Medical X-ray Market
Number of pages: 100 | Report Format: PDF | Published date: February 01, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 13 billion |
|
Revenue Forecast in 2030 |
US$ 24.3 billion |
|
CAGR |
6% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Product Type, Technology Type, Application, End User 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 medical X-ray market was valued at US$ 13 billion in 2021 and is expected to register a revenue CAGR of 6% to reach US$ 24.3 billion by 2030.
Medical X-ray Market Fundamentals
In a medical X-ray, an image is created using a screen-film system, a CR cassette, and digital detectors. Earlier, analog X-ray systems were frequently utilized since they were less expensive than others. At present, analog X-ray systems are being retrofitted to digital X-ray systems using retrofit solutions. The high adoption of digital X-ray systems can be attributed to recent developments in X-ray systems, which include faster image transfer, lower radiation frequency than analog systems, safety, and higher image quality than analog systems. Additionally, medical X-rays produce images of tissues and structures within the body. Suppose X-rays passing through the body also pass through an X-ray detector on the other side of the patient. In that case, an image representing the shadows generated by the items inside the body is formed.
Photographic film is a type of X-ray detector. However, there are many more types of detectors used to create digital images. Radiographs are the X-ray images produced by this method. X-rays are used in the medical field to identify bone fractures, some cancers and other abnormal masses, pneumonia, certain types of traumas, calcifications, foreign objects, and dental disorders. X-ray technologies for diagnosis include X-ray radiography, mammography, computed tomography (CT), and fluoroscopy. X-ray radiography identifies bone fractures, dental issues, some cancers, and other abnormal masses. Digital films are more convenient and produce electronic images that can be examined faster than traditional medical X-ray films, which require processing and take up a lot of room in hospitals. X-ray technology is also used in medicinal applications. Radiation therapy, for instance, is used to treat cancer. In radiation therapy, X-rays and other high-energy forms kill cancerous tumors by causing DNA damage. The radiation dose utilized in such treatments is far higher than that used in diagnostic procedures.
The use of digital systems is increasing as technology advances because the images created by them are turned into digital data in real time, allowing for the examination of the patient's status within seconds. This property has led to the extensive application of these versions in dentistry, surgery, and mammography.
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Medical X-ray Market Dynamics
Medical examination X-ray machines can be used for a variety of purposes, including cardiovascular, pulmonary, dental, and mammography imaging. Globally increasing chronic disease prevalence and older population with increased healthcare demands drive the market revenue growth opportunities. Moreover, the growing burden of chronic diseases, such as cancer, heart diseases, neurological diseases, dental difficulties, and musculoskeletal disorders, is expected to fuel revenue growth in the medical X-ray market during the forecast period. Medical X-rays aid in the identification and treatment of a variety of medical disorders. Furthermore, increasing preference of patients for X-rays for non-invasive and painless disease diagnostics is expected to benefit business growth in the next few years.
The presence of favorable reimbursement policies for X-ray diagnostics, which leads to an increase in the number of persons opting for X-rays, is projected to boost industry income during the forecast period. Rising X-ray product demand is likely to drive growth in the global medical X-ray market during the forecast period. For instance, Shimadzu Corporation, a leading medical equipment maker, mentioned in April 2020 that the demand for transportable X-ray devices that may be used to diagnose pneumonia in isolated patient rooms or intensive care units (ICUs) was booming in Japan. Shimadzu Corporation is increasing efforts to boost the production of mobile X-ray systems.
Medical X-ray Market Ecosystem
The global medical X-ray market has been analyzed from five perspectives: product type, technology type, application, end user, and region.
Medical X-ray Market by Product Type
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Based on the product type, the global medical X-ray market has been segmented into static and dynamic.
The dynamic X-ray segment is expected to dominate the global medical X-ray market during the forecast period. Market participants are investing heavily in dynamic or portable medical X-ray systems as a result of technological developments in X-ray systems. One key advantage of employing dynamic systems is avoiding additional moves and patient transport. Another appealing characteristic of a dynamic medical X-ray system is its capacity to produce results in less time than others.
Medical X-ray Market by Technology Type
The global medical X-ray market has been segmented based on technology type into digital, CR/analog.
The computed radiography segment leads the global medical X-ray market. The segment's expansion can be ascribed to the widespread usage of computed radiography in dentistry and medical imaging applications, such as hospitals, diagnostic laboratories, and home care. Furthermore, computed radiography systems are regarded as the first step toward adopting digital imaging technology in medical facilities due to their minimum initial installation costs.
Medical X-ray Market by Application
Based on the application, the global medical X-ray market has been segmented into medical imaging, dental, veterinary, cardiovascular, oncology, and others.
The medical imaging segment dominates the global market owing to the rise in the prevalence of auto-immune diseases, such as cancer and other chronic diseases. Almost half of the North American population suffers from at least one chronic disease, aided by superior homecare diagnostic facilities and great hospital and diagnostic laboratories. Furthermore, the segment is expected to register revenue growth at a significant CAGR during the forecast period as the X-ray business is the largest section in the medical imaging industry, with a substantial inflow of expenditures, focused on R&D efforts.
Medical X-ray Market by End User
Based on the end user, the global medical X-ray market has been segmented into hospitals & clinics, diagnostic centers, and others.
The hospital & clinics segment is expected to dominate the market during the forecast period. Rising demand for sophisticated imaging modalities and the integration of surgical suits with imaging technologies are driving segment expansion. Demand for these modalities is rising in teaching hospitals in several developed and developing countries as compared to general or specialty hospitals.
Medical X-ray Market by Region
Based on the region, the global medical X-ray market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global market in terms of revenue share due to rising healthcare expenses, aging population, and increase in the prevalence of chronic diseases. Several regional countries, such as the United States and Canada, are boosting their healthcare infrastructure investments, fueling the North America medical X-ray market revenue growth. According to research, approximately 1.9 million new cancer cases and 608,570 cancer deaths are expected in the United States in 2021. Furthermore, there has been a rise in the older population, which is more susceptible to chronic diseases. Government activities to spread awareness about early disease diagnosis and imaging technology are also driving revenue growth in the North America market.
The rising need for advanced imaging technologies and supporting government initiatives to upgrade healthcare infrastructure in Asia Pacific are projected to fuel revenue growth in the regional market during the forecast period. This trend is expected to be most noticeable in several fast-rising economies, such as Southeast Asia, China, Japan, and India. Furthermore, increase in the prevalence of chronic diseases and rise in the older population in Asia Pacific are likely to drive market revenue growth.
Medical X-ray Market Competitive Landscape
The prominent market players in the global medical X-ray market include:
Medical X-ray Market Strategic Developments
Europe is the key growth region in the global medical X-ray market.
The rise in the older population and increase in the focus of key players on R&D to launch innovative products are driving revenue growth in the market.
The global medical X-ray market is expected to be valued at US$ 24.3 billion by 2030.
The global medical X-ray market is expected to register a revenue CAGR of 6% during the forecast period.
Carestream Health, GE Healthcare, Hitachi Ltd., Koninklijke Philips N.V., and CANON MEDICAL SYSTEMS CORPORATION are among the prominent players in the global market.
*Insights on financial performance are subject to the availability of information in the public domain