The global market for medical imaging devices is estimated to stand at $30.2 billion this year, and is expected to increase to $32.3 billion in 2014, according to a new report from Research and Markets.
The report, "Medical Imaging Devices A Global Market Overview," also predicts that the global market will exceed $49 billion by 2020 by maintaining an annual growth rate of 7 percent.
According to the report, demographics--such as aging populations--are a major factor driving market growth. At the same time, manufacturers are increasingly expected to provide innovative and patient-friendly solutions to enhance safety and ease of use.
Much of the growth will occur outside the "saturated" markets of North America and Europe, according to the report, and will be found in the emerging economies of Asia-Pacific, Latin American and Central and Eastern Europe. The increasing incidence of cardiovascular disease will stoke further demand for imaging equipment and software solutions in this clinical area, the authors say.
Another recent report from Research and Markets forecasts that the remanufactured medical imaging devices market for the U.S. will grow at a compound annual growth rate of 7.57 percent between 2012 and 2016.
According to the authors, the decline in imaging reimbursements is a key factor driving growth in this area, as is the growing trend of implementing eco-friendly and sustainable practices. However, the report, "Remanufactured Medical Imaging Devices Market in the U.S. 2012-2016" warns that safety and effectiveness risks could challenge market growth.