X-ray Market valued at ~US$ 10.8 Bn in 2018 and is projected to expand at a CAGR of 5.5% from 2019 to 2027
X-ray Market: Introduction
According to the report, the global X-ray market was valued at ~US$ 10.8 Bn in 2018 and is projected to expand at a CAGR of 5.5% from 2019 to 2027. Different types of X-ray devices are available in the market such as stationary/fixed and portable. These diagnostic X-ray devices can be used for various applications, including cardiovascular, respiratory, dental, and mammography. Rise in prevalence of chronic diseases across the world and rapidly aging global population with augmented healthcare needs boost market growth. North America dominated the global X-ray market in 2018 and the trend is anticipated to continue during the forecast period. High awareness about medical imaging devices, financial capability to purchase expensive machines, rise in demand for technologically advanced & innovative products in hospitals, diagnostic laboratories, and outpatient ambulatory surgery centers; and high infrastructure investment supporting healthcare facilities boost the growth of the market in the region. Asia Pacific is likely to be a highly lucrative market for X-ray during the forecast period.
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Increase in Aging Population with High Healthcare Needs and Commercialization of Technologically Advanced X-ray Systems to Drive Market
Most developed countries have a high geriatric population. It has also been estimated that around 82% of the people who succumb to a coronary artery disease are aged 65 years and above. According to WHO estimates, the geriatric population would increase at a rapid pace in developed countries such as the U.S., the U.K., and Japan. Access to various diagnostic and treatment services has improved due to favorable health care policies and advancements in healthcare facilities in countries such as the U.S., Japan, the U.K. and other countries in Western Europe. This in turn has increased life expectancy of the population. Brazil, China, Thailand, and South Korea are expected to have a large geriatric population in the shortest span of time. Aged individuals are more prone to diseases and disorders; hence, have high healthcare requirements. Aged individuals would increase the patient pool in these countries, which in turn is likely to boost the growth of the X-ray market in Asia Pacific in the next few years.
Recent introduction of advanced, highly portable digital X-ray systems have resulted in an increased demand globally. Moreover, demand for bedside imaging and diagnostics, home healthcare, and minimally invasive solutions is rising across the globe. New X-ray technology produces striking 3D images in full color. Various new and technologically advanced X-ray systems have been introduced by major manufacturers operating in this market.
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Stationary/Fixed Products to Dominate Market
Based on product type, the global X-ray market has been bifurcated into stationary/fixed and portable. The portable segment has been split into mobile and handheld. The stationary/fixed segment dominated the global X-ray market in 2018. However, the portable segment is expected to expand at the highest CAGR from 2019 to 2027. Advent of wireless and low-power consuming portable X-ray technologies, which are leading to innovation and development of advanced portable X-ray, fuels the growth of the global market. In February 2015, GE Measurement and Control launched portable ERESCO 300 MF4-R X-ray tube, which helps in geometric magnification and inspection time reduction in film-based and digital radiography.
Digital to be Promising Technology
In terms of technology, the global X-ray market has been classified into analog and digital. The digital segment has been segregated into computed radiography and direct digital radiography. The digital segment is expected to expand at the highest CAGR during the forecast period. Sensors integrated in digital X-ray systems, especially in systems with direct digital radiology technology, help the system to capture images at a rapid rate of 60 images per hour. Better image quality in less time is a major factor driving the digital X-ray segment.
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Mammography to be Key Application
Based on application, the global X-ray market has been segmented into cardiovascular, respiratory, dental, mammography, and others. The mammography segment is expected to expand at the highest CAGR during the forecast period. According to the World Cancer Research Fund International, there were over 2 million new cases of cancer in 2018. The introduction of new and technologically advanced X-ray systems, rise in awareness about the disease & its diagnosis, and affordability of people fuel the growth of the global market.
Hospitals & Clinics End User to Account for Major Share
In terms of end user, the global X-ray market has been categorized into hospitals & clinics, diagnostic centers, ambulatory surgical centers, and research centers. The hospitals & clinics segment dominated the global X-ray market in terms of revenue in 2018 and the trend is projected to continue during the forecast period. The growth of the segment can be attributed to the rise in the rate of hospitalization and a range of services offered by hospitals at a single site
Competition Landscape
Siemens Healthcare, Koninklijke Philips N.V., GE Healthcare, and Shimadzu Corporation are the leading players in the global X-ray market and hold majority share. The global X-ray market is fragmented in terms of number of players. Key players in the global market include Agfa-Gevaert N.V., Canon Medical Systems Corporation, Carestream Health, FUJIFILM Holdings Corporation, GE Healthcare, Konica Minolta Medical Imaging, Koninklijke Philips N.V., PerkinElmer, Inc., Shimadzu Corporation, Siemens Healthcare, and Varian Medical Systems.
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