Medical Imaging: Equipment and Related Products

Report Highlights

• The U.S. market for medical imaging equipment increased from $6.7 billion in to an estimated $7.8 billion in 2007. It should reach $11.6 billion in 2012, a compound annual growth rate (CAGR) of 8.1%.
• Computed tomography or CT scanners comprised the largest segment with a value of $2.3 billion in 2007. This represented approximately one-third of the overall imaging equipment market.
• Within the market for medical imaging equipment, the market for MRI scanners is the fastest growing segment with a projected CAGR of 9.8% over the study period.

INTRODUCTION

Medical imaging has brought about great improvements in the quality of health care. One medical publication asked physicians to rank 30 innovations from the last 25 years in terms of their positive clinical impact on their own patients. Magnetic resonance imaging (MRI) and computed tomography (CT) imaging were ranked first.

New medical technologies, such as advances in diagnostic imaging, are widely considered a major driver of the rise in healthcare spending in the U.S. One reason is that innovations in medical imaging often translate into safer and less invasive means of treatment. This can greatly increase the number of patients who want to make use of them. Thus, the cost per patient may decrease while volume rises.

This was true of the development of angioplasty. Increased use of angioplasty initially increased total costs, even though it was far less expensive than the alternative, open-heart surgery. Over the long-term, however, this increase may taper off as angioplasty yields long-term benefits among those heart patients who would not have had surgery in the past.

This BCC report shows how a global industry of competitive and visionary firms, ranging from giant market leaders to ambitious startups, has drawn together scientific advances from many fields to deliver a remarkable series of product innovations. It outlines new opportunities in medical imaging and forecasts markets by product category, application, and geographical area through 2009. In addition to medical imaging equipment, markets for auxiliary products are reviewed. Emerging imaging methods that appear promising but have not yet had a major impact on the marketplace are identified.

SCOPE OF STUDY

This report contains:

• Descriptions of various types of medical imaging equipment including x-ray, computed tomography and magnetic resonance imaging, and current and potential applications for each
• The current market status of medical imaging equipment, trends and forecasts for growth over the period 2007 through 2012
• Technological issues, including a patent analysis and a review of the latest developments
• Analysis of the industry's structure and regulatory environment
• Profiles of many of the leading companies in the industry.

METHODOLOGY AND INFORMATION SOURCES

The market assessments provided have been assembled based on publicly available information from January 2004 up to and including 2007-07-15. The base year for this report is 2007 and forecast data are provided through 2012. In cases where data for 2007 were not available, figures were extrapolated from 2006 statistics, half-year figures for 2006, and historical trends between 2003 and 2006. Market figures are based on current dollars and inflation is not computed into the projection figures.

A comprehensive literature and patent search was conducted. The literature included technical newsletters and journals, as well as many other sources. The information contained in this report has been assembled from both primary and secondary data. Primary research was conducted via telephone interviews with industry professionals, research scientists, physician researchers, and laboratory heads to discover the most recent developments in their fields of interest. Secondary data was collected via a comprehensive search of the scientific, peer-reviewed literature, clinical trial reports and databases, industry trade media, company websites, annual reports, and industry press releases.

ABOUT THE AUTHOR

With over 12 years of research experience at the interface of the biological sciences, bioengineering, and biophysics, Amy Brock, Ph.D. maintains a comprehensive view of the biomedical field. Trained at the Massachusetts Institute of Technology and Harvard University, she holds a B.S. and Ph.D. in biomedical science. She is the author of BCC Reports, Pharmacogenomics: New Technologies in the Development of Personalized Therapies; Kinase Inhibitors in Clinical Use; and Genetic Diseases among others.