The overall U.S. imaging equipment and auxiliary products market is estimated to be $7.9 billion in 2004 and is expected to increase at a 5.7% AAGR (average annual growth rate) to reach $10.4 billion by 2009.
The fastest-growing category of the imaging market consists of computer systems used as adjuncts for disease detection and results archiving. These will constitute 21% of the market in 2009, up from 14% in 2004.
Systems whose sales are expected to grow most rapidly include computed radiography and direct digital radiography units, 64-slice CT scanners, 3.0-Tesla MRI scanners, multimodal SPECT/CT and PET/CT scanners and hand-carried ultrasound units.
Products such as conventional radiography and fluoroscopy units, singleslice CT scanners and gamma cameras will show low or negative growth.
Medical imaging is robust, technically intensive and changing. In the century following Wilhelm Roentgen's accidental discovery of the imaging capability of Xrays, additional methods of imaging body tissues such as ultrasound, nuclear medicine, computed tomography and magnetic resonance imaging have emerged. Today, imaging devices reveal every organ and lay bare every disease in more detail and with greater accuracy.
These devices even analyze the images they produce. They identify malignancies, count plaque deposits in arteries, measure bone loss and calculate the heart's pumping capacity. They also assist surgeons, tracking the positions of their instruments in real time and letting them know what their scalpels are about to cut into.
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
The report contains:
- A focus on the modalities generally considered part of the medical imaging industry, such as:
- X-ray, including radiography and fluoroscopy
- computed tomography
- magnetic resonance imaging
- nuclear medicine, including both single-photon emission studies and positron emission tomography
- A review of some of the newer imaging modalities
- Analysis of the industry's structure, regulatory environment and salient technological developments in each area
- Market forecasts for each type of product and application, and for geographical areas of the world through 2009
- Profiles of many of the leading companies in the industry
We employed statistical forecasting techniques along with considering developments in technology and other factors affecting demand for equipment. These factors are discussed in each forecast section of the report. Other published forecasts were considered and critically assessed. All projections are in 2004 constant dollars.
To research this report, we reviewed data published by government agencies and industry and professional associations; motions filed in lawsuits; vendors' annual reports, SEC filings, presentations, regulatory submissions, press releases, and product literature; healthcare providers' annual reports, SEC filings, web sites, and published purchasing plans; and secondary information such as articles in scientific, medical, and industry journals. Information and analysis was also obtained through direct discussion or correspondence with manufacturers, healthcare providers, government agencies, and industry and professional associations.
Masha Zager is a writer specializing in and technology. Trained as an economist, she has written about information technology, telecommunications, call center technology, energy markets, securities markets, municipal finance, and a wide variety of other subjects. She was the author of BCC Report B-140R, Medical Imaging, the precursor to this report.
Sales of imaging equipment, for which the U.S. market is projected to reach $6.1 billion in 2002, are expected to grow at a 3.4% AAGR, reaching $7.2 billion (in 2002 dollars) by 2007.
The imaging products whose sales are expected to grow most rapidly include digital radiography units, multislice CT scanners, open and ultra- high-field MRI, multimodal CT/PET scanners, and ultrasound, especially portable ultrasound units.
The clinical use of PET (positron emission tomography) and the installed base of dedicated PET scanners will also increase dramatically over the forecast period, although the sales expansion of the last few years is expected to moderate.
The fastest-growing category of the imaging market consists of computer systems that are used as adjuncts to imaging equipment.
The U.S. diagnostic imaging is a growing multibillion market. The total market is growing at an average annual growth rate (AAGR) of 5.9% through 2004. Valued at just over $4 billion in 1999, diagnostic imaging will generate nearly $5.4 billion by the 2004.
X-ray systems dominate the market in terms of growth and revenue, growing at an AAGR of 7.8% and garnering a 47.7% share. Digital systems, a relatively small fraction of the X-ray systems market, are nonetheless on pace to eventually replace older equipment. These systems alone are experiencing market growth of nearly 23% per year on average. By 2004, X-ray systems will account for 52.1% of the market for diagnostic imaging equipment.
CT, Ultrasound, and nuclear medicine systems, while experiencing sales growth, are not expected to keep pace. Together, CT and Ultrasound systems will grow at an AAGR of 4.1% through the period, while systems for nuclear medicine will grow at an average annual rate of only 3.4%.