India's radiology revolution up-close!

Examine the emerging trends and growth factors driving the Indian diagnostic imaging market

- AGAM SHRIVASTAVA

The Indian diagnostic imaging equipment market is expected to register a compounded annual growth rate (CAGR) of 12-15 percent over the next five years. This number is greater than the global CAGR rate that is pegged at five percent. Rise in prevalence of chronic diseases, increased adoption of technologies in imaging and a growing elderly/geriatric population is expected to boost the growth.

The increasing incidences of chronic diseases, cardiovascular disorders, genetic mutations, GI disorders are all expected to impact the industry positively. Increased expenditure on the healthcare sector, greater consumer awareness will also give an impetus to the imaging and radiology industry.

In addition to these, the growing expenditure in the healthcare sector, technological advancements, and the expanded government initiatives across the globe and spending on healthcare services are some of the other growth factors for the diagnostic imaging equipment market.

Presently, MRI, CT scanner, USG and X-ray account for over 85 percent of the sector followed by Nuclear Imaging.

For improved patient outcomes The entire healthcare industry is adapting to new trends and technologies to achieve better outcome at lower cost. Radiology contributes to more than 80 percent in diagnosis and treatment. New trends are practised where:

• Diseases will be precisely diagnosed.

• Therapy will be tailored to every individual.

• Will be more focused around the patient's medical condition.

• Reduced costs with no sacrifice in outcomes.

• Patients will be more engaged in managing their health.

• Patients will become consumers and they will be well informed and exercise choice.

• Digital technologies will change the very nature of wellness and healthcare.

An era of complexities