Report: Global imaging device market to top $35B by 2020

The market for diagnostic imaging devices is expected to grow to more than $35 billion worldwide over the next five years, according to a recent market report released by Persistence Market Research.

Increases in chronic illness, injuries, life-expectancy, advanced imaging technology and government health initiatives will grow the global imaging device market value—estimated at roughly $25 billion in 2014—by a compounded annual growth rate of 5.2 percent, the report says, with the market eclipsing $35 billion by 2020.

Persistence Market Research noted these estimates would be higher if not for additional limiting factors, writing in a statement that “strict regulatory requirements and heightened risk of cancer owing to exposure to radiation are inhibiting the market growth.”

Regionally, while North America and Europe have growing aging populations and are the quickest at adopting new imaging technologies, the fastest rate of growth is in Asia and the Pacific, where “the growth for diagnostic imaging devices is much higher than developed countries due to growing awareness about benefits of early diagnosis of disease among individuals, large population base, upgradation of health care systems and increasing prevalence of chronic diseases,” according to Persistence Market Research.