The Indian diagnostic imaging 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.
Improving 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
In an era of increasing consumerization of healthcare, patients’ expectations for customized care delivery are mounting daily. This has been fuelled by growing complexity of cases and shortage of adequate resources. Consequently, physical fatigue arising out of putting in extra work hours to enhance efficiency is inclining. Hence, frequent episodes of radiologist burnout experiences are rising significantly.
These are addressed generally by four new concepts:
- Expanding precision medicine by improving diagnostic accuracy and reduce unwanted variation.
- Transforming care delivery by improving access to patient care, optimize clinical operations and increase productivity of workforce
- Improving patient experience by engaging more with patients, optimize diagnostic experiences, deliver outcomes that matter to patient and sustain patient loyalty.
- Digitalization by generating high quality imaging, knowledge sharing, leveraging analytics and artificial intelligence.
Top trends
Let’s now explore some of the top trends that will redefine the medical imaging sector going forward.
- Products like CT scanners, USG, X-ray machines and MRI as a diagnostic tool is expected to hold a major market share in the Indian diagnostic imaging market
- Demand for Digital X-ray systems are growing that can give lower radiation dose and instant images for quicker diagnosis.
- In the short-term, we may see more PET and CT applications 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 into radio frequency and laser ablation devices.
- Digital 3D-Mammography and Ultrasonography will add more customer convenience, improve precision and also remove the risk of radiation.
- Newer MRI applications like Simultaneous Multi-slice (SMS), Multi-contrast scanning, MR Fingerprinting (MRF), Ultrafast time-efficient acquisition scanning technologies are improving diagnostics capabilities and reducing MRI scan time significantly and improving patient experience.
- Artificial intelligence (AI) will play a significant role in Radiology where Machine learning applications are utilized in modalities like mammography, CT scanner, MRI, Ultrasonography.AI not only has the potential to improve the efficiency and accuracy of interpreting radiologic studies relative to human radiologists but can also reduce film time of radiologists, enabling them to focus on more critical diagnosis.
The growth potential
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 enable radiologists through predictive analysis and forecasting capabilities.
Any limitations?
While technology helps to make precise medical decisions, it comes at a cost. The products come with a high initial cost followed by higher maintenance cost increasing overall life cycle cost of the product. Faster obsolescence of investments due to adapting to newer technologies and higher cost of upgrading to newer technologies are major financial challenges. The existing workforce adapting to newer technologies and accepting change is also seen as major challenge.
Investment opportunities
With changing regulatory and economic environment, the industry is expected to grow significantly. Currently imports constitute about 75 percent 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.
Future in wearables?
AI based sensors are propelling wearables. Customers are adapting 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 in real-time tracking and immediate response to life threatening conditions like COPD and cardiac diseases. The wearable industry is expected to progress to real-time clinical monitoring and not just fitness tracking
High costs of wearable devices, data privacy, requirements 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.
About the author: Dr Agam Shrivastava is the Technical Head for Radiology at SRL Diagnostics (now Agilus Diagnostics).
Disclaimer: The views and opinions expressed in this article are those of the author only and do not necessarily represent the official policy or position of Healthcare Radius.
