Penny-pinching hospitals eager to get more life out of their medical equipment, an aging U.S. populace needing more treatments and a growing installed base for MRI and PET machines will help drive the global medical imaging equipment service industry to $12.35 billion by 2017, according to a new market research teaser.
Global Industry Analysts Inc. said in an announcement last week that the business of repairing and maintaining PET, ultrasound, X-ray, MRI and CT scanners would continue to expand, especially in the Asia-Pacific region, the fastest growing world market, which enjoys a compound annual growth rate of 6.71 percent.
However, the United States is still the largest market, with Europe a “distant second,” the company said. For instance, 48 of the 70 companies profiled by the firm are in the U.S., with only 12 in Europe. (Asia also has 12 companies.)
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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.
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