US demand to grow 5.8% annually through 2019

The Freedonia Group projects that US demand for medical imaging products will rise 5.8 percent yearly to $32 billion in 2019. Gains will reflect advancing technologies, aging demographic trends, epidemiological patterns, and changing patient care strategies. New equipment, consumables, and data systems with enhanced and expanded performance capabilities will build sales among hospitals and outpatient facilities pursuing improvements in the accuracy, quality, and efficiency of diagnostic procedures. Trends promoting value-based patient care approaches will impact favorably on the market for medical imaging products that yield fast and accurate testing results and enable the long-term monitoring of therapeutic outcomes.

CT scanners to be fastest growing imaging equipment

Demand for medical imaging equipment is expected to grow 6.2 percent per year to more than $20 billion in 2019. CT scanners will generate the fastest revenue growth as an increasing number of currently installed systems reach the end of their product life cycles and are replaced with higher value-added new generation models. High-slice CT models will fare particularly well in the marketplace based on the higher resolution of images, broader disease detection capabilities, and faster testing times. These scanners are able to detect the smallest of tumors or plaque deposits rapidly, making them well-suited to the diagnosis of various cancer and heart disease markers. Among other medical imaging equipment, MRI, combination PET/CT, digital radiology systems, and handheld ultrasound devices will account for the fastest unit and revenue growth. High-field scanners will dominate new MRI installations due to their ability to visualize exceptionally fine anatomical detail and to provide images of physiological processes. Combination PET/CT systems will expand applications in nuclear medicine based on dual anatomical and metabolic screening capabilities and advantages in blood flow analysis.

Imaging consumables to post moderate growth

Demand for medical imaging consumables is predicted to rise 3.9 percent annually to $6 billion in 2019. Radiopharmaceuticals and contrast agents will continue to divide revenues and will post moderate growth in demand. Upward trends in the volume of nuclear medicine procedures for the analysis of cancer, cardiovascular, cerebral, and several other conditions will boost the market for radiopharmaceuticals. Sales of contrast agents will benefit from an expanding number of X-ray, CT, and MRI scans on body regions where the targeted organ or tissue requires visual enhancement for detection. Lastly, the penetration of digital radiography systems will decrease demand for x-ray films and reagents.

Growing digital imaging tests to boost PACS revenue

The expanding use of digital medical imaging tests will boost revenue growth for picture archiving and communication systems (PACS) throughout the medical community. Total demand for PACS related products including computer hardware and software, supplies, and services, is expected to reach $5.2 billion in 2019. While fully integrated networks targeted to hospitals and large outpatient facilities will continue to lead sales, mini systems adaptable to use in dental and physicians’ offices will achieve significant market penetration.

Company Profiles

Profiles 27 competitors in the US industry including GE Healthcare, Philips Healthcare, Siemens Medical Solutions & Toshiba Medical Systems

Additional Information

This detailed study examines the US market for medical imaging products, including equipment, consumables, and picture archiving and communications systems (PACS). The range of equipment discussed and analyzed includes general medical X-ray systems; magnetic resonance imaging (MRI) scanners; ultrasound devices and units; computed tomography (CT) scanners; nuclear medicine systems (positron emission tomography, single photon emission computed tomography, and scintillation); dental X-ray and cone beam computed tomography imaging systems; and specialty angiography, mammography, and fluoroscopic radiography systems. Contrast agents, radiopharmaceuticals, and X-ray film and plates comprise the medical imaging consumables covered in the study. The examination of PACS extends to hardware, software, supplies, and services.

The study also assesses medical imaging product demand patterns in hospital and non-hospital facilities; reviews overall trends in the healthcare environment; and analyzes the key regulatory, technological, and competitive factors influencing market size and growth. Profiles of leading industry producers are provided and company market shares are estimated.

Table of Contents

Introduction IX

I. Executive Summary 1

II. Market Environment 4
General 4
Economic Factors 5
Demographic Trends 10
Healthcare Trends 13
Health Insurance Reforms 13
Medical Conditions 16
Acute Conditions 17
Chronic Conditions 18
Health Expenditures 20
Spending Categories 21
Funding Sources 24
Medical Providers 27
Hospitals 29
Outpatient Facilities 29
Physicians & Physicians’ Offices 30
Skilled Nursing Homes 31
Dentists & Dental Offices 31
Patient Activity 32
Hospital Activity 32
Surgical Procedures 33
Outpatient Episodes 34
Diagnostic Tests 35
Medical Imaging Overview 37
Types of Medical Imaging Procedures 37
Medical Imaging Testing Revenues 39
Regulation 41
Historical Demand Patterns 43
Pricing Trends 44
US Trade 45
International Markets 47

III. Products 52
General 52
Medical Imaging Equipment 54
Installations 56
Medical X-ray Systems 57
Technology 58
Installations 58
Demand Patterns 60
Products & Producers 61
Magnetic Resonance Imaging Systems 62
Technology 63
Installations 64
Demand Patterns 65
Products & Producers 67
Ultrasound Systems 69
Technology 69
Installations 70
Demand Patterns 71
Products & Producers 72
Computed Tomography Systems 74
Technology 74
Installations 75
Demand Patterns 76
Products & Producers 77
Nuclear Medicine Systems 78
Technology 79
Installations 80
Demand Patterns 81
Products & Producers 83
Dental Imaging Systems 84
Technology 84
Installations 85
Demand Patterns 86
Products & Producers 87
Other Medical Imaging Systems 88
Demand Patterns 89
Angiography Systems 90
Radiographic/Fluoroscopy Systems 92
Mammography Systems 94
Bone Densitometers 96
Medical Imaging Consumables 97
Contrast Agents 99
Barium Sulfate 100
Gadolinium Derivatives 101
Iodine 102
Other Contrast Agents 104
Radiopharmaceuticals 105
Products 106
Producers 107
X-Ray Consumables 109
X-Ray Film 110
X-Ray Chemicals 111
PACS Demand 112

IV. Markets 115
General 115
Hospitals 116
Installations 116
Demand Patterns 118
Outpatient Sector 120
Installations 121
Demand Patterns by Product 123
Demand Patterns by Establishment 124

V. Industry Structure 127
General 127
Market Share 131
Competitive Strategies 132
Mergers & Acquisitions 137
Licensing & Related Agreements 140
Research & Development 145
Marketing & Distribution 146
Manufacturing Requirements 148
Company Profiles 148
Acceleware Limited 149
ACIST Medical Systems, see Bracco
ADVAN International, see Barco
Agfa-Gevaert NV 150
Analogic Corporation 153
Barco NV 156
Bayer AG 158
Bracco SpA 160
Canon Incorporated 162
Capintec, see Eczacıbası Holding Carestream Health, see Onex EBIT, see Esaote
Esaote SpA 164
Fonar Corporation 166
FUJIFILM Holdings Corporation 168
GE Healthcare, see General Electric General Electric Company 171
Guerbet SA 176
Hitachi Limited 178
Konica Minolta Incorporated 181
Lantheus Holdings Incorporated 183
Mindray Medical International Limited 186
NeuroLogica, see Samsung Electronics Neusoft Corporation 188
Nordion Canada, see Sterigenics International Onex Corporation 190
Pie Medical Imaging, see Esaote Royal Philips NV 193
Samsung Electronics Company Limited 198
Shimadzu Corporation 201
Siemens AG 203
Sterigenics International LLC 208
Swissray Global Healthcare Holding Limited 210
TeraMedica, see FUJIFILM Holdings Toshiba Corporation 212
TRIXELL, see Royal Philips and Siemens Varian Medical Systems Incorporated 215
Volcano, see Royal Philips ZONARE Medical Systems, see Mindray Medical International

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 Macroeconomic Indicators 9
2 Resident Population by Age Group 12
3 Health Insurance Coverage of the US Population, 2004-2014 16
4 Acute Conditions by Type 18
5 Chronic Conditions by Type 20
6 National Health Expenditures by Spending Category 24
7 Health Expenditures by Funding Source 27
8 Medical Providers by Type 28
9 Hospital Activity 33
10 Surgical Procedures by Site 34
11 Outpatient Episodes by Site 35
12 Diagnostic Tests by Type 36
13 Medical Imaging Tests by Type 39
14 Medical Testing Revenues by Type 41
15 Medical Imaging Product Demand, 2004-2014 44
16 US Trade in Medical Imaging Products 47
17 World Medical Imaging Product Demand by Region 50

Section III -- Products
1 Medical Imaging Product Demand by Type 53
2 Medical Imaging Equipment Demand by Modality 55
3 Medical Imaging Equipment Installations by Modality 57
4 Medical X-Ray System Installations by Type & Site 60
5 Medical X-Ray System Demand by Type 61
6 Magnetic Resonance Imaging (MRI) System Installations by Type, Design, & Site 65
7 Magnetic Resonance Imaging (MRI) System Demand by Type 67
8 Ultrasound System Installations by Type & Site 71
9 Ultrasound System Demand by Type 72
10 Computed Tomography (CT) System Installations by Type & Site 76
11 Computed Tomography (CT) System Demand by Type 77
12 Nuclear Medicine Installations by Type & Site 81
13 Nuclear Medicine System Demand by Type 82
14 Dental Imaging System Installations by Type 86
15 Dental Imaging System Demand by Type 87
16 Other Medical Imaging System Installations by Type & Site 89
17 Other Medical Imaging System Demand by Type 90
18 Medical Imaging Consumable Demand by Type 98
19 Contrast Agent Demand by Procedure 100
20 Radiopharmaceutical Demand by Type 106
21 X-Ray Consumable Demand by Type 110
22 PACS Demand by Product Group 114

Section IV -- Markets
1 Medical Imaging Product Demand by Market 115
2 Hospital Medical Imaging Equipment Installations 118
3 Hospital Medical Imaging Product Demand 120
4 Non-Hospital Medical Imaging Equipment Installations 123
5 Non-Hospital Medical Imaging Product Demand by Type 124
6 Non-Hospital Medical Imaging Product Demand by Establishment 126

Section V -- Industry Structure
1 US Medical Imaging Product Sales by Company, 2014 128
2 Selected Acquisitions & Divestitures 138
3 Selected Cooperative Agreements 141

List of Charts

Section II -- Market Environment
1 World Medical Imaging Product Demand by Region, 2014 51

Section III -- Products
1 Medical Imaging Product Demand by Type, 2014 53
2 Medical Imaging Equipment Demand by Modality, 2014 56

Section V -- Industry Structure
1 Medical Imaging Products Market Share, 2014 132