X-ray Detectors Market by Type (Flat Panel Detectors, Line-scan Detectors, CCD Detectors, and Computed Radiography), Application (Medical Application, Security Application, Dental application, Industrial application, and Veterinary application), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Global X-ray Detectors Market Analysis

The global x-ray detectors market is predicted to garner $7,426.5 million in the 2021–2028 timeframe, growing from $5,222.6 million in 2020 at a healthy CAGR of 4.60%.

Market Synopsis

Strategic alliances among market players, along with introduction of smart and effective x-ray devices, for example filmless imaging machines is expected to accelerate the growth of the x-ray detectors market.

However, higher cost of digital x-ray and stringent government regulations are some of the growth-restricting factors for the market.

According to the regional analysis, the Asia-Pacific x-ray detectors market is anticipated to grow at a CAGR of 5.40% during the review period due to increasing budget allocation and research activities in the healthcare sector.

X-ray Detectors Overview

X-ray detectors are devices that are used to measure the properties of x-rays and they transport x-ray radiations into electronic forms. Therefore, they are majorly used in medical imaging for creating images of body structures and tissues. Also, x-ray detectors are used in dental, industrial, and security industries for imaging.

Impact Analysis of COVID-19 on the Global X-ray Detectors Market

Though the novel coronavirus pandemic had a devastating effect on several industries, the x-ray detectors market had experienced an upliftment during this period, owing to its diagnostic imaging facilities. Moreover, during the pandemic, the use of chest x-rays to detect the presence of the coronavirus along with pneumonia in lungs has increased. Therefore, the importance of x-ray detectors has skyrocketed, driving the growth of the market.

In addition to this, several researches are ongoing during the pandemic for helping the society recover from the chaotic situation. For instance, Louisiana State University Health Sciences Center New Orleans, in September 2020, announced that they had conducted a study on approximately 400 people to study the effects of COVID-19. They evaluated the RT-PCR and chest x-rays and experienced that chest x-rays are 96.6% accurate in detecting SARS-CoV-2. The above-stated factors show that the pandemic may generate substantial investment opportunities in the market in the coming years.

Increasing Use of X-ray Detectors in Orthopedic to Surge the Market Growth

The global x-ray detectors industry is witnessing a massive growth mainly due to an increase in the detection of orthopedic and other diseases. Orthopedic doctors are often using x-ray detectors to obtain clear images to understand the ailment or injury. Carestream, a worldwide provider of medical imaging systems and IT solutions, in June 2019, announced that they had launched small-format Carestream DRX Plus 2530C X-Ray Detector with cesium iodide technology. The x-ray detector is designed in such a way that it has a resolution of 98 microns for delivering smallest anatomical structures that are present in pediatric patients.

The emergence of x-ray detectors in industrial application is already leading market players to innovate strategies to attract customers. For example, Varex, key market player in x-ray inspection in May 2019, announced that they had launched two different types of x-ray detectors 3020DXV-I and 3030DXV-I. They are designed in a way to offer application inspection services. These types of initiatives from market leaders are also predicted to drive the growth of the market.

To know more about global x-ray detectors market drivers, get in touch with our analysts here.

Higher Cost of X-ray Detectors to Restrain the Market Growth

The x-ray detectors are costlier, and it is expected to restrain the growth of the global market during the forecast period. Also, higher exposure of x-rays can cause various side-effects such as hair loss, bleeding, vomiting, and fainting. Therefore, such factors may create a negative impact on the growth of the market during the forecast period.  

Growing Trends of Artificial Intelligence in X-rays to Create Massive Investment Opportunities

The global x-ray detectors market is growing at a very fast pace due to the shifting of x-ray technology towards artificial intelligence for higher sensitivity and specificity of x-ray detectors. Moreover, according to an article in Health Analytics, in September 2019, Intermountain Healthcare and Stanford University announced that they had combined x-ray detectors with artificial intelligence and the device is known as CheXpert system. The system is designed in such a way that it can analyze images in 10 seconds with higher level of accuracy. Therefore, these are major growth accelerating factors of the x-ray detectors, thereby positively affecting the market growth.  

Furthermore, key players working in x-ray detectors market are following notable strategies such as product innovation along with strategic tie-ups in order to grow worldwide. For instance, Duke University engineers, in June 2021, announced that they had launched prototype X-ray scanning system. The scanning system is designed in such a way that it is capable of scanning chemical makeup of any type of objects. This technique can offer wide applications in different medical fields such as pathology, geology, cancer surgery and drug inspection, which may further lead to lucrative market opportunities for key players in the upcoming years.

To know more about global x-ray detectors market opportunities, get in touch with our analysts here.

Global X-ray Detectors Market, by Type

Based on type, the market has been divided into flat panel detectors, line-scan detectors, CCD (charge coupled device) detectors, and computed radiography sub-segments of which the flat panel detectors sub-segment is projected to generate the maximum revenue and computed radiography is predicted to show the fastest growth.

Source: Research Dive Analysis

The flat panel detectors type sub-segment is predicted to have a dominating market share in the global market. The sub-segment is expected to register a revenue of $2,713.10 million during the forecast period. The growth of the sub-segment is mainly attributed to its advantages over all other types of x-ray detectors. For instance, flat panel detectors are less expensive, faster, and sensitive. Moreover, key players operating in the market are adopting strategic collaborations to offer best type of x-ray detectors to customers. For instance, Thales and NEHS, key players in healthcare system, announced that they jointly launched Aero DR NS flat panel detector. The flat panel detector is designed in such a way that enables fast detection imaging and diagnostics of diseases in any kind of health emergency. These factors may bolster the growth of the sub-segment during the forecast period.

The computed radiography type sub-segment is predicted to have the fastest growth in the global market. The sub-segment is expected to register a revenue of $2,115.10 million during the forecast period. Computed radiography uses flexible phosphor imaging plate (IP) for capturing diseases digitally, rather than using normal photographic film. Computed radiography does not require chemicals like other detectors. For example, direct conversion flat panel detectors require chemicals like amorphous selenium (a-Se) or cadmium telluride (Cd-Te). Also, images that are produced by computer radiography is highly dynamic.  All such factors are anticipated to enhance the computed radiography type of x-ray detectors and it may accelerate the global market growth.

Global X-ray Detectors Market, by Application

Based on application, the market has been sub-segmented into medical application, security application, dental application, industrial application, and veterinary application. Among the mentioned sub-segments, the medical application sub-segment is predicted to show the fastest growth as well as garner a dominant market share.

Source: Research Dive Analysis

The medical application sub-segment of the global x-ray detectors market is projected to have the fastest growth as well as a dominant share. It is also projected to surpass $3,045.90 million by 2028, with an increase from $ 2,052.90 million in 2020. This growth in the market can be attributed to the increasing number of patients with cardiovascular, oncology, dental, orthopedic, and other diseases. The hike could be due to urban residents' changing lifestyles and them having to deal with stress on a regular basis. Moreover, according to National Cancer institute in 2020, more than 1,806,590 new cases of cancer were diagnosed in the U.S. All such elements may surge the market growth.

Global X-ray Detectors Market, Regional Insights:

The x-ray detectors market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Source: Research Dive Analysis

The Market for X-ray Detectors in North America to be the Most Dominant

The North America x-ray detectors market accounted $1,916.70 million in 2020 and is projected to register a revenue of $2,606.70 million by 2028. The extensive growth of the North America x-ray detectors market is mainly driven by the strong presence of leading x-ray detectors providers such as Varex Imaging Corporation (US), Teledyne DALSA Inc. (US), and Carestream Health (US) who offer trending x-ray detectors that have higher resolution, high detection efficiency, sensitivity, and contrast. Furthermore, increasing budget allocation on research & development activities by the companies and research institutions is also expected to drive the market growth. For instance, Thales, in January 2020, announced that they had launched X-ray detectors for radiography and fluoroscopy. This new technology is expected to open new ways in genome research for studying the genetic mutation in genes as well as protein crystallography. Such developments are likely to advance the growth of the market in the predicted time span.

The Market for X-ray Detectors in Asia-Pacific to be the Fastest Growing

The share of Asia-Pacific x-ray detectors market is anticipated to grow at a CAGR of 5.40% by registering a revenue of $2,094.30 million by 2028. The growth is anticipated due to an increase in the number of geriatrics suffering from chronic diseases like cardiovascular diseases, cancer, and pneumonia in Asian countries like India and China. Moreover, rising medical tourism and healthcare budget, might foster the Asia-Pacific x-ray detectors market, in the upcoming years.

Competitive Scenario in the Global X-ray Detectors Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading x-ray detectors market players are Siemens AG, Koninklijke Philips N.V, General Electric, Thales Group, Carestream Health, Inc., Rayence Inc., Toshiba, Varex Imaging Nederland B.V., Trixell, and Orvee Medical Solutions.

Porter’s Five Forces Analysis for the Global X-ray Detectors Market:

• Bargaining Power of Suppliers: The service suppliers of x-ray detectors market are high in number and are larger and more globalized. So, there will be less threat from the suppliers.
  Thus, the bargaining power of suppliers is low.   
• Bargaining Power of Buyers: Buyers demand effective x-ray detectors that can scan and detect images in low cost and less time. This has increased the pressure on the x-ray detectors providers to offer the x-ray detectors in a cost-effective way. Thus, many suppliers are offering best yet cost –effective x-ray detectors. This gives the buyers the option to freely choose x-ray detectors that best fits their preference.
  Thus, the bargaining power of the buyers is high. 
• Threat of New Entrants: Companies entering the x-ray detectors market are adopting various innovations such as developing x-ray detectors that uses artificial intelligence.  
  Thus, the threat of the new entrants is moderate.
• Threat of Substitutes: Different types of technologies are available in the market, such as ultrasound techniques and visible techniques but they do not offer services as x-ray detectors.
  Therefore, the threat of substitutes is low. 
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Siemens AG, Koninklijke Philips N.V, and General Electric. These companies are launching their value-added services in the international market and strengthening the footprint worldwide.
  Therefore, competitive rivalry in the market is high.