The European diagnostic imaging market is expected to register a CAGR of 5.6% during the forecast period of 2018-2023. Germany and the United Kingdom are anticipated to dominate the market during the forecast period owing to the growing prevalence of chronic diseases in the country.
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Technological Advancement in Imaging Modalities
The key players in diagnostic imaging market have made astonishing progress in technological advancement across all imaging modalities. In CT, higher-slice systems, iterative image reconstruction, and spectral CT have contributed to significantly increasing image resolution and imaging speed, while reducing the dose, both of radiation and contrast, necessary to obtain high-quality images. This has greatly expanded the indications of CT imaging. Since image resolution is expected only to provide little room for improvement, the manufacturers are focusing on dose reduction. For instance, Siemens’ latest CT generation requires only half the amount of contrast media than preceding generations. Additionally, increasing geriatric population, increased adoption of diagnostics imaging devices, and growing awareness about preventive care are further driving the market of diagnostic imaging.
Key Developments in the Market
- January 2018: GE Healthcare and Roche entered into a long-term strategic partnership to develop integrated digital diagnostics platform to improve oncology and critical care treatment.
- November 2017: Aspect Imaging, an Israel-based company, has obtained CE-Mark for its Embrace Neonatal MRI System designed to scan newborns inside the Neonatal Intensive Care Unit (NICU).
Major players-
CARESTREAM HEALTH, FUJIFILM HOLDINGS CORPORATION, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, HOLOGIC, INC., KONINKLIJKE PHILIPS N.V., SHIMADZU CORPORATION, SIEMENS AG, TOSHIBA MEDICAL SYSTEMS CORPORATION, AND VARIAN MEDICAL SYSTEMS, amongst others.
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Dearth of Radiologists
According to a study conducted by the Royal College of Radiologists (RCR) in the United Kingdom, approximately 97% of radiology departments in the United Kingdom were unable to meet diagnostic reporting requirements in 2016. According to Eurostat, the statistical office for the European Union, the United Kingdom has the third lowest number of radiologists per population of 31 audited European Union countries. The European Union’s average is 12.7 clinicians per 100,000 patients. The need and demand for scans continue to grow, and the rate of workforce growth is declining. Shortages of radiologists and complex scans due to technological advances are likely to restrict the growth of the diagnostic market in Europe. Thus, the dearth of radiologists and the high cost of advanced diagnostic imagingdevices, such as PET and SPECT scanner, are likely to impede the market.
Germany to Dominate the Market
Germany dominates the diagnostic imaging market in Europe. The factors attributing to the high growth of diagnostic imaging in the country are growing awareness regarding preventive care and the presence of huge population base. The United Kingdom is anticipated to grow tremendously during the forecast period owing to factors, such as a high prevalence of chronic diseases, the presence of well-established diagnostic centers, coupled with growing trend of teleradiology in the country.
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