Radiology: Current market scenario

Vinay K Mayer, Director-Marketing Research & Consulting, Asia Research Partners explains the current market scenario of radiology sector in India

The Indian healthcare market is valued at $372 billion annually. Medical Imaging plays an essential role in the industry as it provides both diagnosis and treatment of diseases through the creation of images representing anatomy or organs of the human body. Radiology is a specialty that accounts for over 80% of all imaging procedures performed in the country.

With the rapid development of technology, the radiology sector has grown exponentially. The healthcare industry is one of the fastest growing industries in the world today and it is expected to continue its trend through the coming years. In particular, diagnostic imaging is a highly sought-after service as it has been proven to reduce costs related to high priced procedures which have helped many people from all around the planet have access to essential diagnostic imaging services.

Overview

The radiology and imaging market is growing in terms of annual growth rate in recent times. Anywhere between 7% to 10%, this market has seen a lot of positive growth, especially with the increased population of aging people in various countries worldwide. The high-rate of growth is also because people are spending more on healthcare. The nation states have been experiencing increased health care costs over the past few years due to the illnesses being caused by certain environmental factors, advancements in medical technology and other factors related to lifestyle changes across the world. This trend has led companies specializing in radiology and imaging equipment to work closely with telehealth, medical professionals and radiologists.

There are many subspecialties within radiology including dermatology, otorhinolaryngology, orthopedics, neurology, cardiology, oncology, radiotherapy, medical physics and MRI or CT scanning, but X-Ray remains one of the most widely used radiological modalities in modern times due to its brilliant imaging ability, making up almost 60% of all imaging performed annually alone by radiologists. This specific modality can be used to examine both hard tissues as well as soft tissues in many areas of predilection, including the brain, spine, abdomen/pelvis regions and even cardiac valvar structure! Radiation is also commonly used today for other purposes unrelated to examinations which include cancer treatment by means of radiation therapy or brachytherapy, among other technologies available today, so there are more ways than one that this field can offer different techniques.

What does the future hold for radiology?

In the age of big data, medical imaging is on the rise. As a result, the market for medical imaging has been estimated to grow from $67 billion in 2015 to $151 billion by 2021. In the field of radiology, a lot of new technology is being implemented.

• Radiology is entering a new age. There will be many exciting things for this profession to look forward to in the future. By the next decade, we should expect to see artificial intelligence (AI) evolve and become integrated into radiology, resulting in more efficiency and accuracy. Physicians might soon analyze images almost instantaneously, which speeds up early cancer detection significantly! Once these AI-aided radiology solutions become commercially available, they’ll drastically change the face of disease screening and help more than ever before through better, faster diagnostics. It’s truly an exciting time to be a radiologist given all the technological advances around us so stay tuned because the future looks bright!
• In the coming years, we’ll likely see a computerized system that can be used as a decision-making tool for diagnostic imaging. These systems will help us manage our time so we don’t have to read through an excessive amount of imaging results even though it’s challenging to keep up! In the next five years, we’ll probably see a 3D printed heart model that can help surgeons plan major open-heart surgeries. This is particularly good for cardiothoracic surgeons and may become more common as technology improves over time and doctors rely on these tools during medical procedures.
• 3D printing has helped revolutionize the medical industry. With a patient’s x-ray, doctors now have a physical replica of what is going on inside the body – complete with intricate details. Colleges now use those models to teach students, allowing them to make their first hands-on approach to medical diagnosis more memorable. Using virtual reality technology, patients can “visit” their pictures as well as be fully educated about what it is they are seeing!