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X-Ray Market Valuation Is Expected To Rise US$11.8 bn By 2022 & Applications
X-rays are an invisible part of the electromagnetic spectrum and can be used for diagnostic purposes due to the property of bones of being impermeable to X-rays. This allows medical practitioners to obtain detailed images of the internal structure of various parts of the body, aiding easy diagnosis and effective treatment. According to the report, the global X-ray market was valued at US$7.9 bn in 2013. Exhibiting a steady 4.5% CAGR from 2014 to 2022, the market’s valuation is expected to rise to US$11.8 bn.
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The rising prevalence of dental and cardiovascular disorders is the prime factor driving the demand for X-ray diagnostic systems. The increasing prevalence of orthopedic disorders and the benefits of diagnosing them early on with precise X-ray systems have also driven the global X-ray market.
The increasing global geriatric population is another major driver for the global X-ray market, as the geriatric demographic is more prone to both orthopedic and dental disorders than younger demographics.
The technological advancements in X-ray systems and the growing incorporation of modern devices and techniques has also made consumers more comfortable with X-ray technology. This is another major driver for the global X-ray market.
However, the high costs of advanced diagnostic tools have held the X-ray market back in emerging regions. The increasing prevalence of socialized or universal healthcare programs is also leading to an effort to cut costs, which has kept the demand for advanced X-ray systems in check.
By type of usage, stationary X-ray systems held a dominant 60.1% share in the global X-ray market in 2013. Stationary X-ray systems have been used since the introduction of X-ray technology to medical science due to their convenience and low level of technical intricacy. However, the demand for portable and handheld X-ray systems is growing rapidly – to the extent that mobile and handheld X-ray systems are expected to become the major product type in the global X-ray market by 2022. Portable X-ray systems eliminate the need for any effort on the part of the patient, as the equipment can even be used by the bedside. Considering the serious nature of ailments for which X-ray systems are used for diagnosis, this represents a significant advancement.
By technology, digital X-ray systems overtook the conventional analog X-ray systems in the last few decades and now hold a dominant 69.1% of the global X-ray market. Within digital X-ray systems, computed radiography held the largest market share in 2013.
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Regionally, the Asia Pacific market for X-ray systems is expected to exhibit the highest growth rate in the 2014-2022 forecast period, driven by the increasing demand from China and India. However, North America was the largest regional segment of the global X-ray market in 2013, accounting for 34.6% of the global market.
Major players in the global X-ray market include Fujifilm Holdings Corporation, Carestream Health Inc., GE Healthcare, Canon Inc., Hologic Inc., Shimadzu Corporation, Hitachi Medical Corporation, Siemens Healthcare, PerkinElmer, Inc., and Toshiba Corporation.
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