacific areas, projected by the market research reports. The magnetic resonance imaging and ultrasound imaging system will portray the fastest implementation. Currently, as per Medical Device Market Research the concentration of competition is from Philips Healthcare (Netherlands), Siemens Healthcare (Germany), Hitachi Medical Corporation (Japan), Samsung Medison (South Korea),  GE Healthcare (U.K.), Hologic, Inc. (U.S.),  Toshiba Medical Systems Corporation (Japan),  and Shimadzu Corporation (Japan).