Diagnostic X-rays provide a look inside the body as medical professionals look to uncover issues and make appropriate treatment decisions for patients. Patients have been able to have an X-ray taken for over 100 years and it continues to be a valuable health care tool.
New technology, safer devices and procedures are just a few of the factors contributing to the continued growth of the global X-ray market.
“The market for X-ray devices and procedures is poised to witness steady growth in the years to come owing to innovations and investments from health care giants. Research in reducing the effects of radiation can also create a safer atmosphere for the industry in near future,” according to Partha Dutta from Grand View Research. “Concerns about safety regarding the exposure to radiation of X-ray devices has always been around. Rising complexity of X-ray procedures has forced health care professionals and medical device manufacturers to take note of this threat and take appropriate actions.”
Smart technology and advancements in intelligent machines are also impacting X-ray devices and procedures.
“As artificial intelligence makes inroads into the health care sector, it is also set to influence medical imaging techniques. It is expected to bring radiologists closer to digitization. As of now, artificial intelligence is anticipated to assist X-ray imaging in terms of capacity management and workflow organization. This disruptive technology can make radiologists efficient and help them save time when it comes to collecting and organizing data, prioritizing health care and distributing capabilities. Artificial intelligence will help radiologists use these resources more effectively,” Dutta writes.
“The global market for X-ray devices and procedures is set to witness steady growth in the forthcoming years. Advancements in regulations like Merit-Based Incentive Payment System (MIPS) and Medicare Access and CHIP Reauthorization Act (MACRA) have created challenges in terms of reimbursement and reporting,” Dutta reports. “The rising adoption of medical X-ray generators in stent replacement, malignant cancer cells and locating blocked arteries among others will boost market growth to 2024. The market was worth $1.46 billion in 2015.”
A press release announcing a new report from ResearchAndMarkets.com echoes the market growth prediction.
“The global digital X-ray devices market is expected to witness a compound annual growth rate (CAGR) of 10.9 percent during the forecast period (2018-2023). The growing health care budget would positively impact the digital X-ray market in the emerging nations. Thus, manufacturers, such as Siemens Healthcare, GE Healthcare, Philips Healthcare, and Toshiba Medical Systems Corporation, can find significant growth opportunity in the emerging markets,” according to the press release.
However, OEMs will face challenges.
“The digital X-ray devices are quite expensive and, hence, the sale of new digital X-ray equipment is limited. It is further being affected by the increasing use of refurbished devices by the people. Since refurbished devices cost much less, they are preferred more by people and are used in most of the emerging markets. Therefore, the sales of refurbished devices are more which is affecting the market of the digital X-ray devices which is leading to lesser sales of these devices,” according to the press release.
A March 2018 report from Zion Market Research takes an in-depth look at the global X-ray market.
According to the report, the global medical X-ray market was valued at approximately $10.6 billion in 2017 and is expected to generate revenue of around $15.4 billion by the end of 2023, growing at a CAGR of around 6.40 percent over the next five years.
“North America dominates the medical X-ray market due to increasing incidences of chronic diseases, favorable reimbursement policies and growing geriatric population base.
Furthermore, North America was the largest geographical market for computed radiography and direct radiography technology due to the large patient pool,” Zion Market Research reports. “Europe is the second largest regional market and is expected to show significant growth in the years due to growing research and development activities and increasing demand for early diagnosis of chronic diseases. Factors such as increasing accessibility to health care facilities in the region and rising medical tourism, are also expected to contribute to the growth of the market in this region.”
Some of the key players in the market include GE Healthcare, Philips Healthcare, Siemens Healthineers, Carestream Health and Samsung Electronics. Major players are frequently engaged in mergers and acquisitions to retain their market share and diversify their product portfolio.
