Market researcher sees global imaging sales approaching $37B by 2020

The U.K.-based market research firm Technavio has pegged the global medical imaging market to close in on $37 billion in revenue by 2020, according to a Feb. 26 press release from the firm promoting a report available for purchase.  

That’s not out of line with market research promoted earlier in February from India-based Transparency Market Research. This had the global market at $27.7 billion in 2014 with a projected rise to $45.3 billion by 2023.

Technavio says the modality leader in 2015, by far, was general x-ray, generating just over 40 percent of the volume.

This was followed by ultrasound (around 22 percent), MRI (17 percent), CT (15 percent) and SPECT/PET (6 percent).

Meanwhile a Technavio analyst projects robust growth in the market for refurbished systems.

“The global medical imaging market is experiencing increased use of refurbished systems due to high cost of devices and installation,” says the analyst, Brahadeesh Chandrasekaran. “As small diagnostic centers are unable to afford these expenses, these centers prefer refurbished medical imaging equipment that come with a warranty period of a couple of years.”