U.S. medical imaging product market to top $21 billion by 2010
U.S. demand for medical imaging products will go up 6 percent annually to $21.4 billion in 2010, according to projections from a new study published by The Freedonia Group. The main causes of the rise are technological advances, along with an aging population and changing trends in healthcare approaches. Also, new scanners and consumables with expanded testing capabilities will be adopted widely by hospitals and outpatient facilities seeking to improve care quality.
Medical imaging equipment will post demand of over $16 billion in 2010, up 6.8 percent annually from 2005, according to the study. The modality picking up the biggest pace will be multi-slice CT scanners, due to investment in the systems by hospitals and outpatient facilities replacing older systems. High field machines will account for the largest share of new MRI installations through 2010 and the years that follow. Also, due to the popularity of new hybrid PET/CT systems, PET installations. These systems offer dual anatomical and metabolic scanning capabilities.
Other factors include the ongoing replacement of conventional analog machines with digital x-ray and radiographic fluoroscopy systems in spite of maturing markets. Faring better will be nuclear medicine and ultrasound equipment will fare better. New four-dimensional (4D) imaging systems and new laptop and hand-held devices for point-of-care systems will also create overall growth for diagnostic ultrasound equipment.
Medical imaging consumables will likely 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 and other factors, according to the study.
Finally, the market for contrast agents will see moderate growth in x-ray, CT and MRI studies 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, according to the research group.