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Medical X-ray Market worth over $19.5bn by 2027

  • Published Date: January 28, 2021

Medical X-ray Market size is set to surpass USD 19.5 billion by 2027, according to a new research report by Global Market Insights Inc.

Rising income levels in the developed and developing economies will have a positive impact on the market growth. The surge in income level has led to increasing spending on healthcare expenditure providing extensive growth opportunities. Moreover, growing awareness associated with early disease diagnosis and rushing patient preference towards x-rays for non-invasive and painless disease diagnosis will accelerate the market expansion.

Increasing prevalence of chronic disorders will act as a primary growth factor

Rising occurrence of chronic diseases such as cancer, cardiac diseases, neurological, dental problems and musculoskeletal disorders globally will rise the market demand for medical X-rays in the coming years. For instance, as per the CDC, 6 in 10 adults in the U.S. are suffering from chronic diseases. Therefore, usage of X-ray is extremely beneficial for accurate treatment and detection of chronic diseases and other bone related issues. In addition, X-ray screening is important to detect various diseases in soft tissue as it gives immediate and appropriate health results escalating the overall market value. However, high cost associated with the installation of medical imaging modalities may hinder the industry growth to a certain extent.

Ongoing developments in digital X-ray systems will prove beneficial for the segment growth

The digital segment in the medical X-ray market will witness around 6% growth rate till 2027. Availability of technologically advanced digital X-ray systems across the developed countries will boost the market progression. Digital X-ray systems are environmental-friendly and deliver high -quality images facilitating accurate patient diagnosis. Key industry players are focusing on introducing innovations to digitalize the X-ray systems for better diagnosis that eventually augments the market revenue.

Introduction of novel CR based medical X-ray systems will enhance the industry demand

Medical X-ray Market

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The computed radiography (CR) segment accounted for USD 6 billion in 2020. Emergence of new digital imaging modalities along with introduction of novel equipment by various industry participants will fuel the market growth. For instance, Vita LE CR System developed by Jones X-Ray, (Carestream) is of light weight system and designed especially for small space environment. Similarly, Konica Minolta offers wide variety of CR models such as REGIUS MODEL 190, MODEL 210, and MODEL 370. Therefore, introduction of new products will increase the product demand and henceforth will influence the market share. Computed radiography lessens the time for imaging and improves image quality that will further increase the product acceptance.

Growing advantages of fixed medical X-ray devices will escalate the industry expansion

The fixed segment is estimated to attain a CAGR of 5% through 2027. Fixed plate X-rays are extremely common diagnostic tests used for accurate imaging. The fixed x-ray system are designed to address imaging needs in all clinical settings. These fixed X-ray systems enables the imaging of chest, extremities, skull, spine, abdomen, creating wide growth opportunities in the near future. Fixed X-ray systems comes in a wide variety and types that are further used in numerous high-end scientific applications thus, it is expected to drive the segment value.

Browse key industry insights spread across 250 pages with 341 market data tables & 10 figures & charts from the report, “Medical X-ray Market Size By Type (Digital, Analog), By Technology (Film-based Radiography, Computed Radiography [CR], Direct Radiography [DR]), By Portability (Fixed, Portable), By Application (Dental {Intra-oral, Extra-oral}, Veterinary {Oncology, Orthopedics, Cardiology, Neurology}, Mammography, Chest, Cardiovascular, Orthopedics), By End-use (Hospitals, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

Increasing incidence of cardiovascular disorders will impel the market value

The cardiovascular segment will hold 17% of the revenue share by 2027. Disorders associated with heart complications can be identified by cardiac X-ray imaging, thereby surging its acceptance rate among physicians and patients. Rising usage of medical X-ray in cardiovascular ailments will escalate the industry revenue. Growing cases of cardiovascular disorders will bolster the demand for medical X-ray devices.

Rising preference towards diagnostic centers will favor the market expansion

The diagnostic centers segment size was USD 5.8 billion in 2020. Increasing preferences towards diagnostic centers for various surgical and non-surgical procedures will favor the industry growth. Growing necessity for advanced medical X-ray imaging modalities in diagnostic centers for effective patient treatment will foster the market progression. Additionally, advanced public healthcare system in several developed economies ensures availability of superior quality medical X-ray devices in diagnostic centers that will propel the segment growth over the forecast period.    

Favorable regulatory scenario in the European region will spur the market demand

Europe medical X-ray market is poised to expand at more than 5.5% CAGR during 2021 to 2027 on account of increasing government initiatives for development of superior quality X-ray systems. Government in developed countries such as UK, Germany and others are providing funds to various studies that supports innovation in X-ray systems. Rising geriatric population base and growing awareness pertaining to benefits of early diagnosis coupled with accurate diagnostic techniques will fuel the industry revenue.

Adoption of organic and in-organic growth strategies by eminent market performers will boost the industry share

Some of the prominent companies operating in market are Siemens Healthcare, Canon Medical Systems, Hologic, Neusoft Medical Systems, Hitachi Medical, GE Healthcare, Carestream Health, Konica Minolta and others. These market leaders are involved into several strategic alliances such as novel product launch and acquisitions to gain substantial revenue shares in medical X-ray business.

Authors: Sumant Ugalmugle, Rupali Swain

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