X-Ray, MRI Markets to Climb 3.5%, Ultrasound up 4.9% by 2017
The five-year forecasts are sunny for the worldwide X-ray and MR markets, according to a pair of reports from Transparency Market Research (TPM). X-ray technologies, which account for the lion’s share of the diagnostic imaging market, should grow at a compound annual growth rate (CAGR) of 3.5%, hitting $9.1 billion by 2017. Likewise, MRI is expected to hit an identical CAGR of 3.5% over the same timeframe. The bulk of the market share for both modalities is located in the western hemisphere, where aging populations and large numbers of patients suffering from chronic diseases are driving growth, according to the research firm. According to TPM, however, performing better than both X-ray and MRI will be ultrasound, which is expected to climb 4.9%, to $6.1 billion in the same timeframe.