X-ray Market will log a CAGR of 4.5% by 2022

Ever since the inception of the X-ray machine into the healthcare industry, the methods and rates of diagnostics for multiple problems has accelerated. The X-ray machines have to date, been a vital part of healthcare and are absolutely necessary when it comes to identifying problems related to bones or other parts. The demand for X-ray devices is also increasing in the healthcare industry at a very swift pace, owing to reasons ranging from a growing geriatric population to the growing range of medical outreach in multiple regions.

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The global X-ray market is expected to reach 11.79 bn by the end of 2022, owing to several factors pushing for its growth and development. The market was valued at US$7.89 bn in 2013 and is effectively progressing at a CAGR of 4.5% within a forecast period from 2014 to 2022.

What is the Current Age Demographic for X-ray Device Demand?

Based on the age of patients requiring X-ray imaging, the geriatric population is by far the leading demographic for the global X-ray market. Their numbers are also growing at a swift pace across all key regions, especially within developed economies from Europe and North America. The elderly are currently a very common patient demographic across a number of healthcare fields, especially in chronic illnesses such as arthritis, cardiovascular diseases, and diabetes. In fact, it can be said that the overall expenditure on the healthcare industry has been boosted by the surging number of geriatric patients. Consequently, the healthcare industry itself is morphing services, devices, and plans to accommodate more of this demographic than others, and the global X-ray market is one of the core ones receiving the impetus.

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Are X-ray Technologies Ready for Mass Commercialization?

X-ray devices are essentially part of an older technology spectrum now, and find a number of uses even outside the healthcare industry. Technological advancements have allowed for the creation of X-ray devices that are smaller in size than their predecessors while still retaining the growth curve in efficiency and lifespan. As a result, the global X-ray market has been receiving a growing number of investments from both public and private sectors, ensuring certain segments of the market to be ready for mass commercialization. There is still, however, a long way to go for the global X-ray market, as high costs of purchase, installation, and maintenance are holding a lot of buyers back from the more powerful technologies. This is currently trying to be mitigated through government intervention to cut service costs.

Digital X-ray systems are getting a lot more attention than before, thanks to the high rate of development these systems have been through over the recent past.

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This release was published on openPR.