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 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. 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," Midha noted. “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.”
Despite such rapid growth, the United States will retain its market leadership, accounting for 27.9 percent of glabal revenues in 2020. GlobalData projects the American diagnostic X-ray systems market to grow from $694 million in 2012 to approximately $1.1 billion by 2020 at a moderate CAGR of 6.1 percent.
The U.S. market will experience a trend of declining analog system sales and increasing revenue from digital X-ray equipment, which GlobalData attributes to high healthcare spending combined with the willingness to pay for more advanced machines.
Midha explains: “Unit sales of analog X-ray systems in the U.S. will experience a noteworthy decline at a negative CAGR of 9 percent, while the market value of direct radiography systems will increase at a CAGR of 7% percent over the forecast period."