Staff report
The global X-ray imaging market is forecasted to reach $15.4 billion by 2027, according to a report by Reports and Data.
The report, according to a press release, states that X-ray imaging systems are important tools that improve health care by diagnosing injuries, diseases and fractures. Technological advancement has led to the development of novel processes and devices. Digitalization of X-ray imaging has made data storage possible in digital signals. Large-area detection, low-dose imaging and high-energy resolution are transforming X-ray imaging technologies. The X-ray imaging market is expected to have less expensive hardware, high resolutions and less harmful smaller doses of ionizing agent in the coming years.
The health care expenditure is expected to increase in the global platform, owing to the rising government and non-government initiatives and the growing prevalence of diseases. The increase in the market is due to a rise in accessibility and affordability of the X-ray imaging procedures for various medical conditions. Moreover, growing tie-ups between government bodies and research institutes, along with the presence of numerous manufacturers, are considered to be a high rendering factor of this industry. The growing prevalence of dental and cardiovascular diseases increases the need for X-ray imaging. This helps in increasing the global demand.
The market for X-ray imaging in Asia Pacific is forecasted to grow at the highest compound annual growth rate (CAGR), mainly due to the enhancing health care infrastructure, improving reimbursement scenario, rising investments in diagnostic imaging and the growing insurance coverage in several APAC countries.
The digital X-ray imaging segment accounted for more than half of revenues and is expected to show profitable growth during the forecast period. The growth of the segment is attributed to the advantages offered by digital systems, including image enhancement, speed of execution and digital image transfer. Moreover, these digital X-rays provide real-time images and enable a more accurate diagnosis.
Stationary X-ray systems held a larger market share in the year 2018, but its demand is expected to drop and be replaced with portable X-ray imaging systems. X-ray imaging machines are huge and heavy to move around. The constant movement of the system is not possible by the staff administering the procedure.
Digital X-ray systems are less bulky, are wireless, take up less space in the office, and with technological advancement, they are becoming portable and more versatile. Digital X-ray imaging is more efficient and there are effective systems that help provide a superior patient experience.
North America has dominated the market for X-ray imaging. Existing established health care infrastructure, state of the art equipment, highly skilled professionals and investment in research and development continues to boost market demand in the region. Moreover, a rapidly growing geriatric population will also propel market demand. According to the 2018 U.S. Census Bureau report, 78 million Americans are expected to be older than 65 by the year 2035.
A press release from ReportsnReports echoes the prediction for growth.
“The digital X-ray market is expected to reach $13.04 billion by 2023 from $8.68 billion in 2018, at a CAGR of 8.5%. The increasing geriatric population and the subsequent growth in global disease incidence, favorable regulations and government initiatives and investments, the advantages of digital X-ray systems, and technological advancements and product development are driving the growth of the digital X-ray market. On the other hand, market growth may be hindered due to high cost of digital X-ray systems,” according to ReportsnReports.
A report focused on the medical X-ray market also predicts continued growth.
The global medical X-ray market is set to surpass $16.5 billion by 2025, according to a new research report by Global Market Insights Inc.
