The market in Europe for capital equipment purchases of diagnostic imaging modalities is expected to grow modestly over the next four years to reach almost $2.2 billion U.S. (1.65 billion euros) in 2017, according to the Toronto-based market research firm Millennium Research Group (MRG).
An increasingly elderly population, plus a rising prevalence of unhealthy lifestyles in Europe, is expected to drive demand for diagnostic imaging procedures. While hospitals are expected to delay the purchase of capital equipment for several years due to the effects of the European debt crisis, MRG expects economic conditions to gradually recover after 2013. As aging systems are finally replaced and more facilities purchase high-end imaging systems, revenue is expected to accelerate.
The company predicts the markets for CT and MRI scanners will grow the fastest through 2017. The European diagnostic imaging system market is led by multisegment vendors GE Healthcare, Philips Healthcare, and Siemens Healthcare. The strength of these companies lies in their leading positions in the MRI and CT system markets, the critical segments for the near future, according to the firm.
