The medical X-ray equipment and imaging software market was valued at $17.17 billion in 2020, and is expected to reach a value of $21.68 billion by 2026, according to Mordor Intelligence report. The report indicates that the market will experience a compound annual growth rate (CAGR) of 3.92% from 2021 to 2026).
“The growing aging population, coupled with rising investments in the health care ecosystem, is expected to have a positive impact on the overall market growth, over the forecast period. Developed nations have been facing this demographic challenge and have been investing to bring affordable health care systems to these people, thereby providing impetus to the market,” Mordor Intelligence states.
The report also shared the following information:
- According to the World Health Organization (WHO), approximately 70% of cancer deaths are recorded in the middle- and low-income countries. This is likely to create an opportunity and open new avenues for the companies to invest in research and development activities and offer equipment and imaging software at a competitive rather than standard market value.
- Most of the countries spend highly on the health care industry and upgrade to the latest equipment and solutions with an aim to improve health. However, a few countries, such as the United States, relatively underperform in terms of health care. For instance, the United States spends approximately 7%-10% more than other similar countries; however, life expectancy is low. This creates a new avenue for the companies to invest in advanced equipment and imaging software, in order to improvise the health care ecosystem.
- Notably, in Asia-Pacific, investment in health care is rigorously increasing, with an aim to provide adequate and quality health care services in the region. For instance, in November 2018, MGM Healthcare Pvt. Ltd announced its plan to launch a new chain of hospitals, establishing a 400-bed state-of-the-art medical institution, in South India. As a result, it is expected to boost the need for X-ray equipment and imaging software in the country, thus having a positive impact on the market growth.
Grand View Research also predicts continued growth.
“The global medical imaging market size was valued at $15.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028,” according to a Grand View Research report. “Major factors driving the industry are the increasing demand for early-stage diagnosis of chronic disease and rising aging demographics, which is expected to boost the demand for diagnostic imaging across the globe. Technological advancements, coupled with supportive investments and funds by the government, especially in developing countries, such as India and China, are also expected to contribute to market growth.”
Global Market Insights (GMI) also predicts growth and sees the COVID-19 pandemic as one reason for continued expansion of the global X-ray market.
GMI reported that the medical X-ray market size was valued at $13 billion in 2020 and is expected to witness 5.7% CAGR from 2021 to 2027. It says the surging burden of chronic diseases such as cancer, neurological diseases, dental problems, cardiac diseases and musculoskeletal disorders will spur market growth.
“Moreover, due to the increasing incidence of COVID-19, the need for effective diagnosis and treatment has also surged globally. Several market participants in the medical device manufacturing industry are working continuously to escalate the production of medical X-ray devices to meet the growing needs of health care providers for imaging solutions,” GMI reported in January of this year.