Initial Reimbursement Limitations Will Be Overcome by Increased Insurance Coverage for Americans

Insurance Coverage will Sustain Moderate Unit Growth in the MRI and CT Markets, according to Millennium Research Group

TORONTO--(BUSINESS WIRE)-- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, although the overall diagnostic imaging market has been limited by reimbursement cuts and poor economic conditions, the next five years will see unit growth of approximately 5%.

Questions about reimbursement for imaging procedures intensified in 2008, and fears were realized in 2009 when President Bush proposed additional reimbursement cuts to Centers for Medicare & Medicaid Services (CMS). As a result, uncertainty escalated concerning health care reforms. As of 2009, the Obama administration was examining various methods of reducing health care costs, such as lowering payments to specialists or bundling payments to hospitals for treating conditions rather than the number of procedures performed. Consequently, many health care facilities were hesitant to spend money on new diagnostic imaging systems, resulting in a dip in sales in 2009.

“The passing of new health care reforms in 2010 has, however, alleviated much of the uneasiness experienced in 2009 and will result in increased units being purchased in 2011,” says Isuru Silva, Analyst at MRG. “The health care reforms will also involve the spending upward of billions toward the provision of health care for approximately 32 million uninsured US citizens. This major change will not come into effect until 2014; however, rising growth rates are anticipated to occur as early as 2013 as facilities prepare for a future increase in procedure volumes, which are currently experiencing a decline that will continue until 2013. This is most notably expected to fuel unit sales growth in the CT and MRI system markets, where growth would be otherwise stable or slowing over the next five years.”

MRG’s US Markets for Diagnostic Imaging Systems 2011 report provides critical insight into emerging trends that will fuel product adoption and market growth for diagnostic imaging systems such as ultrasound systems, MRI systems, X-ray systems, CT systems, and nuclear medicine systems. Additionally, the report provides a comprehensive breakdown of procedure volumes, unit sales, average selling prices, and revenues by system type. This report includes five-year forecasts, up-to-date market shares, and in-depth qualitative insights.

About Millennium Research Group

Millennium Research Group (www.MRG.net), a Decision Resources, Inc. company (www.DecisionResourcesInc.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer behavior tracking, facility-level procedure forecasting, and customized solutions.

About Decision Resources, Inc.

Decision Resources, Inc. is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources, Inc. at www.DecisionResourcesInc.com.

All company, brand, or product names contained in this document may be trademarks or registered trademarks of their respective holders.



CONTACT:

Millennium Research Group
Amy Krohn, 416-364-7776 ext. 101
[email protected]
or
Decision Resources, Inc.
Chris Comfort, 781-993-2597
[email protected]

KEYWORDS:   North America  Canada

INDUSTRY KEYWORDS:   Health  Medical Devices  Radiology  Other Health  Professional Services  Insurance  Medical Supplies  Managed Care

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