Radiology Devices Market Trends

Growth Drivers

• Integration of AI: Digital advancement is the innovative aspect that helps the medical device operation to boost its efficiency. Food and Drug Administration clearance in 2023 resulted in to introduction of more than 45 AI-integrated radiology tools in the global market. Adoption of smart imaging performance in the market adopted that created a huge scope for radiology devices. Using the AI-assisted radiology tools reduces the time of interpretation by approximately 32%. As per the study of the Agency for Healthcare Research and Quality, the reduction of unnecessary CT scans was up to 20% with the help of AI triage. 

• Increasing burden of chronic disease: The global market is experiencing a rising number of chronic diseases that require a higher level of intervention. According to the study conducted by the World Health Organization, 2. billion people are anticipated to be over age sixty and create a significant demand for imaging. As per the projection, 40% of the imaging demand is expected to rise by 2050 due to the diverse chronic disease diagnosis process. Current analysis of the Medicare beneficiaries' medical activities highlights that 70% of the patients require imaging for medical diagnosis annually. 

Challenges

• Market affordability: The Cost of production of the devices is quite high that resulting in less affordability for the low to medium income group of people. According to the report exhibited by the National Health Policy, more than 55% of the population of India find the cost of availing radiology devices out of their budget. MRI scanning with the premium device is approximately four times more than their average monthly income. Apart from this, the insurance coverage rate is also not satisfactory to reduce the accessibility inequality. For instance, only 40% of the coverage is provided by Medicaid Plans for premium MRI and CT scans. The low to medium income group of U.S. citizens faces a 25% delay in accessing imaging facilities, which becomes a challenge in the market growth of radiology devices.