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Global Kidney Cancer Therapeutics & Diagnostics Market Size, Status and Forecast

Posted on December 7, 2018 by abhishek930

The market for the period 2018 – 2023 is expected to register a CAGR of 10.5%. Kidney cancer is one of the frequent urologic cancers. The rate of renal cell carcinoma has increased gradually in the past few years. The growth of the Global Kidney Cancer Diagnostics and Therapeutics Market is mainly driven by factors, such as rising aging population, Changes in lifestyle, such as increased intake of alcohol and disproportionate smoking, and government policies to provide better care for Kidney Cancer.

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Rising Number of Kidney Cancer Cases

The need for early identification of these diseases will lead to the growth in the market for kidney cancer therapeutics and diagnostics.Increasing detection of presymptomatic tumors by imaging procedures, such as ultrasonography, computed tomography, and magnetic resonance imaging, does not fully explain the upward incidence trends of renal cell carcinoma. Other factors, such as increased R&D expenditure of pharmaceutical companies and increasing incidences of chronic diseases and aging population will lead to the growth of the market in the forecast period.

Key Developments in the Market

November 2017 – The U.S. Food and Drug Administration today approved Sutent (sunitinib malate) for the adjuvant treatment of adult patients who are at high risk of kidney cancer (renal cell carcinoma) returning after a kidney has been removed (nephrectomy)

Major players-

BAYER, F. HOFFMANN-LA ROCHE, GLAXOSMITHKLINE, NOVARTIS, PFIZER, ABBOTT LABORATORIES, AMGEN, GENENTECH, CERULEAN PHARMA AND SEATTLE GENETICS, amongst others.

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High Cost Associated With Treatment

Kidney cancer drugs are very expensive to move findings from development stage to the market for commercial use because of all the regulatory studies involved to gain approvals. With the introduction of an approved new drug, the older drug, which is by now generic may be viewed as a substandard form of treatment, thereby, adding to the situation. In cases where Regulatory bodies, like FDA might want to consider taking economy and cost-effectiveness into account, when approving new drugs, there are certain legal barriers to prevent them from doing so. Because, most of the kidney cancer cases are diagnosed at the end stage, the seriousness of cancer and its diagnosis plays an important role in the decision of the patients and physicians to go about paying the high price of treatment even for marginal improvements in outcome. This may act as a restraining factor for the growth of kidney cancer therapeutics and diagnostics market. Other factors, such as low success rate in clinical trials for cancer drugs and regulatory issues will lead to the slowdown of the market.

North America to Dominate Market

North America region has the largest share in the global kidney cancer therapeutics and diagnostics market. Rising numbers of kidney cancer cases and other kidney diseases is the major element driving the growth in this region. However, Asia-Pacific is expected to be the most rewarding market during the forecast period. Growing patient awareness, lower cost of drug production and the rising patient base suffering from diseases, such as renal cell carcinoma are anticipated to drive the growth of the market in this region.

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Fetal and Neonatal Monitoring Market 2018: Revenue, Key Players, Growth Rates, and Industry Challenges 2023

Posted on December 7, 2018 by abhishek930

The market has been estimated to register a CAGR of 6.8%, during the forecast period from 2016 to 2021. Fetal and neonatal equipment are mostly used to monitor, evaluate, and treat diseases in the prenatal and postnatal stages of infants.

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Advanced Technology in Fetal and Prenatal Monitoring

Monitoring procedures are important for the evaluation of the clinical state of patients and to assess changes in their conditions, thus providing necessary treatments on time. Both these two objectives can be achieved by introducing technology, thus, allowing accurate classification and extraction of useful diagnostic information. It has been shown that the computation of different indices on FHRV signals, either linear or nonlinear, gives helpful indications to describe pathophysiological mechanisms involved in the cardiovascular and neural system controlling the fetal heart. As a further contribution, also wearable systems for fetal ECG recording could provide new technological solutions improving the quality and usability of prenatal monitoring. These technological advancements provide a feasible environment for the growth of this market in the future. Additionally, increasing incidence of premature birth and growing government initiatives in developing countries regarding fetal care are further augmenting the market growth.

Key Developments in the Market

January 2017: MindChild Medical, Inc. received clearance for its Pre-Marketing Notification (510(k)) from the US Food and Drug Administration (FDA) for its MERIDIANu2122 M110 non-invasive fetal heart monitor

Major Players:

ANALOGIC CORPORATION, CAREFUSION CORPORATION, FISHER & PAYKEL HEALTHCARE LIMITED, GE HEALTHCARE, GETINGE AB, NATUS MEDICAL INCORPORATED, PHILIPS HEALTHCARE, PHOENIX MEDICAL SYSTEMS (P) LTD., SMITHS MEDICAL, SPACELABS HEALTHCARE, amongst others.

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Stringent Regulatory Policies

In the expanding market for medical devices and therapies, there are stringent regulatory policies in place to ensure the safety of such drugs and devices. Pre-market approval is an FDA process of scientific and regulatory review to evaluate the safety and effectiveness of drugs and devices. There have been procedures by the FDA to heighten the post-market surveillance. Hence, citizens from countries where the review process is shorter benefit more than countries with longer review processes and stringent regulations. The presence of stringent regulations is dampening the innovation in the market and hindering the growth of this market. Other factors include high cost of equipment, which is further likely to impede the market growth.

Asia Pacific to Grow at Significant Rate

The Asia Pacific region is expected to grow at a considerably higher rate during the forecast period owing to aspects, such as high birth rate in some Asia Pacific countries, such as India & China along with rising awareness programs for the improvement of fetal care & neonatal care.

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Isothermal Nucleic Acid Amplification Technology Market will Grow at 10.5% CAGR During 2018-2023

Posted on December 7, 2018 by abhishek930

The global isothermal nucleic acid amplification technology (INAAT) market is expected to register a CAGR of 10.5%, during the forecast period, (2018-2023). North America dominates the market, due to technological advancement and growing awareness regarding INAAT technique among end-user in the region.

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Rise in the Miniaturization of Nucleic Acid based Diagnostics

Miniaturization of biochemical reactions leads to major advantages, where a lower amount of valuable clinical sample and reagents is just one: approximately 1/1000 of the volume used in conventional lab setups has been shown to obtain a similar result. A smaller heat capacity allows for rapid changes in temperature beneficial for the PCR time, as well as a higher parallelism of multiple genetic samples. The benefit of isothermal amplification methods compared to PCR is the constant temperature of amplification. This will result in a high potential for a simple integration in point-of-care devices and a reduction of complexity. With increasing demand of low cost and effective solutions for diagnosis of diseases and increasing demand for point of care applications, these devices are going to witness growth in the future. Also in case of laboratories the sample size required is very small which also helps in reducing the amount of reagents required. Also, the upsurge in the molecular diagnostics market, increasing incidences of chronic diseases and aging population, and increase in the adoption of INAAT over PCR are driving the market growth.

Key Developments in the Market

March 2017: Alere Inc. a global leader in rapid diagnostic tests, announced that the U.S. Food and Drug Administration (FDA) has granted CLIA waiver for the Alere i Strep A test

Major Players:

ALERE, BECTON, DICKINSON & COMPANY, BIOMERIUX, HOLOGICA, LUCIGEN, QUIDEL CORPORATION, NEW ENGLAND BIOLABS, NUGEN, QIAGEN, USTAR BIOTECHNOLOGIES, amongst others.

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Stringent regulatory framework

In the expanding market for medical devices and therapies, there are stringent regulatory policies in place to ensure the safety of such drugs and devices. These policies are well studied. However, while rigorous regulatory procedures guarantee the quality of the product entering the market, they delay the entry of a drug or device into the market, which could be beneficial to all patients suffering from a disease. Pre-market approval is an FDA process of scientific and regulatory review to evaluate the safety and effectiveness of drugs and devices. There have been procedures by the FDA to heighten the post-market surveillance. The FDA review process takes twice as much as time as European regulatory commissions review bodies. Hence, citizens from countries where the review process is shorter benefit more than countries with longer review processes and stringent regulations. The presence of stringent regulations is dampening the innovation in the market and hindering the growth of this market. Strict regulatory policies have resulted in a reduction of investment by drug companies in R&D of new products. Also the lack of awareness in new diagnostics technologies may induce users to stick to conventional methods, although this can be addressed with effective marketing

North America to Dominate the Market

North America dominates the Isothermal Nucleic Acid Amplification Technology (INAAT) market, owing to high incidence of chronic diseases, technological advancement in isothermal nucleic acid amplification technology (INAAT), and increasing adoption of INAAT over conventional techniques in the region. Asia Pacific is expected to grow during the forecast period, owing to factors, such as high demand in cost effective and diagnostics, less stringent regulatory scenario, and presence of huge population base.

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Liver Cancer Therapeutics Market Analysis, Status and Forecast 2018-2023: Application, Manufacturer, Growth

Posted on December 7, 2018 by abhishek930

The global liver cancer therapeutics market is expected to register a CAGR of around 8% during the forecast period (2018 – 2023). North America dominates the market due to the growing demand for cancer therapeutics.

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Rising Incidence of Cancer

In 2017, according to the American Cancer Society, there would be 29,000 cases of cancer death in US. Liver cancer incidence has been rising in the US since the mid-1970s, and it is expected to continue to grow through till 2030. Change in the current lifestyle of individuals has led to the exposure of a large amount of population to the risk factors that contribute to liver cancer. The risk factors include hepatitis (caused by either the hepatitis B or hepatitis C virus), type 2 diabetes, metabolic disorders & excess body weight, alcohol consumption, and tobacco smoking. It has also been shown that liver cancer risk increases substantially with the increase in one’s body mass index (BMI). More than half of the adult population in the US is overweight. Along with this high demand for therapeutic drugs for liver cancer, this creates great opportunities for manufacturers to produce more drugs and create a competitive landscape.

Key Developments in the Market

September 2017 – Food and Drug Administration (FDA) granted accelerated approval to the immunotherapy drug nivolumab (Opdivou00ae)for some patients with advanced liver cancer

Major Players:

ALNYLAM PHARMACEUTICALS INC., ONYX PHARMACEUTICALS INC., F. HOFFMANN-LA ROCHE LTD., PFIZER INC., ARQULE INC., JENNEREX BIOTHERAPEUTICS INC., CELSION CORP., BAYER SCHERING PHARMA AG, 4SC AG, BRISTOL-MYERS SQUIBB COMPANY are amongst others.

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Stringent Regulatory Policies for Therapeutics

In the expanding market for therapeutics, there are stringent regulatory policies in place to ensure the safety of such drugs. These policies are well studied. However, while rigorous regulatory procedures guarantee the quality of the product entering the market, they also delay the entry of a drug or device into the market which could be beneficial to patients suffering from a disease. Pre-market approval is an FDA process of scientific and regulatory review to evaluate the safety and effectiveness of drugs. There have been procedures by the FDA to heighten the post-market surveillance. The FDA review process takes twice the amount of time as the European regulatory commissions review bodies. Hence, citizens from countries where the review process is shorter benefit more than countries with longer review processes and stringent regulations. The presence of stringent regulations is dampening the innovation in the market and hindering the growth of this market. Strict regulatory policies have resulted in a reduction of investment by medical device manufacturers and drug companies in R&D of new products.

North America Dominates the Market

North America dominates the global liver cancer therapeutics market, owing to high incidence of liver cancer, technological advancement in therapeutics, and growing popularity of non-invasive radiation therapies in the region, leading to growing adoption of liver cancer therapeutics. Asia-Pacific is expected to grow during the forecast period owing to factors such as high prevalence of cancer, less stringent regulatory scenario, and presence of huge population base.

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Spinal Surgery Device Market Comprehensive Research Study, Historical Analysis and Growth Rate 2023

Posted on December 7, 2018 by abhishek930

The global spinal surgery device market is expected to register a CAGR of 5.3% during the forecast period of 2018-2023. North America is anticipated to dominate the market during the forecast period owing to the rising incidence of spinal disorders and injuries in this region.

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Rising Incidences of Obesity and Degenerative Spinal Conditions

The rising incidences of obesity and degenerative spinal conditions are some of the major factors contributing to the growth of the global spinal surgery devices market. According to WHO, in 2016 more than 1.9 billion adults were overweight out of which 650 million were obese. It has also been reported that approximately 39% of adults were overweight in 2016 and 13% were obese. These numbers are further expected to increase with changing lifestyle and food consumption methods in developed countries. Since, the probability of people suffering from spinal problems increases in obese population, with an increase in obesity the degenerative spinal conditions is also expected to increase.

Additionally, increasing number of technological advances in spinal surgery and surging adoption of minimally invasive spinal surgeries are further driving the market for spinal surgery device.

Key Developments in the Market

January 2018: RTI Surgical, Inc. acquired Zyga Technology, Inc. to expand its spine franchise portfolio and accelerate the growth of the company.
October 2017: Stryker Corporation acquired VEXIM, a French medical device company, specializes in the development and sale of vertebral compression fracture (VCF) solutions.

Major players-

ALPHATEC SPINE INC, DEPUYSYNTHES SPINE, INC., JOHNSON & JOHNSON, GLOBUS MEDICAL INC., K2M, GROUP HOLDINGS, INC., MEDTRONIC PLC, NUVASIVE, INC., SEASPINE, SPINEGUARD SA, STRYKER CORPORATION, AND ZIMMER HOLDINGS, INC., amongst others.

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Stringent Regulatory Process for New Product Approval

The process and cost associated with the FDA approval for spinal surgical devices is lengthy and high as it involves clinical and preclinical data for the surgery device. Class III devices and technologies, or devices without a substantially equivalent precedent, require a rigorous process of evaluation for which the FDA demands preclinical as well as clinical data with manufacturing and biochemical data. Examples of Class III spinal devices include artificial disk replacement devices, prosthetic nuclear replacements, and recombinant bone morphogenetic proteins (BMPs). The premarket approval process is rigorous and results in providing the practitioner useful data on efficacy as well as safety. There are certain products and devices used in spine surgery for which the FDA has limited oversight and regulatory role. Additionally, expensive treatment procedures may impede the market.

North America to Dominate the Market

North America dominates the spinal surgery device market. The factors attributing to the growth of this region are rising obesity and prevalence of spinal disorders, and growing adoption of newly developed spine treatment techniques and devices in the region. Asia-Pacific is anticipated to grow tremendously during the forecast period owing to factors, such as a rising healthcare expenditure in developing nations owing to the growing income levels, increasing government funding, and the presence of a large patient population.

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Europe Sports Medicine Market Analysis Including Size, Share, Key Drivers, Growth Opportunities and Trends 2018-2023

Posted on December 7, 2018 by abhishek930

The European sports medicine market is expected to register a CAGR of 7.1% during the forecast period of 2018-2023. Germany is anticipated to dominate the market during the forecast period owing to the growing number of sports activities and injuries in the region.

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Rising Incidence of Sports-related Injuries

Around 4.5 million people aged 15 and above have been treated in hospital for sports injury (as defined by the EU IDB catalog of sports). Team ball sports, the major segment of the sporting category in Europe, accounts for approximately 40% of all hospital-treated sports injuries. Out of the total population engaged in sports, including men and women, sports-related injuries is higher in men (67%) than in women, reflecting the fact that participation of men is more in sports. According to an article published by the British Journal of Sports Medicine on sports injuries, during the five competition days of EYOF (European Youth Olympic Festival) 2013, 207 injuries and 46 illnesses were reported, resulting in an incidence of 91.1 injuries and 20.2 illnesses per 1000 athletes. Almost 10% of the athletes sustained at least one injury or illness. Thus, the rising incidences of sports-related injuries are likely to drive the market in Europe. Additionally, expanding awareness of sports medicine and the rising number of sports medicine associations are further driving the market for sports medicine.

Key Developments in the Market

October 2017: Smith & Nephew PLC acquired Rotation Medical Inc., a developer of a novel tissue regeneration technology for shoulder rotator cuff repair.
September 2016: Stryker’s Endoscopy division acquired Ivy Sports Medicine, LLC, whose portfolio comprises of a comprehensive minimally invasive meniscal repair platform.

Major players-

ARTHREX, INC., CONMED CORPORATION, JOHNSON & JOHNSON, MEDTRONIC PLC, MUELLER SPORTS MEDICINE, INC., PERFORMANCE HEALTH, SMITH & NEPHEW PLC, STRYKER CORPORATION, WRIGHT MEDICAL GROUP, AND ZIMMER BIOMET HOLDINGS, INC., amongst others.

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Non-recognition of Sports Medicine as Specialty

According to the European Union of Medical Specialists, sports medicine is not yet mentioned in the Addendum of the EU Directive. If sports medicine gets the honor of specialty segment it will not only be significant for medicine, but also for sports and the athletes, as there will be harmonized training, continuing medical education (CME), continuing professional development (CPD), and recognition all over Europe, which will guarantee a fair and professional approach for the specific problems encountered in the field of sports. There are no structured sports medicine subspecialties in Europe. This results in non-uniform regulations and operations in this field. There are distinct differences in all areas of sports medicine. There is a lack of consistency in training and the facilities available in the European countries. As a result of all this, there is a lack of quality sports medicine professionals and a proper sports ecosystem, which can impede the market.

Germany to Dominate the Market

Germany dominates the sports medicine market in Europe. The factor attributing to the growth of this region is an increase in awareness regarding physical fitness. The United Kingdom is anticipated to grow tremendously during the forecast period owing to factors, such as increasing participation in sports like football and basketball at a younger age, resulting in high prevalence of sports injuries in the country.

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Asia-Pacific Diagnostic Imaging Market Overview 2018 | Huge Growth, Insight, Research Analysis and Forecast 2023

Posted on December 7, 2018 by abhishek930

The Asia-Pacific diagnostic imaging market is expected to register a CAGR of 7.5% during the forecast period of 2018-2023. China is anticipated to grow at a high rate in the Asia-Pacific diagnostic imaging market owing to the presence of a huge patient pool and rise in the number of hospitals and diagnostic centers in the region.

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Growing Emphasis on Early Diagnosis

Early detection of chronic disorders, like cancer, greatly increases the chances for successful treatment. Therefore, healthcare sector in developing countries is emphasizing on the early detection of such diseases rather than spending on expensive treatments. Government organizations are conducting programs to create awareness about early diagnosis. For instance, to promote awareness about breast cancer, a three-day international conference was organized by the Department of Surgical Disciplines, AIIMS, National Cancer Institute-India, and Safdarjung Hospital. The need for early diagnosis of diseases for effective treatment, with increasing number of cases of chronic diseases in Asia-Pacific, is likely to drive the market for diagnostic imaging in the region. Additionally, rising number of hospitals and diagnostic centers, technological advancement in imaging modalities, and rising prevalence of chronic diseases, are further driving the market for diagnostic imaging.

Key Developments in the Market

April 2017: Toshiba Medical Systems Corporation launched two latest 1.5 Tesla MRI systems u2013 Vantage Titanu2122 Zen Edition and Vantage Elanu2122 Zen Edition.
March 2017: Shanghai United Imaging Healthcare (UIH) signed an official cooperation agreement with Shanghai Jiaotong University (STJU)uff0cone of the top universities in China, to build STJU-UIH Research Institute for Advanced Medical Imaging Technology.

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 SHANGHAI UNITED IMAGING HEALTHCARE CO., LTD, amongst others.

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Lack of Skilled Radiologists

The development of imaging devices and new imaging technology has continued uninterrupted, but involvement of physicians specializing in diagnostic imaging is necessary to draw out the optimal performance of the test and make sufficient clinical use, of the modalities. In Asia-Pacific, however, many CT and MRI systems are operated in the absence of a radiologist. Moreover, this tendency has shown no improvement since the last decade. For instance, in Japan CT or MRI systems are introduced by the judgment of medical organizations, and no political measures have been taken about the arrangement or installment conditions of medical instruments. As a result, the numbers of CT and MRI systems per population are markedly higher than in foreign countries, and 60-70% of them are in operation in the absence of a radiologist. Thus, lack of skilled radiologist and the high cost of advanced diagnostic imaging devices are likely to impede the market.

Japan to Dominate the Market

Japan has the largest diagnostic imaging market in Asia. Recent growth has come from X-ray and ultrasound, which are the largest market segments, based on sales revenue. China and India are the fastest growing countries in Asia-Pacific, owing to favorable government reimbursement policies for diagnostic imaging procedures, growing government funding, coupled with growing investment from public and private hospitals in the diagnostic imaging equipment in India and China.

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Europe Diagnostic Imaging Market Study 2018: Industry Is Expected To Increase Significantly Owing To Rising Demand

Posted on December 7, 2018 by abhishek930

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-

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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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Japan Diagnostic Imaging Market — Segments Demand in Developing Nations

Posted on December 7, 2018 by abhishek930

The Japanese diagnostic imaging market is expected to register a CAGR of 6.8% during the forecast period of 2018-2023. MRI is anticipated to dominate the market during the forecast period owing to the growing application of MRI in diagnosis.

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Rapidly Aging Population

The rapidly aging population in Japan has put strong pressure on its health system. The share of the population over 65 is projected to increase from 23% in 2010 to 39% in 2050, while the share of the population over 80 is expected to increase from 6% to 17%. The growth in the aging population has lead to an increase in the demand for imaging services, since elderly population is more prone to chronic diseases, and patients aged 65 and above, undergo diagnostic imaging two or more times more than the younger population. Additionally, technological advancement in imaging modalities, growing awareness about preventive care, and growing healthcare expenditure in the country are further driving the market for diagnostic imaging.

Key Developments in the Market

March 2018: Canon Medical Systems Corporation acquired Dutch medical equipment manufacturer, Fysicon B.V.
April 2017: Toshiba Medical Systems Corporation launched two latest 1.5-tesla MRI systems u2013 Vantage Titanu2122 Zen Edition and Vantage Elanu2122 Zen Edition.

Major players-

CARESTREAM HEALTH, FUJIFILM HOLDINGS CORPORATION, GE HEALTHCARE, HITACHI MEDICAL CORPORATION, HOLOGIC, INC., KONINKLIJKE PHILIPS N.V., SHIMADZU CORPORATION, SIEMENS AG, CANON MEDICAL SYSTEMS CORPORATION, AND VARIAN MEDICAL SYSTEMS, amongst others.

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High Cost of Advanced Imaging Modalities

The diagnostic imaging is experiencing tremendous growth, and new and innovative high-advance imaging modalities are constantly being introduced in the market. The diagnostic imaging system, such as CT scan, can be divided into various categories on by resolution capacity. Resolution capacity increases with the increasing number of slice in CT scan. Low-end CT scan has few slices and low-resolution capacity, whereas high-end CT scan has the best resolution capacity. The price of CT scan increases with increase in the number of slices, and the cost for multi-sliced (320 or 640 slices) can go up to millions. The cost for one test (scan) is also high ranging between USD 100 – 1000. The PET and SPECT devices are also very expensive. The high cost of advanced devices is likely to impede the market of diagnostic imaging in Japan. Additionally, the dearth of skilled technicians is also likely to restrict the growth of the market in Japan.

MRI to Dominate the Market

MRI is set to dominate the Japanese diagnostic imaging market in the product segment. The factors attributing to the high growth of MRI in the country are growing application of MRI in the medical field. CT scan and nuclear medicine are anticipated to grow at a high pace during the forecast period in Japan owing to factors, such as the presence of the highest number of diagnostic imaging instruments, such as CT and MRI devices, and ease in access to them, as well as, a high level of diagnostic accuracy in the country.

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US Diagnostic Imaging Market — Explores New Growth Opportunities By 2023

Posted on December 7, 2018 by abhishek930

The United States diagnostic imaging market is expected to register a CAGR of 6.0% during the forecast period of 2018-2023. MRI is anticipated to dominate the market during the forecast period owing to the growing technological advancement and wide application of MRI in the medical field.

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Increasing Geriatric Population

The United States is expected to experience an accelerated rate of aging population as compared to other developed countries. The growth in aging population leads to an increase in demand for imaging services since elderly population is more prone to chronic diseases. According to the National Institutes of Health Data, patients aged 65 and above undergo diagnostic imaging two or more times more than the younger population. The number of times women undergo diagnostic imaging is expected to be slightly higher than that of men. The proportion of the older population in the United States, with favorable insurance coverage policies, is likely to drive the market. Additionally, technological advancement in imaging modalities, growing awareness about preventive care, and the rising number of diagnostic imaging centers, coupled with growing adoption of teleradiology are further driving the market of the United States diagnostic imaging.

Key Developments in the Market

November 2017: Siemens AG launched four new CT scanners. The company completed the first installations in the United States of its SOMATOMgo.Up CT scanner. The scanner was installed at two outpatient facilities of the Center for Diagnostic Imaging (CDI).
November 2017: Koninklijke Philips N.V. launched the latest magnetic resonance (MR) imaging system, “MR Prodiva 1.5T” that provides enhanced clinical performance, workflow, and patient experience.

Major players-

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Reduction in Reimbursement Rate

Between 2000 and 2007 the use of imaging grew faster than the use of any other physician service in the United States. However, in 2007, both the use of and the fees charged for imaging were higher in the United States than in any other developed country. This raised concerns among policymakers, and between 2008 and 2013 a number of cuts in imaging reimbursement were instituted by the Center for Medicare and Medicaid Services (CMS) and commercial payers, in an attempt to control growth in the use of imaging. Reduction in rate of reimbursement has lead to the decline in revenue of standalone diagnostic imaging centers. This scenario poses a negative impact on the growth of diagnostic imaging market in the United States. Thus, reduction in the reimbursement rate along with the dearth of radiologists n the United States is likely to impede the market.

MRI to Dominate the Market

MRI is set to dominate the United States diagnostic imaging market in the product segment.The factors attributing to the high growth of MRI in the country are growing technological advancement in MRI modality and widening the application of MRI in the medical field. CTscan and nuclear medicine are anticipated to grow at a high pace during the forecast period in the United States owing to factors, such as a high prevalence of chronic diseases such as cancer and increasing adoption of PET and SPECT in diagnostic imaging centers.

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