X-Ray Detector Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI775
X-ray Detector Market size trends and developments during 2021-2027 will be influenced by the demand for medical imaging and diagnostic technologies. There are growing number of imaging and diagnostic tests performed every year across developing economies. The increasing burden of chronic diseases is leading to increased focus on radiological diagnostic technologies and introduction of novel X-ray devices in healthcare.
Medical applications will capture a substantial share of the X-ray detector market during the forecast timeline, with the rise in the elderly population across the world. As older individuals are more vulnerable to lifestyle and chronic diseases, the number of orthopedic and cardiovascular procedures has surged rapidly. Healthcare providers regularly need rapid imaging and screening performed in a range of complex situation, and often at a patient’s bedside. X-ray devices are used for detecting various lung diseases and orthopedic problems. Additionally, the growing occurrence of sports injuries, accidents, and trauma cases will continue to fuel the demand for radiological screening technologies, boosting the market revenue.
In terms of the geographical outlook, North America is expected to be a lucrative market for X-ray detectors through 2027. The percentage of geriatric population in the region has increased considerably in recent years, leading to a massive rise in cardiovascular diseases, cancer, and other chronic conditions. Investing in healthcare infrastructure is a top priority among the regional governments in order to reduce the burden of these diseases and improve the health conditions of people. These trends are likely to spur the adoption of X-ray detectors and other novel technologies across hospitals, clinics, and ambulatory surgical centers.
Canon, Varian Medical Systems, Analogic Corporation (Altaris Capital Partners), Konica Minolta, YXLON International (Comet Holding), Fujifilm Medical Systems, Thales Group, Teledyne Dalsa, Agfa-Gevaerf Group, and Perkinelmer are some of the major companies in the X-ray detector market. Players are consistently introducing new products and technologies as they prioritize R&D.
In August 2020, for example, Canon Medical Systems USA Inc. had commercially introduced the new FDA 510(k)-cleared SOLTUS 500 Mobile Digital X-ray technology which can allow providers to perform bedside exams conveniently, improving productivity and workflow. Many of these companies are also teaming up with tech firms to take the applications of X-ray to the next level. In May 2021, for instance, Fujifilm India Pvt Ltd. had partnered with Qure.ai to deliver intelligent X-ray solutions augmented with AI and deep learning to power computed aided radiology software.
Impact of COVID-19 pandemic on X-ray detector market trends
The coronavirus outbreak has had a significant short-term impact on the X-ray detector market demand during 2020, as the manufacturing of X-ray technologies is dependent on industrial film manufacturers, chipmakers, and chemical companies. The result of production halt due to government restrictions could lead to a slight increase in the equipment prices.
However, the use of X-ray technology is detection of COVID-19 infections could open up new opportunities for manufacturers. Recent studies have said that combining machine learning and AI with chest X-ray detectors can potentially improve viral infection diagnosis, especially in areas where access to CT scans or swab testing is inadequate.
Citing an instance, a study published in IEEE/CAA Journal of Automatica Sinica in March 2021 by a team of Brazilian researchers shows that chest x-ray when paired with AI can lead to near-perfect detection of COVID-19 with an accuracy of 95.6% to 98.5%.
While swab testing and CT scans are still the preferred methods for COVID-19 detection, advances in x-ray technology could lead to its increased acceptance in the near future, bolstering the market outlook significantly.
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