X-Ray Tube Market to Perceive Exponential Growth at CAGR 5.21% Driven by Siemens Ag, Toshiba Electron Tubes & Devices, Hitachi, Koninklijke Philips Nv, General Electric, Shimadzu Corporation Etc. Players

As of 2017, the global X-ray tube market was valued at USD 2.42 billion and is expected to reach a value of USD 3.3 billion by 2023, registering a CAGR of about 5.21% 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.

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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.

Key Developments in the Market
• June 2017 - Siemens Healthcare GmbH, a medical technology company, acquired Medicalis Corp., a provider of radiology workflow technology solutions to professional radiology groups, imaging centers, hospitals, and at-risk entities. The transaction enables Siemens to extend its strategy for value-based healthcare, by helping to optimize, both, utilization and departmental clinical workflow.
• May 2017 - Siemens Healthcare GmbH and Imricor Medical Systems Inc., a medical devices company, entered into an agreement to develop an integrated solution that combines the clinical benefits of real-time MRI scans with 3D-guided cardiac ablation. This agreement enables Siemens Healthcare and Imricor Medical to develop an integrated solution for treating arrhythmia and increase the precision and improve treatment outcomes.
• May 2017 - Hitachi partnered with Aso, in order to offer the hospital management improvement support service, which is a consulting service for various medical institutions.
• April 2017 - Toshiba Medical Systems Corporation’s next generation MRI system named Vantage Galan 3T has been installed in the science and technology park named CAIRS at John Hopkins.
• March 2017 - Koninklijke Philips entered into a fifteen-year agreement with Phoenix Children's Hospital, to redefine imaging, patient monitoring, and clinical informatics in pediatric care.

Major Players:

SIEMENS AG, TOSHIBA ELECTRON TUBES & DEVICES CO. LTD, HITACHI LTD, KONINKLIJKE PHILIPS NV, GENERAL ELECTRIC, SHIMADZU CORPORATION, OXFORD INSTRUMENTS PLC, BRAND X-RAY CO. INC., PANALYTICAL INC., LAFCO INDIA SCIENTIFIC INDUSTRIES, AND COMET HOLDING AG, amongst others.

Increasing Demand for Healthcare Diagnostics is Driving the Growth of the Market

The healthcare industry has been one of the primary industries to employ X-rays. Earlier in 1896, X-rays were used as a diagnostic tool and remain one of the main diagnostic tools. In 2016, the global medical imaging market was valued at 26.7 billion, with X-ray machines occupying the majority market share. An increase in the number of medical illness cases is one of the primary factors driving the growth of X-ray machines. In addition, an increase in the number of fatal accidents globally, is also driving the demand for X-ray machines and other diagnostic terminals using X-ray tubes. It has been estimated that around 40 million people are injured in accidental road crashes, globally. The medical industry relies heavily on the diagnostics, to address the injury and treat the patient. In addition, the number of medical cases, which require X-ray diagnostics, is increasing at a rapid pace. With the increase in medical imaging equipment usage, the investment in X-ray-related applications is growing lucratively. Thus, this factor is fueling the demand for diagnostic equipment and driving the growth of the X-ray tubes market.

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North America to Dominate the Market

North America is the largest market for X-ray tubes. Latest technological breakthroughs have assisted the advancement of new X-ray tubes that can make the overall processes more efficient and can significantly improve accuracy in various applications. In North America, a series of new product launches, and mergers and acquisitions has been witnessed. The major driver behind these investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, non-destructive testing, security and electro medical imaging applications, North America is set to achieve remarkable changes in the market during the forecast period.

Manufacturing Segment dominating the Market Landscape

The manufacturing industry is one of the leading end-user industries for X-ray tubes. In the last 20 years, X-ray applications for industrial and manufacturing was dominated by conventional technologies. With the advancements in technology, the industry developed towards higher energies (450kV) and recognized advances for voltage stability and better visualization concepts. Also, there was no breakthrough innovation in X-ray generation methods. Applications were designed around existing X-ray tubes. Digital technologies are taking over, and as a trend, it is replacing the conventional technologies. X-ray sources, such as X-ray tube. This trend has contributed to significant productivity gains, which are achieved by digital imaging technologies. New X-ray tubes and generator technologies are gaining applications, and the market is expected to grow lucratively during the forecast period.

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