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Crystal Clear Imaging: The Evolution of Digital Radiography
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According to The Business Research Company's, The digital radiography market size has grown strongly in recent years. It will grow from $7.38 billion in 2023 to $8.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to improvements in image quality, reduction in radiation exposure, efficiency in workflow, enhanced diagnostic capabilities, rise in chronic diseases, cost-effective long-term solution, increase in geriatric population.
The digital radiography market size is expected to see strong growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to advancements in portable dr systems, point-of-care imaging growth, hybrid imaging solutions, focus on pediatric imaging, expansion of veterinary imaging, personalized medicine trends, efforts for dose optimization. Major trends in the forecast period include transition from analog to digital imaging, advancements in detector technologies, rise of wireless and portable digital radiography systems, integration of artificial intelligence (ai), standardization and interoperability, rise of mobile x-ray units.
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Market Drivers and Trends:
The increasing incidence of chronic diseases is expected to propel the growth of the digital radiography market going forward. Chronic diseases, also known as non-communicable diseases (NCDs), are long-term health conditions that persist for an extended period, typically for a year or more. Digital radiography is used a valuable tool in the management of chronic diseases as it allows for non-invasive and real-time visualization of anatomical structures and potential abnormalities, early detection, disease progression monitoring, and fracture assessment. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized health agency, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, digital radiography is driving the growth of the digital radiography market.
Technological advancements are a key trend gaining popularity in the digital radiography market. Major companies operating in the digital radiography market are focused on developing new technological solutions to strengthen their position in the market. For instance, in February 2022, Carestream, a US-based company operating in digital radiography, launched DRX Compass, an advanced digital radiology solution. This advanced digital solution for radiology is accurate, convenient, and customizable, giving radiologists a whole new level of efficiency and also providing phenomenal diagnostic quality with the least amount of patient dosage and ease of operation for technicians, improving the diagnostics capabilities and productivity of the diagnostic facility.
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Major Key Players of the Market:
Agfa-Gevaert Group, Carestream Health Inc., Canon Inc., Fujifilm Holdings Corporation, Koninklijke Philips N.V., Siemens Aktiengesellschaft, GE Healthcare, Hitachi Ltd., Konica Minolta Inc., Varian Medical Systems Inc., North Star Imaging Inc., Fresenius SE & Co. KGaA, Shimadzu Corporation, Toshiba Medical Systems Corporation, Bosello High Technology SRL, Detection Technology Oyj, COMET Group, Nikon Corporation, Hologic Inc., Samsung Medison Co. Ltd., Esaote SpA, Mindray Medical International Limited, Analogic Corporation, PerkinElmer Inc., Varex Imaging Corporation, Ziehm Imaging GmbH, Planmeca Oy, Dentsply Sirona Inc., Villa Sistemi Medicali S.p.A., Agilent Technologies Inc.
Digital Radiography Market 2024 Key Insights:
• The digital radiography market size is expected to see strong growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Surging Digitization In Healthcare Propels Growth In The Digital Radiography Market
• Technological Advancements Shape The Future Of The Digital Radiography Market
• North America was the largest region in the digital radiography market in 2023
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