Global Digital Radiology Market Report, published by Variant Market Research, forecast that the global market is expected to reach $18.5 Billion by 2024 from $12.2 Billion in 2016, growing at a CAGR of 5.3% from 2016 to 2024. By geography, Asia-Pacific and RoW are expected to grow at a CAGR of 6.5% and 6.3%, respectively, during the forecast period.
"Digital Radiology Market (By Device Type: Digital Detectors, Portable Radiology Systems, And Mobile C Arm; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Some of the drivers fueling the growth of global digital radiology market includes rising incidences of chronic diseases, increasing adoption of portable radiology, increased spending on healthcare infrastructure, and growing awareness among consumers. Though, high installation cost and possibility of patient’s exposure to radiation may restrain the market growth. Furthermore, innovations in advanced systems and surge in preference from film based radiology to digital radiology would create new market opportunities in the coming years.
Device type and geography are the two major bifurcations considered in the global digital radiology market. Device type is categorized as digital detectors, portable radiology systems, and mobile C arm. Among which, digital detectors hold the maximum market share, while mobile C arm market is expected to show the highest growth rate during the forecast period. By geography, the digital radiology market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America accounted the largest market share in 2016 with 40.4% of total share, followed by Europe with share of 30.4%. In terms of growth, Asia-Pacific will attain the highest CAGR during the forecast period, owing to adoption of advanced technologies, increasing number of regulatory approvals, entry of local manufacturers, improved distribution networks, and launch of new devices.
Major market players include Konica Minolta, Inc., Carestream Health, Hitachi Medical Corporation, Shimadzu Corporation, Canon Inc., Agfa-Gevaert Group, General Electric Company, Fujifilm Holdings Corporation, Siemens AG, and Koninklijke Philips N.V, among others.