The medical imaging device market could exceed $49 billion U.S. (36 billion euros) by 2020, growing at approximately 7% annually.
The forecast comes from a new report by Research and Markets, which estimated the global medical imaging market is worth $30.2 billion (21.9 billion euros) this year and could advance to $32.3 billion (23.5 billion euros) in 2014. Demographics, such as an aging population, is a key factor in market growth, according to the firm.
The report noted a shift from the North American and European markets to the emerging economies of Asia-Pacific, Latin America, and Central and Eastern Europe. For example, the increasing prevalence of cardiovascular diseases has propelled demand for related imaging modalities and software, further underscoring the need for technologically advanced medical imaging technology.
