07.02.14
China will witness significant growth in its diagnostic X-ray imaging market, according to a new report from London, United Kingdom-based research firm GlobalData.
The Chinese diagnostic X-ray imaging market will grow from $528 million in 2012 to hit the billion-dollar mark by 2020, at a compound annual growth rate (CAGR) of 9.6 percent, according to GlobalData analysts.
According to the company’s latest report, the Chinese market accounted for 22.2 percent of global diagnostic X-ray imaging revenue in 2012, and this share is estimated to increase to 27.6 percent by 2020.
“China’s growth in revenue will be attributable to the transition from analog to digital X-ray systems, as well as to an overall increase in the sales of systems,” said Niharika Midha, GlobalData’s analyst covering diagnostic Imaging. “This will occur as China implements its substantial healthcare reforms and strives to improve healthcare access across the country, from urban to rural regions.”
China’s growth will occur at a faster rate than the global market, which GlobalData projects will expand from $2.4 billion in 2012 to almost $4 billion by 2020, at a CAGR of 6.7 percent.
By contrast, the mature market in Western nations equates to minimal demand for new installations, meaning that the growth of X-ray imaging in the United States and European Union is heavily dependent on the replacement of existing systems.
“China has the largest patient population in the world, and X-ray imaging is a cost-effective and easy-to-use technique, forming a cornerstone of healthcare practice,” said Midha. “With household incomes improving and demand for better quality healthcare on the rise, China will also see an increase in the use of X-ray imaging procedures over the forecast period.
“In global terms, the expanding prevalence of disease, along with both an aging and escalating population, will act as major drivers behind the increased use of diagnostic X-ray imaging. In addition, cost-containment measures implemented by healthcare authorities will favor diagnostic X-ray imaging over more expensive techniques, such as magnetic resonance imaging and computerized tomography scans,” the analyst concluded
The report provides an analysis of the diagnostic X-ray imaging market in the United States, France, Germany, Italy, Spain and the United Kingdom, as well as some of the Asia-Pacific countries (Australia, China, India and Japan). It identifies the unmet needs in this market, and also discusses the future of diagnostic X-ray imaging in the face of rapid technological advancements and other advanced imaging modalities.
The report's finding were compiled using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry analysts.
The Chinese diagnostic X-ray imaging market will grow from $528 million in 2012 to hit the billion-dollar mark by 2020, at a compound annual growth rate (CAGR) of 9.6 percent, according to GlobalData analysts.
According to the company’s latest report, the Chinese market accounted for 22.2 percent of global diagnostic X-ray imaging revenue in 2012, and this share is estimated to increase to 27.6 percent by 2020.
“China’s growth in revenue will be attributable to the transition from analog to digital X-ray systems, as well as to an overall increase in the sales of systems,” said Niharika Midha, GlobalData’s analyst covering diagnostic Imaging. “This will occur as China implements its substantial healthcare reforms and strives to improve healthcare access across the country, from urban to rural regions.”
China’s growth will occur at a faster rate than the global market, which GlobalData projects will expand from $2.4 billion in 2012 to almost $4 billion by 2020, at a CAGR of 6.7 percent.
By contrast, the mature market in Western nations equates to minimal demand for new installations, meaning that the growth of X-ray imaging in the United States and European Union is heavily dependent on the replacement of existing systems.
“China has the largest patient population in the world, and X-ray imaging is a cost-effective and easy-to-use technique, forming a cornerstone of healthcare practice,” said Midha. “With household incomes improving and demand for better quality healthcare on the rise, China will also see an increase in the use of X-ray imaging procedures over the forecast period.
“In global terms, the expanding prevalence of disease, along with both an aging and escalating population, will act as major drivers behind the increased use of diagnostic X-ray imaging. In addition, cost-containment measures implemented by healthcare authorities will favor diagnostic X-ray imaging over more expensive techniques, such as magnetic resonance imaging and computerized tomography scans,” the analyst concluded
The report provides an analysis of the diagnostic X-ray imaging market in the United States, France, Germany, Italy, Spain and the United Kingdom, as well as some of the Asia-Pacific countries (Australia, China, India and Japan). It identifies the unmet needs in this market, and also discusses the future of diagnostic X-ray imaging in the face of rapid technological advancements and other advanced imaging modalities.
The report's finding were compiled using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry analysts.