Diagnostic Imaging Market expected to reach $830 Million by 2016

Millennium Research Group (MRG) predicts that the Indian market for diagnostic imaging systems will see a strong growth rate in the coming years and would grow at an average rate of nearly nine per cent per year. It also predicts that the market would reach almost $830 million by 2016. Strong growth is expected in the low-end and mid-range systems purchased by small hospitals and facilities in rural areas that did not have imaging capability previously. Higher priced systems for urban facilities transitioning to higher-end CT and MRI systems and from analog to digital X-ray imaging are also expected to grow rapidly.

Ultrasound systems are expected to show the highest growth rate among low-end and mid-range systems. Average selling prices are also expected to fall over time due to strong competition in this market. GE Healthcare, Philips Healthcare, Hitachi Aloka Medical, Toshiba Medical Systems, Samsung Medison and Siemens Healthcare etc are some of the major players in the ultrasound systems market. Esaote, Mindray and SonoSite are also poised for growth in this market in the future.

The X-ray system segment will remain the most rapidly growing imaging modality in the Indian market, due to transition from lower-cost analog systems to higher-priced digital systems, like direct radiography (DR) retrofits, and DR systems. Computed radiography would also be used widely.

“There is some limitation from the international effects of the weak rupee, which raises the relative cost of large capital purchases. This situation favours competitors with local manufacturing facilities, particularly market leader GE Healthcare. As the Indian economy continues to grow and diversify, we can expect to see more manufacturing facilities serving the local market,” said MRG Senior Analyst Isuru Silva.

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