Image: The global radiation dose management market is projected to reach USD 1.36 billion by 2026 (Photo courtesy of Transparency Market Research).
The global radiation dose management market was valued at USD 143.2 million in 2017 and is projected to register a CAGR of 26.7% from 2018 to 2026 to reach USD 1.36 billion in 2026.
The market growth will be driven by an increase in the prevalence of chronic diseases, rising geriatric population, growing safety concerns, improving quality of patient care, higher demand for medical imaging in the emerging economies in Asia Pacific, Latin America, and Middle East & Africa, and technological advancements. Other factors such as increase in government funding for setting up high quality health care infrastructure and prevent high radiation dose, rise in the usage of integrated software in medical imaging devices which enables interlinking of various images and databases, and higher reimbursement from the government and private sector for oncology treatment are expected to further propel the growth of the global radiation dose management market during the forecast period.
These are the latest findings of Transparency Market Research, (Albany, NY, USA), a global market intelligence company providing business information reports and services.
Based on modality, the computed tomography segment held the largest market share in 2017 due to the increase in number of diseases and requirement of CT scan for diagnosing these diseases. The growth of the radiography and mammography segments is expected to be driven by increased application in the diagnosis and treatment analysis of cancer at various stages and the diagnosis of orthopedic, dental, and chronic conditions such as pneumonia.
In terms of application, the oncology segment dominated the market in 2017 with the largest share and is expected to maintain its dominance during the forecast period, led by the increasing number of cancer cases and orthopedic cases, and the usage of different imaging techniques during the course of their treatment.
Based on end-user, the global radiation dose management market was dominated by the hospitals segment, which held the largest share in 2017 due to the increased preference among patients for hospital pharmacy as all types of diagnosis are widely available in hospitals in comparison to others. Moreover, the increasing incidence of chronic diseases such as cancer and cardiovascular diseases are best treated in hospitals. The growth of the hospitals segment is expected to be driven further by government initiatives to develop health care infrastructure. The contribution of ambulatory centers to the growth of the radiation dose monitoring market remains low on account of the high installment cost of medical devices that restrains clinics from providing this facility.
Geographically, North America held the largest share of the global radiation dose management market in 2017, due to its well-established health care infrastructure, presence of key players, and favorable reimbursement policy. Additionally, North America is witnessing increasing incidences of cancer, cardiovascular diseases, and neurological disorders which require imaging tests for diagnosis. However, the radiation dose management market in Asia Pacific is expected to record the fastest growth during the forecast period, driven by increasing incidence of chronic diseases and growing awareness about diagnosis, especially in China and Japan. Moreover, a surge in investments for enhancing the adoption of health care IT technologies in countries such as India and Australia will further drive the demand for radiation dose management solutions in the Asia Pacific region. The emerging markets such as Latin America and Middle East & Africa are also expected to register a strong growth due to the emergence of key players in these regions and increasing incidence of diseases.
Transparency Market Research