Diagnostic imaging market to surpass $27B globally by 2018

The worldwide diagnostic imaging market is expected to grow at a compound annual growth rate (CAGR) of 4.7 percent from 2013 to 2018, putting it at $27.1 billion by 2018, according to research firm MarketsAndMarkets.

The report, “Diagnostic Imaging Market by X-ray Systems, Computed Tomography, Ultrasound Imaging Systems, MRI Machines, and Nuclear Imaging Systems - Global Forecasts to 2018,” credits the growth to increasing government investment, public-private partnerships, a rising number of cancer patients and technological advancements.

On the flipside, efforts to control imaging due to radiation exposure, a shortage of technetium-99m and the cost of new diagnostic systems are restraining the market from further growth, according to the report.

North America dominated the market as of 2013, followed by Europe. The highest CAGR, however, will belong to the Asia-Pacific market, due to increasing government initiatives for modernization of healthcare and growing research.