The diagnostic imaging market as a whole has experienced its ups and downs through the last 4 years. With the economy going through major ups and downs no single sector or market has been spared. It’s clear that, while emerging markets are alive and well for diagnostic imaging, there is a bit of a lull. The projections do show that diagnostic imaging equipment sales will grow to a 30 billion dollar industry over the next five years. Every sub-sector of medical technologies such as MRI scanners, CT scanners, X-Ray machines, has had its own improvements. There is the advent of hybrid technology, dosage adjustment, and 3D and 4D technology.
Radiation therapy is now making a financially impressive comeback. Radiotherapy facilities are looking at upgrades in existing units and improvements on others. Radiation therapy facilities are looking at budgets of over 2 million dollars and have been in increasing numbers for the last 3 years. This development is great news for sales in the med tech sector.
As time moves on and statistics continue to change, it’s easy to see that the improvement in the radiation therapy market is only going to boost growth. What this means is not only an increase in sales of new and refurbished equipment, but also a boost in R&D budgets in order to further improve radiation therapy technology. The boost in budgets also means a boost for people that serve radiation therapy facilities in repair.
While the numbers that are being provided for the increase in radiation therapy budgets are reflecting a growth in the US market, it’s important to remember that the US market is the biggest consumer as far as the med tech sector is concerned. The BRIC countries are likely to catch up given factors such as greater incidences of cancer among people over 65, current drivers against cancer, and a greater drive for improvements to existing technology.
New technology such as image guided radiation technology (IGRT), stereotactic body radiation therapy (SBRT) and rotational arc therapy are part of the reason why radiation therapy has come back so strongly. While the statistics that are backing this are based on a survey sample of close to 700 sites, it’s fair to assume that the pattern is fairly consistent. In the future, the revenue for tech providers is likely to increase significantly and, with these technologies, the benefit to the patient will be far greater.
If you have any questions about modalities such as X-Ray machines, CT scanners, and MRI scanners, please feel free to give us a call. Our team of experts here at Amber Diagnostics looks forward to explaining everything from acquiring the right technology to service and support.