Market Highlights
Emergence of next-generation non-destructive technologies including X-ray computed tomography, and phased array ultrasonic are expected to replace the traditional technologies, which will offer prominent opportunities for the development of non-destructive technologies market growth during 2017-2023. Now a days, these technologies are used for the detection of thyroid, breast, lung, and ovary cancer. Cancer is one of the major problem across the globe and there is continuous development in the diagnostic and treatment method of cancer. With the help of advanced sensors & semiconductors, and technologies, a new instrument named as MasSpec Pen was designed, & built by researchers at the University of Texas at Austin. Introduction of MasSpec Pen has modernize the detection of cancer. During the clinical trials, MasSpec Pen has proven accurate in over 96 percent of test cases.
Increasing prevalence of cancer, rising need for better diagnostic treatment, increasing investment of biotechnology and pharmaceutical industries in R&D, and availability of funds drives the growth of the market. Moreover, increasing government support for research & development, changing lifestyle, and rapid development in technology fuels the market growth during the forecast period. However, long approval time, and high cost of the devices may slow the market growth during the forecasted period.
The global non-destructive testing market is expected to grow at a CAGR of ~ 10.8 % during the forecast period 2017-2023.
Regional Analysis
The Americas dominates the global non-destructive medical technologies market owing to the presence of huge patient with cancer, high healthcare spending, and increasing government support for research & development. Europe holds the second largest share of the global non-destructive medical technologies market followed by Asia Pacific. Asia Pacific is the fastest growing non-destructive medical technologies market. Japan holds the major share of the regional market due to availability of technology and huge healthcare spending. Rapidly developing economy, increasing healthcare expenditure, and government initiatives for research & development will drive the market in China and India during the forecasted period. The Middle East & Africa holds the least share of the global market due to limited availability of medical facilities. The UAE, Saudi Arabia, and Kuwait are expected to drive the Middle East & African market. Whereas, the African region is expected to witness a moderate growth.
Segmentation
The global non-destructive medical technologies market has been segmented on the basis of methods, application, products, and end user.
On the basis of methods, the market is segmented into echocardiography, medical ultrasonography, liquid penetrant, phased array ultrasonic testing, and digital radiography.
On the basis of equipment, the market is segmented into ultrasonic equipment, X-ray equipment, infra-red devices, and mass spectrometer.
On the basis of application, the market is segmented into diagnosis, and treatment.
On the basis of end user, the market is segmented into pharmaceutical & biotechnological companies, forensic laboratories, research organizations, and others.
Key Players
Some of key the players in the market are Eberlin Lab (US), Carestream Health (US), General Electric Company (US), Olympus Corporation (Japan), Element Materials Technology (US), Fischer Technology Inc. (US),Magnaflux Corporation (US), Sonotron NDT (Israel), Zetec Inc. (US), Sonatest Ltd. (UK), and Eddyfi NDT Inc. (Canada).
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