According to a new market report published by Transparency Market Research, the value of the global radiation dose management market was estimated at US$ 1,432.0 Mn in 2016 and is expected to grow at a CAGR of 9.1% from 2017 to 2025, to reach an estimated value of US$ 3,066.1 Mn in 2025.
The report on the global radiation dose management market has been classified on the basis of the following categories: product and services, modality, application, end-user and geographies (regions & countries). Major product and services segment includes software and services. The software segment is further classified into integrated solution and standalone solution. In terms of modality the market is categorized into computed tomography, radiography and mammography, fluoroscopy and interventional imaging, nuclear medicine scans and others. In term of application, the market is segmented into oncology, cardiology, orthopedic and others. Based on end-user, the radiation dose management market segment into hospitals, ambulatory care setting, research organization and others. This report represents a possible growth rate of the market in the forecast period, owing to increasing number of chronic diseases such as cardiovascular, cancer and increasing demand for medical imaging. The report is thus, compiled with the prime intent of updating the stakeholders with the unavoidable market parameters through a graphical illustration and in-depth analysis of each segment considered within the study scope.
Geographically, the report covers five regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. These regions are further segmented into major national markets such as in North America (U.S. and Canada), Europe (Germany, France, the U.K, Italy, Spain, and rest of Europe), Asia Pacific (China, Japan, India, Australia and New Zealand and rest of Asia Pacific), Latin America (Brazil, Mexico, and rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, Israel and rest of Middle East & Africa).
The North American region is expected to hold the major share in the global radiation dose management market in 2016 and shows highest market attractiveness. The growth in the North America region is attributed by well-established healthcare infrastructure, presence of key players in the region and also due to strong reimbursement policy. Moreover, incidence of cancer, cardiovascular diseases, and neurological disorders are increases in the North America region and to cure this disease, the doctors are preferring imaging test to diagnose it.
The European region held the second largest market share in 2016 and is expected to exhibit significant growth during forecast period and this is due to emphasis on investment in medical technology, increase in number of healthcare reforms, and favorable regulatory compliance. Moreover, it has been observed that there is a growth in adoption of radiation dose management solution in hospitals and ambulatory centers in Europe.
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The Asia Pacific region is the fastest growing market in the upcoming forecast period and held the third position in terms of market share in 2016, owing to the increasing incidence of chronic diseases and rising awareness regarding diagnosis especially in China, Japan. Moreover, the rising investment to enhance the adoption of healthcare IT technologies in country like India, Australia is increasing the demand for radiation dose management solution.
The Latin American market held significant share in 2016, and is anticipated to show slow growth rate during forecast period. However, improving economic condition, increasing investment in the healthcare and rising awareness regarding early diagnosis through medical imaging driving the market in the region. Hence, the adoption of radiation dose management system in Latin America is increasing.
The Middle East & Africa market claimed the lowest market share in 2016 and is expected to represent steady growth rate during forecast period. Although, now people of the Middle East, (particularly Saudi Arabia and the UAE) and African region are slowly adopting various treatment options to cure diseases, because of increasing awareness and investment by the key players.
The key players operating in the global radiation dose management market are Landauer, Inc., Sectra AB, Afga-Gevaert N.V., INFINITT Healthcare Co. Ltd., Bayer Healthcare AG, PACSHealth, LLC, Koninklijke Philips N.V., GE Healthcare, Thermo Fisher Scientific, Fujifilm Holdings Corporation, and QAELUM NV. However, the global market is dominated by few major players operating worldwide.