The global digital radiology market is expected to reach over $13 billion by 2018, according to a report published by Transparency Market Research.
The report, "Digital Radiology Market--Global Industry Size, Market Share, Trends, Analysis, and Forecast, 2012-2018" predicts that the market--which was estimated at $9.7 billion in 2012--will grow by 5.4 percent, hitting $13.3 billion in 2018.
According to the report, North America is now the dominant market (with a 41.9 percent share in 2012), followed by Europe, and should remain so through 2018. In terms of total volume, the global digital radiology market is expected to reach 158.2 thousand units by 2018.
Concerns about archiving, storing and retrieving traditional film images has helped drive adoption of digital imaging. There are several other factors driving digital adoption, the report states, including accurate and superior image capture, reduced radiation exposure for patients and workers, flexibility in image management, improved patient throughputs, and superior evaluation of data and images.
In addition, strong market competition is driving down prices, making digital radiology devices more affordable, while its increasing presence in application areas like invasive procedures, pain management, and orthopedics is increasing market adoption as well.
Despite the fact these devices are becoming more affordable, they remain expensive. The average cost of a device is $50,000, limiting adoption by small clinics and outpatient diagnostic centers, according to the report.