Global X-ray Market Gains from Rising Prevalence of Diseases, Poised to Touch US$11.79 bn by 2022
With the prevalence of dental, respiratory, and cardiovascular diseases rising, so is the use of X-rays. This will augur well for the growth of the global X-ray market, states Transparency Market Research in its study, titled ‘X-ray Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022’. TMR states that the global X-ray market will log a CAGR of 4.5% between 2014 and 2022 as it rises from its valuation of US$7.89 bn in 2013 to US$11.79 bn by 2022.
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The recent commercialization of highly sophisticated X-ray systems and techniques has helped companies enrich their product portfolio and given buyers the ability to invest in more effective products. Moreover, a rapidly aging population, which has caused an increase in the demand for healthcare products and services, will help the X-ray market expand.
Among the key market restraints identified by TMR analysts are: High costs that could hinder widespread adoption and the enforcement of legal provisions that promote healthcare facilities to cut service costs. Market players can benefit from emerging opportunities in countries in Latin America, Africa, and Asia Pacific. The report also conducts a Porter’s five forces analysis to provide clarity on the bargaining power of suppliers and buyers as well as threats posed by substitutes and new market entrants.
The global X-ray market is segmented on the basis of product type, technology, type, applications, and geography. Based on product type, the global X-ray market is segmented into portable and stationary X-rays. Stationary X-ray systems held a sizeable share (60.1%) of the global X-ray market by product type in 2013 as they have been in use since several decades in both mature and developing markets. Over the report’s forecast period, it is expected that portable X-rays will show better growth, more so as portable X-rays find application in home health care.
Likewise, by technology, the report divides the market into digital and analog x-ray. Of these, digital X-ray systems made up the dominant segment with a share of 69.1% in 2013, and were trailed by analog systems in the same year.By type of X-ray, the market segments studied are: photostimulable storage phosphor detectors, flat panel detectors, and others. Similarly, the X-ray market by application is composed of dental X-ray, cardiovascular X-ray, mammography (X-ray), respiratory X-ray, and other applications.
In 2013, North America was the largest X-ray market in the world, with an impressive share of 34.6% in the global market. Asia Pacific and Europe trailed North America. The presence of developed economies such as Canada and the United States in North America has helped the region consolidate its leading position in the global X-ray market. The high geriatric population and rising prevalence of diseases requiring X-rays as part of the diagnostic process have created growth opportunities for market players in this region.
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In terms of growth rate, however, Asia Pacific will take the lead and emerge as the fastest-growing region in the global X-ray market. Much of this growth will be made possible by the enormous demand for healthcare from China and India, where people increasingly suffer from numerous diseases.
The report’s Company Profiles section assesses market players such as: Carestream Health, Inc., Shimadzu Corporation, Fujifilm Holdings Corporation, Canon, Inc., Philips Healthcare, Agfa-Gevaert N.V., Konica Minolta, Inc., GE Healthcare, and Hitachi Medical Corporation.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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