Digital Radiography Market
Number of pages: 100 | Report Format: PDF | Published date: January 18, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 4.04 billion |
|
Revenue Forecast in 2030 |
US$ 7.13 billion |
|
CAGR |
6.50% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product, Type, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global digital radiography market was valued at US$ 4.04 billion in 2021 and is expected to register a revenue CAGR of 6.50% to reach US$ 7.13 billion by 2030.
Digital Radiography Market Fundamentals
Digital radiography is a type of X-ray imaging that uses digital X-ray sensors to capture images instead of a film. This technique offers advantages such as quick image previews that support time efficiency and the ability to upload digital photos. Digital radiography is increasingly preferred over conventional analog X-rays for various applications owing to its ability to subject people to less radiation.
Radiography is used to diagnose a wide range of disorders, such as cancer, primarily breast cancer, bladder stones, broken bones, arthritis, and diseases associated with the spinal cord. One of the main benefits of this technology is less radiation exposure. In addition, It also eliminates the need for conventional processing during diagnostics.
The elderly population has a more significant need for radiography detectors. The demand for digital radiography has increased due to the decline in digital detector prices. More people have adopted this technique due to government initiatives to reduce the cost of such testing and private developments in digital imaging technologies.
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Digital Radiography Market Dynamics
Rise in the focus of governments from emerging nations on healthcare infrastructure development, increase in the number of technology breakthroughs, and rise in hospitalization rates are driving the revenue growth of the digital radiography market. Moreover, increased prevalence of cancer and consequent increase in awareness for early screening are expected to drive the digital radiography market revenue growth in the next few years.
However, the high costs associated with digital radiography are likely to restrain the revenue growth of the market in middle- and low-income countries.
Digital Radiography Market Ecosystem
The global digital radiography market is analyzed from four perspectives: product, type, application, and region.
Digital Radiography Market by Product
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Based on the product, the global digital radiography market is segmented into computed and direct digital radiography.
The direct digital radiography segment accounts for the largest revenue share of the market. Direct digital radiography offers several advantages, such as high image quality, faster processing time, and the need for fewer resources, making it a practical and affordable imaging solution in the long run. Furthermore, direct digital radiography has a shorter exposure period, real-time application, improved detail detectability, and reduced inspection time, as no chemical processing is required.
Computed radiography, a digital replacement for conventional X-ray film radiography, has higher applications in the orthopedics space. It offers a variety of benefits and speeds up image production during the examination process.
Digital Radiography Market by Type
Based on the type, the global digital radiography market is segmented into dynamic and static.
The static imaging solutions segment accounts for a significant revenue share of the market. Static radiography uses the patient's morphology for imaging. Static X-rays are perfect for highly active imaging centers, orthopedic offices, private practices, urgent care facilities, and ER (Emergency Room) overflow settings. Static digital radiography is an analog system that provides the best image quality, complete positional functionality, and ease of use for better patient care.
The dynamic radiography segment is expected to register lucrative revenue growth during the forecast period. This can be ascribed to rise in the usage of this imaging technique, as it allows to see physiology in motion. Dynamic digital radiography can acquire up to 15 sequential radiographs per second, enabling a view of individual radiographic images and physiological cycles (up to 17"x 17" in size).
Global Digital Radiography Market by Region
Based on the region, the global digital radiography market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
In terms of market share, North America dominates the global digital radiography market. Major factors contributing to the revenue growth in the North America digital radiography market include presence of a significant number of key players, introduction of novel imaging solutions, and favorable government regulations in the region. Moreover, rise in the prevalence of chronic conditions, such as musculoskeletal diseases and cancer, and favorable reimbursement policies play a key role in the dominance of the region in the global market. Growth in awareness about early disease diagnosis is expected to fuel revenue growth in the North America market.
The Asia Pacific digital radiography market is expected to register the fastest revenue growth during the forecast period due to rise in cases of chronic illnesses, such as cancer, which demand regular examinations. Numerous technological developments have also led to the introduction of innovative and effective products. Understanding the untapped opportunities and the rapidly evolving healthcare infrastructure in Asia Pacific, international companies in North America and Europe are focusing on the launch of their products in Asia Pacific markets.
The revenue growth of the digital radiography market in Europe is attributed to rising cases of chronic diseases, such as cancer and orthopedic disorders, increasing approval of breakthrough imaging technologies, and growing awareness about the advantages of digital X-ray over conventional imaging. Reimbursements and favorable government policies for rapid approval of innovative products are also key trends in the Europe market.
Digital Radiography Market Competitive Landscape
The prominent players operating in the global digital radiography market are:
Digital Radiography Market Strategic Developments
Increasing prevalence of chronic diseases, consequent rise in number of patient hospitalizations, and evolution of diagnostics systems infrastructure in the healthcare ecosystems are expected to drive the revenue growth of the global market.
Varex Imaging Corporation, Agfa-Gravaert Group, FUJIFILM Holdings America, Konica Minolta Inc., and Canon U.S.A. are among the leading players operating in the global digital radiography market.
The high cost required for digital radiography is likely to restrain the revenue growth of the global market.
The global digital radiography market is projected to be valued at US$ 7.13 billion by 2030.
The global digital radiography market is expected to register a revenue CAGR of 6.5% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain