After suffering through a period of weakened spending in the hospital sector, the medical imaging market is primed for a rebound, according to a report from Frost & Sullivan.
The medical imaging sector includes all things related to CT, MRI, ultrasound, and a variety of other categories. It created revenues of $5.73 billion in 2009 and is estimated to reach $6.55 billion in 2012, as the market is expected to bounce back from declining reimbursements and effects of the economic downturn. Who benefits the most? Leading imaging providers like GE, Siemens, Toshiba, Philips and others that vie for the market.
“The downturn also drives end-users to delay purchase of new equipment thereby lengthening the product replacement cycle,” explained a research associate. In layman’s terms, there is pent up demand as purchases were delayed due to budgetary constraints that now have been loosened. It’s the outlook that is consistent across the entire medical device & equipment industry: Buyers are buying again.
