The global market for medical imaging devices is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2014 to 2020, to reach an estimated value of $35 billion.
That's according to a new report published by Persistence Market Research, which valued the global medical imaging devices market at $26 billion in 2014.
The market is growing at a moderate rate due to the increasing prevalence of chronic diseases and injuries and a growing population of older people, according to the firm. Also, initiatives undertaken by government agencies to boost awareness of the effects of tuberculosis, cardiovascular diseases, and cancer, as well as technological advancement and widening application of medical imaging technologies, are driving the market.
Factors that will inhibit market growth include strict regulatory requirements and greater awareness of the risk of cancer from exposure to medical radiation, the firm said.
In the Asia-Pacific region, growth rates are much higher than in developed countries due to increased awareness about the benefits of early diagnosis of disease among individuals, a large population base, the upgrading of healthcare systems, and increasing prevalence of chronic diseases, Persistence Market Research said.
