Radiation Dose Management Market to Cross $1.7 bil

NEW YORK, Sept. 28, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Radiation Dose Management (RDM) Market by Product & Services (Solutions, Services) by Modality (Computed Tomography, Nuclear Medicine, Fluoroscopy & Interventional Imaging, Radiography & Mammography) by End User (Hospitals, Super Speciality Clinics), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023” published by P&S Market Research, the radiation dose management market is expected to grow at a CAGR of 46.0% during 2017 - 2023.

According to the study, the global RDM market is likely to develop at a CAGR of 46.0% during 2017-2023. RDM solutions and services are offered for various imaging modalities such as computed tomography (CT), nuclear medicine, fluoroscopy and interventional imaging, radiography and mammography, and others. Radiation dose management solutions and services are mostly utilized for monitoring radiation dose in CT. Globally, certain standards have been set up by the government to avoid high dose of radiation and have linked these doses to reimbursements, so that the radiologists give priority to the new guidelines. For instance, in 2014, National Equipment Manufacturers Association (NEMA) established certain guidelines under XR-29, for promoting low radiation dose standards. According to these guidelines, if the dose standards for CT are not followed it can bring down the reimbursement, as much as 15% for CT scanners that don’t meet the standards set forward by XR-29. Therefore, stringent regulatory requirements for diagnostic techniques supports the demand for radiation dose management solutions and services.

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Due to the harmful effects of radiation the patients are becoming aware about the ways to reduce the levels of radiation dose. There are many other as well that are being taken to develop systems by integrating digital technologies with healthcare services that provide reduced dose with better image quality, thereby driving the market demand.

As per the findings of the research, radiation dose management solutions occupied the larger share of the global market in 2016, since these solutions enable the healthcare providers to track and evaluate the radiations emitting from different diagnostic procedures. The players in the industry provide services such as implementation and integration, support and maintenance, consulting and training and education. Among all the services, implementation and integration held the largest share of the market in 2016, since these services are associated with installation of solutions and integration with other systems in the healthcare settings.

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Radiation dose management solutions and services are used for managing radiation dose from different imaging modalities. On the basis of modality, CT registered the largest share of the market in 2016, as it involves high doses of radiation, resulting in a marked increase in radiation exposure in the population.

Hospitals and super speciality clinics are the key end user of the RDM solutions and services and held largest share in 2016, mainly due to increasing number of installation of these solutions and growing number of diagnostic procedures in the treatment and management of diseases in the hospitals.

Geographically, North America has been the largest market for radiation dose management, with the U.S. being the larger contributor to the regional market, as compared to Canada. The leading position of the North American market is mainly attributable to the high number of CT examinations performed, increasing prevalence of chronic diseases and rising adoption of radiation dose management software in the region. The Medical Imaging and Technology Alliance (MITA) has taken aggressive efforts to optimize patient dose across the industry in the U.S., which is further expected to increase the demand for RDM solutions in the region.

The European Directives has set some standard for safety and health in the workplace. These directives have to be transposed into the national legislation of the member states of the European Union, by February 2018, which is likely to increase the adoption of solutions and services by healthcare providers in the region to maintain the safety standards for radiation dose in diagnostic imaging.

Globally, the key players in radiation dose management market are introducing new solutions with advanced features to increase their market share. For instance, in November 2016, Koninklijke Philips N.V. introduced DoseWise Portal 2.2, a next-generation radiation dose management software platform for healthcare providers to record, track and analyse radiation exposure to patients and clinicians.

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