While reimbursement cuts and concerns about radiation dose have slowed growth in the U.S. diagnostic imaging market, a rising demand for procedures by an aging and increasingly unhealthy population ensure that the market still is expected hit $4.5 billion by 2017, according to a new report by Toronto-based Millennium Research Group.
Some diagnostic imaging system segments should show some significant growth, the report's authors say. For example, the comparatively low cost of ultrasound systems means that institutional budget concerns could have less of an impact when making those purchasing decisions. MRG projects this specific segment will increase $1.8 billion over the next three years, anchored by growth in radiology, cardiology and emerging applications.
Reports from earlier this year forecasted continued growth for the global ultrasound market. According to an article published in AuntMinnieEurope.com in May, research firm InMedica projected that global revenue for ultrasound equipment will grow by 29 percent over the next five years.
Some premium-priced nuclear medicine systems should see growth as well, according to MRG, as standalone single-photon emission CT systems increasingly are replaced by SPECT/CT and PET/CT systems.
"The selling price of a hybrid SPECT/CT system can range from half a million to a million dollars," MRG Analyst Felix Lam said in an announcement. "As they replace their older standalone SPECT systems, hospitals will prefer sophisticated SPECT/CT systems that offer diagnostic CT capabilities and high-slice CT components that can also perform calcium scoring. Those premium prices will allow this segment of the market to grow through 2017."