Current market scenario
The India Diagnostic Imaging Equipment Market is expected to register a CAGR of 12-15% over the next five years. This number is greater than the global CAGR rate that is pegged at 5%. Rise in prevalence of chronic diseases, increased adoption of technologies in imaging and a growing elderly/geriatric population is expected to boost the growth. 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. Currently, MRI and CT scan account for over 50% of the sector.
Emerging trends shaping the future of radiology and imaging
- X-ray as a diagnostic tool is expected to hold a major market share in the Indian Diagnostic Imaging Market
- High resolution X-rays imaging that are obtained real time allow surgeons to make changes and monitor progress even during the surgery allowing for better outcomes
- Growth of x-ray will be propelled by mobile X-ray systems, retrofit upgrade kits, and growth in the number of hospitals and diagnostic centers, advances in digital technology, painless and non-invasive procedures, and low prices as compared to other modalities.
- Growing elderly population will boost the sector positively due to increased incidence of injury and fall
- Increased incidence of cancer and chronic diseases will give a thrust to the sector
- In the short-term we may see more applications PET and CT and even the incorporation of sonography in many procedures, including interventional procedures performed with robotics
- Use of genetic biomarkers has changed treatment approaches to a few conditions and integrating molecular imaging with genetic markers will lead to more personalized treatment
- Interventional radiology will develop at a rapid pace and will work well together with treatment innovations that tap in to radio frequency and laser ablation devices
- Digital 3D augmented Mammography and Ultrasonography will add more customer convenience, improve precision and also remove the risk of radiation
Potential of technology in the sector
There is a huge untapped potential for innovation and technology in the imaging and radiology sector. Imaging informatics propelled by GI markers, PACS (picture archiving and communication system) that will enable digital transmission of clinical reports, precision medicine, 3D printing, Biocomputing and internet of things will shape the future of radiology.
Global radiology is an emerging concept where the roles of a radiologist and information technologist will merge. All of this is expected to improve patient care and patient outcomes.
AI assisted workflow management systems will enabled radiologists through predictive analysis and forecasting capabilities.
Digital pathology is an example of how technology can change the game in diagnosis as seen in histopathology. The same kind of innovations is expected to change the face of radiology and aid in better patient outcomes and faster diagnosis.
Advantages and limitations of technology in the sector and Acceptance and adoption of technology
While technology helps make precise medical decisions, it comes at a cost. The main disadvantages of direct radiography are the thickness and rigidity of the digital detector, infection control, hardware and software maintenance, and the higher initial cost of the system. It also includes training and skilling of healthcare workers.
One of the disadvantages of radiography and CT is the use and expose to radiation. MRI still requires sedation in smaller kids due to the design of an MRI machine.
Investment opportunities
With changing regulatory and economic environment, the industry is expected to grow significantly. Currently imports constitute about 75% of the medical devices industry sales in India as per a report by Deloitte. This is due to a lack of proper regulatory framework for the industry and thus constraining the investments in the market. To enable indigenous manufacturing in the industry, we need research backing, investments and the requisite skill sets.
Penetration and Future of wearables in radiology and imaging in India
AI based sensors are propelling wearables. Customers are adopting to wearables faster than ever to monitor overall health/fitness and wellness levels. Smart watches, smart footwear and wrist bands, movement sensors and wearable skin patches will define the healthcare industry of tomorrow. Wearables help is real-time tracking and immediate response to life threatening conditions like COPD and cardiac diseases. The wearable industry is expected to progress to to real-time clinical monitoring and not just fitness tracking
High costs of wearable devices, data privacy, requirement of extensive wireless telecommunication infrastructure, failure to transmit data correctly or in a timely manner are all limitations and will slow the mainstream adoption of wearables.
Wearable technology has a huge potential to transform the radiology practice. Smart tools like Microsoft’s HoloLens and Google Glass are the future for several radiology applications. Wearable devices especially has a lot of future in image guided intervention and diagnostic radiology.
Agilus Diagnostics, a subsidiary of Fortis Healthcare Limited
