X-ray Market, by Technology (Analog, Digital), Application (Radiography, Orthopedic, Cardiovascular, Fluoroscopy, Chest), End-User (Hospital & Clinic, Diagnostic Center, Ambulatory Surgical Center, Research Center): Global Opportunity Analysis and Industry Forecast, 2020–2027

The global X-ray market is estimated to witness significant growth due to the increasing prevalence of cancer, dental problems, cardiovascular diseases, and other chronic illnesses. In addition, growing healthcare costs, the aging population, technological advances, and the benefits of digital X-ray systems are the main growth drivers for the global X-ray market.

X-ray Market, Analysis:

The X-ray systems have a filmless imaging facility. It uses a wireless flat panel detector that collects photographs and then shows them on a computer device board. In recent years, large applications of medical X-ray systems in the treatment of diseases have increased their adoption. In addition, supportive insurance programs to guarantee patient access to sufficient and good quality imaging facilities would fuel growth in the global X-ray market.

Rapidly aging global population with a growing need for healthcare services are expected to drive the global X-ray market:

Aging raises the need for health care services because it makes individuals vulnerable to infectious diseases such as cardiac failure, lung diseases such as tuberculosis, dental caries or oral cancer, and orthopedic problems such as osteoporosis. Much of the developing world has a large geriatric population. About 82% of those suffering from coronary heart disorders are 65 years of age and above. This is the primary reason for a sharp increase in demand for mobile and portable X-ray devices over the past few years, and this is expected to continue in the future due to its usability.

High installation cost is anticipated to restrain the growth of the global X-ray market:

In several nations, the expense of regular check-ups that require X-ray scans, blood tests, and extensive medication monitoring is still expensive as a consequence of which the global X-rays market is facing a setback. High installation costs paired with the risk of radiation exposure, to some extent, are expected to hinder the market growth in the near predicted future.

Increasing R&D activities are anticipated to create enormous opportunities for the global X-ray market:

X-ray firms are growing their R&D activities to fuel the production of sustainable and more reliable CT scanners. They are exploring more into this opportunity for designing better CT detectors to allow more accurate images at low cost to the device. New CT scanners are designed to address the challenges involved in installing and manufacturing an X-ray sensor. In order to make CT scanners more commercially feasible, businesses are combining photodiodes and ADCs into one device. Growing advancements in X-ray technologies are foreseen to act as an opportunity in the predicted period for the global X-ray market.

X-ray Market, by Technology:

Digital will be most lucrative till 2027

By technology, the global X-ray market is divided into analog and digital. Amongst these, digital X-ray technology is expected to be the highest growing segment in the forecasted period due to the additional benefits offered, such as enhanced pictures, time efficiency, and digital image transfer.

X-ray Market, by Applications:

Orthopedic is estimated to dominate the market till 2027

By applications, the global X-ray market is categorized into radiography, orthopedic, cardiovascular, fluoroscopy, and chest. Out of these, orthopedic is expected to dominate the market shares till 2027 due to the rising prevalence of osteoporosis in females owing to thinner bones and reduced bone density compared to males.

X-ray Market, by End-Users:

The diagnostic sector is estimated to be the highest growing till 2027

By end-users, the global X-ray market is bifurcated into hospitals & clinics, diagnostic centers, ambulatory surgical centers, and research centers. Amongst these, the diagnostic sector is anticipated to be the fastest-growing market due to the X-ray being the most efficient and conventional diagnostic instrument. Moreover, owing to high operating performance, the diagnostic centers offer care at a considerably lower cost than hospitals.

X-ray Market, by Region:

Asia-Pacific region will have lucrative opportunities for the market investors

The global X-ray market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions. Asia Pacific market is expected to lead the market shares in the forecasted period due to rising geriatric population, especially in Japan. Furthermore, growing disposable incomes, rendering advanced technology, and favorable policy initiatives fuel market growth. North America is predicted to be the fastest-growing market after the Asia-Pacific region. This is owing to the growing need for preventive treatment and early detection of the disorder.

Key Participants in the Global X-ray Market:

Merger & acquisition and advanced product development are the frequent strategies followed by the market players

Source: Research Dive Analysis

Some of the key market players are Koninklijke Philips N.V., Varian Medical Systems, Fujifilm Holdings, Toshiba Corp., Agfa-Gevaert N.V., Carestream Health, GE Healthcare, Konica Minolta Medical Imaging, PerkinElmer Inc., Shimadzu Corp., and others.

Market players prefer to expand inorganic growth strategies to the local markets. Market players of the global X-ray market are putting more emphasis on merger & acquisition and advanced product development. These are the conventional approaches that existing organizations pursue. To emphasize more on market player competitor analysis, the report explains Porter's five force model.