Global diagnostic imaging market to hit $26.6B by 2016

Driven by an aging population in developed nations and rapid growth in developing nations, the global diagnostic imaging market is estimated to grow from $20.7 billion in 2010 to $26.6 billion by 2016, according to the market research firm MarketsandMarkets.

The firm’s findings were published in the report “Diagnostic Imaging (CT, MRI, X-Ray & Ultrasound) Market - Competitive Landscape & Forecasts from 2010 to 2016.”

The overall compound annual growth rate of the diagnostic imaging markets is expected to be 4.2 percent from 2011 to 2016, though that rate jumps to 8 percent in emerging nations such as India and China, according to the report summary. Asia-Pacific is expected to pass Europe as the second largest market behind the U.S.

In addition to aging populations, the market in developed nations is expected swell due to post-recession spending by both industry and governments.

X-ray equipment made up the largest share of the market in 2010 at 34 percent. Ultrasound, CT and MRI followed with 21 percent, 19.5 percent and 18.5 percent of the market, respectively. Nuclear medicine constituted 7 percent of the market.

Growth of specific products will vary as new technologies emerge and others become obsolete. High-field MRI, portable ultrasound, multi-slice CT and hybrid scanners will become more popular, while less efficient scanners, such as low-field MRI, will have a decreasing presence, according to MarketsandMarkets.