Medical X-ray Market Top Industry Players | Agfa Healthcare, Allengers Medical, Canon Medical Systems, Carestream Health, Dentsply Sirona Inc., Fujifilm Medical Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic

Medical X-ray Market will exceed USD 16.5 billion by 2025; as per a new research report.

Technological advancements in radiography leading to development of novel products will augment medical X-ray market growth over the forecast period. Advances in detector based digital radiography in X-ray that use various types of flat panel detectors and x-ray source for producing high quality radiographs will favor the industry growth. Detectors are lightweight, compact and available in portable versions as well thus such factors will boost business growth. Advancements in detector technology have been the hallmark of digital radiography systems. For instance, Philips developed UNIQUE 2, a digital radiography system that provides customizable and flexible imaging solutions thereby, development of innovative techniques in medical X-ray systems will foster the business growth.

Increasing reimbursement policies for medical X-ray will increase the demand for X-ray. Government policies such as Medicare systems are expected to decrease payments for examination done using analog X-ray systems. Such favorable policies will surge the number of people opting for X-ray diagnosis thereby, driving industry growth. Moreover, GE Healthcare support for appropriate patient access to medical imaging services as well as reduction in cost of medical imaging services will increase its demand over the coming years. However, risk of harmful X-ray radiations may negatively impact industry growth during the analysis period.

Analog systems segment is anticipated to witness significant CAGR of over 4.5% over the forecast timeline. Cost effectiveness of analog systems in comparison to technologically advanced digital systems has increased its adoption especially in the middle and lower income countries. Moreover, reimbursement offered by Medicare for X-rays performed using these systems will increase patient preference towards analog systems thus, favoring segmental growth.

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Detector segment accounted for over 30% of revenue share in 2018 and is expected to witness significant CAGR during the analysis timeframe. Flat-panel detectors are increasingly entering the market as they are well established in the field of cardiologic angiography, mammography radiography. Additionally, flat-panel detectors are ready for market introduction in fluoroscopy and general angiography. Rising demand for such advanced detectors with improved quality check standards will spur the revenue size.

Computed radiography of technology segment accounted for more than USD 5 billion in 2018. Segment growth is attributed to emergence of novel digital imaging modalities and introduction of new equipment by various industry players. For instance, Vita LE CR System offered by Jones X-Ray, Inc., is relatively light weight and designed explicitly for small space environments. Moreover, Konica Minolta, Inc. offers variety of CR models such as REGIUS MODEL 370, REGIUS MODEL 210 and REGIUS MODEL 190. Therefore, introduction of innovative products will increase the product demand thus, bolstering the business growth.

Fixed X-ray systems segment held around 55% revenue share in 2018 owing to increasing government investments for installation of advanced diagnostic equipment. Fixed plate X-rays are extremely common diagnostic systems. Mammograms and dental x-rays are the examples of fixed x-ray systems. The fixed X-ray systems are designed to address imaging needs in all clinical settings and have application in various clinical conditions. Such factors will augment segmental growth over the forecast period.

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Dental application segment was valued more than USD 1.4 billion in 2018. Increasing prevalence of dental diseases such as periodontitis, gingival disease, dental caries and plaque will surge the demand for dental X-rays. Availability of advanced technologies to detect these diseases along with effective measures undertaken by organizations to resolve dental problems are major factors stimulating dental X-ray market growth.

Hospitals segment is poised to exceed USD 7 billion by 2025. Hospitals are becoming more amenable to new and technologically advanced products over the recent years. Procedures done using high-end mobile C-arm X-ray equipment, requiring flat panel technology, leads to improved diagnostic efficiency and increased patient output. Furthermore, presence of well-developed infrastructure and skilled personnel in hospital settings will drive the segmental growth.

North America medical X-ray market will experience more than 5% CAGR during the analysis period. Technological innovations, availability of venture capital, increasing healthcare spending and rising government funding will drive medical X-ray industry growth over the forecast period. Moreover, increasing private and public investment particularly in the field of healthcare, focus of industry players on expanding and fostering innovative potential will further augment regional industry growth.

Some of the prominent industry players in medical X-ray market are Agfa Healthcare, Carestream Health, Canon, Dentsply Sirona, GE Healthcare, Fujifilm Medical Systems, Hologic, Hitachi Medical, Konica Minolta, Philips Healthcare, Midmark and PerkinElmer. These prominent business players are focusing on strategic alliance, new product launch and collaborations to strengthen their market position. For instance, in November 2017, Neusoft Medical Systems launched NeuViz Prime. The product offers superior diagnostic images with numerous inbuilt features such as 0.259 second rotation speed. Moreover, technological advances will favor industry growth.

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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This release was published on openPR.