China’s Diagnostic X-Ray Imaging Market Value to Hit $1 Billion by 2020
- Diagnostic X-ray imaging market in China to almost double in revenue from $528 million in 2012 to $1 billion by 2020
- This expansion 'will be attributable to the transition from analog to digital X-ray systems, as well as to an overall increase in the sales of systems,’ says analyst
China will witness significant growth in its diagnostic X-ray imaging market, rising from $528 million in 2012 to hit the billion-dollar mark by 2020, at a Compound Annual Growth Rate (CAGR) of 9.6%, says research and consulting firm GlobalData.
According to the company’s latest report, the Chinese market accounted for 22.2% of global diagnostic X-ray imaging revenue in 2012, and this share is estimated to increase to 27.6% by 2020.
Niharika Midha, MSc, GlobalData’s Analyst covering Diagnostic Imaging, states: “China’s growth in revenue will be attributable to the transition from analog to digital X-ray systems, as well as to an overall increase in the sales of systems. This will occur as China implements its substantial healthcare reforms and strives to improve healthcare access across the country, from urban to rural regions.”
China’s growth will occur at a faster rate than the global market, which GlobalData projects will expand from $2.4 billion in 2012 to almost $4 billion by 2020, at a CAGR of 6.7%.
By contrast, the mature market in Western nations equates to minimal demand for new installations, meaning that the growth of X-ray imaging in the US and EU is heavily dependent on the replacement of existing systems.
Midha continues: “China has the largest patient population in the world, and X-ray imaging is a cost-effective and easy-to-use technique, forming a cornerstone of healthcare practice. With household incomes improving and demand for better-quality healthcare on the rise, China will also see an increase in the use of X-ray imaging procedures over the forecast period.
“In global terms, the expanding prevalence of disease, along with both an aging and escalating population, will act as major drivers behind the increased use of diagnostic X-ray imaging. In addition, cost-containment measures implemented by healthcare authorities will favor diagnostic X-ray imaging over more expensive techniques, such as magnetic resonance imaging and computerized tomography scans,” concludes the analyst.