X-ray tubes are electrical devices used for generating X-rays. Acceleration and de-acceleration of electrons help in the achievement of the process. X-rays were first discovered in the 19th century and the field of radiology was created because of the availability of X-ray sources. X-ray tubes act as a converter of a specific energy. It receives electrical energy and changes it into heat and x-radiations, heat being the unwanted product of the process. Conversion of electrons into photons lead to the production of X-radiation.
The global X-ray tube market was valued at $2.31 billion in 2016 and is expected to reach a value of $3.32 billion by the end of 2022, growing at a projected CAGR of 5.32 percent during the forecast period of 2017-2022, according to a news release from Business Wire.
The growth is fuelled by factors such as rapid technological advancements in X-ray tube technology over the past few years, changes in lifestyle and an increase in cancer and other disease incidences. The presence of many manufacturers in the market has lead to an evolution of technologies for better image quality. The fastest growing markets for X-tay tubes are North America, China and Europe.
Mordor Intelligence also predicts continued growth in the market.
“As of 2017, the global X-ray tube market was valued at $2.42 billion and is expected to reach a value of $3.3 billion by 2023, registering a CAGR of about 5.21 percent during 2018-2023 (the forecast period). An X-ray tube is a device that produces X-rays when subjected to an electric charge. Increasing technology advancement is one of the primary factors that is driving the growth in demand for X-ray tubes. The application of X-rays has drastically expanded beyond the field of medicine, over the past few decades,” according to Mordor Intelligence. “With innovations in electronics, the size of a system has decreased, immensely. With the availability of compact systems, X-ray machines are being used in various fields, such as airport security, baggage scanning, metallurgical applications, etc. In addition, the increase in medical cases and accidental injuries around the globe is influencing the market’s growth. With an increase in medical cases and diagnostic equipment, the demand for X-ray tubes in medical imaging is growing, which is, in turn, driving the market growth. However, the presence of stringent and strict regulations by FDA, across the globe, for manufacturing and designing X-ray tubes have created additional costs for manufacturers, while becoming a barrier for new entrants. These factors are restraining the market growth.”
Also, the Associated Press reported in June 2018 that U.S. President Donald Trump imposed tariffs on hundreds of Chinese products — from X-ray tubes to incinerators. The Chinese government responded with its own measures aimed at U.S. products. This could impact the overall market.
