Medical X-Ray Market Value to Hit $16.5 Billion by 2025: Global Market Insights, Inc.
North America's medical X-ray market held over 33% revenue share in 2018 and is projected to achieve a healthy growth rate in coming years helped by high demand for preventive care and early disease diagnosis.
SELBYVILLE, Del., April 24, 2019 (Newswire.com) - China’s medical X-ray market held significant revenue share in 2018 and is estimated to witness more than 8% CAGR over the forecast timeframe. Increasing prevalence of chronic diseases and a consequential rise in need for diagnoses will drive China medical x-ray industry growth. Growing demand and popularity for digital radiography systems in China along with substantial healthcare expenditures will boost business growth.
The global medical X-ray market is set to surpass USD 16.5 billion by 2025; according to a new research report by Global Market Insights, Inc. The rising prevalence of cancer, dental problems, cardiovascular diseases and other chronic diseases is the key factor driving medical X-ray market growth. The use of x-rays for detection and treatment of bone-related problems as well as other musculoskeletal diseases will favor business growth. Wide applications of medical X-ray systems in disease diagnosis has increased its adoption over recent years. Furthermore, favorable reimbursement policies to ensure patient access to appropriate and high-quality imaging services will boost medical X-ray industry growth.
Analog systems segment is poised to witness a significant CAGR of more than 4.5% during the forecast period. The high cost associated with digital systems has increased the adoption of analog systems, especially in developing and under-developed economies.
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Advancements in medical imaging, mainly with respect to computed tomography (CT) technology, has led to rapid growth in x-ray examinations being performed. Most imaging departments in hospitals are required to computerize information systems wherein images and reports of patients are stored. Moreover, the age distribution of patients receiving x-ray examinations has increased among the elderly population. The geriatric population, which is more susceptible to chronic diseases, tend to have a greater number of imaging procedures. A rapidly aging population will thus foster industry growth over the upcoming years. However, a high risk associated with radiation exposure may impede medical x-ray business to a certain extent.
Detectors segment accounted for over USD 3.5 billion in 2018 and is estimated to grow significantly by 2025. Use of X-ray detectors for estimation of dosage and imaging help to verify efficacy of the radiation protection equipment. Rapidly aging population, growing prevalence of diseases and development of reliable, accurate and economical wireless x-ray detectors will spur the segment size over the coming years.
Browse key industry insights spread across 275 pages with 240 market data tables & 11 figures & charts from the report, “Medical X-ray Market Size By Type (Digital, Analog), By Component (Detectors {Flat Panel Detectors [Indirect, Direct], Line Scan Detectors, Computed Radiography Detectors, Charge Coupled Device Detectors}, Generators, Work Stations, Software), 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, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-x-ray-market
The portable segment was valued more than 4.5 billion in 2018, owing to its demand for patient monitoring and diagnosis in ICUs, prisons, nursing homes or other places. The demand for portable systems for radiological examinations of patients in nursing homes has increased in recent years. Increased specificity, improved diagnosis efficiency and other advantages associated with portable systems will further augment business growth.
The cardiovascular segment is estimated to exceed USD 3 billion by 2025. Segment growth is attributable to growing prevalence of cardiovascular diseases worldwide. The adoption of painless imaging techniques such as x-rays to diagnose various cardiac conditions will spur segment size during the analysis timeframe.
The hospitals segment is projected to exhibit around 6.4% CAGR during the forthcoming years. A surge in the number of patient visits in hospital settings along with a rise in the number of surgical procedures will drive segment growth. The availability of well-developed infrastructure and skilled healthcare professionals in hospital settings will further upsurge business growth.
Some of the eminent industry players operational in medical X-ray market include Canon, Carestream Health, Dentsply Sirona, Fujifilm Medical Systems, Shimadzu, GE Healthcare, Midmark Corporation, Hitachi Medical, Konica Minolta, Hologic, Neusoft Medical Systems, PerkinElmer, Siemens, Varian Medical Systems and Philips Healthcare. The business competitors are emphasizing their efforts on strategic alliance, novel product launch and geographic expansion to strengthen their market position. For instance, in December 2016, Konica Minolta launched AeroDR 3 1417HD, a cassette-type digital X-ray system. The newly launched product enables the company to extend its current product portfolio and enlarge its customer base.
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