More healthcare spending, increasing awareness of the value of early diagnosis, and a growing geriatric population are expected to fuel growth in the global diagnostic imaging market through 2022.
That forecast comes from a new report by P&S Market Research, which predicts a 5% compound annual growth rate from 2016 to 2022. The rate of acceleration would significantly expand the global diagnostic imaging market, which the company valued at $29.9 billion in 2015.
The report also cites the escalating prevalence of chronic diseases, technological advancement, and applications for diagnostic imaging devices as other factors that will buoy the worldwide market, which was dominated by x-ray in 2015.
There are some challenges, however. Regulatory requirements, increasing risk of cancer due to exposure to radiation, and a shortage of helium gas deposits for MRI could inhibiting growth, according to P&S.
