Acumen Research and Consulting recently published a report titled “Medical X-Ray Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”.
NEW YORK, April 12, 2022 (GLOBE NEWSWIRE) — That global medical x-ray market Size will grow at a CAGR of over 5.2% over the projected years, reaching a value of over $21,057 million by 2030.
X-ray is a modern imaging technique, along with CT scan, MRI and ultrasound, that shows structures in the human body. Some of the problems detected by X-rays include bone fractures and fractures, cancerous bone tumors, lung cancer, pneumonia, breast cancer, heart failure, etc. The increasing prevalence of chronic diseases is primarily driving the growth of the global medical x-rays market. For example, more than 65 million people worldwide have moderate or severe COPD, and scientists estimate that number will continue to rise over the next five decades. The rising trend of digital x-ray is expected to boost the market growth in the coming years as well. The rise of digital x-ray machines is being fueled by increasing government efforts to promote R&D in x-ray machines, as well as growing collaborations between medical device companies and IT companies.
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Global Medical X-ray Market Dynamics
The increasing technological advancement in X-ray systems is expected to create numerous growth opportunities for the market in the coming years. For example, significant breakthroughs in digital radiography (DR) technology were unveiled at the 2019 annual meeting of the Radiological Society of North America (RSNA). Artificial intelligence (AI) automatic detection technologies, more robust glassless detector plates, and methods that extract additional diagnostic data from X-ray imaging were among the trends.
The detection of multiple diseases through X-rays makes them a busy medical device in healthcare. Broken bones, tumors, dental problems, pneumonia, calcifications, some types of trauma, foreign bodies, and other conditions can all be detected with X-rays. Non-COVID-19 viral pneumonia is one of the leading causes of death among young and old adults. According to the CDC, over 1 million adult pneumonia patients are hospitalized in the United States each year, and approximately 50,000 people die from the disease. Chest x-rays are the most accessible method for diagnosing pneumonia, according to the WHO. However, the market is limited by the harmful side effects of X-ray radiation on the body.
Scope of the global medical X-ray market
The medical X-ray market is categorized into type, technology, portability, application, end-use, and geography. The type segment is further divided into digital and analogue. In 2021, the analog segment achieved a significant market share, while the digital segment is expected to achieve the fastest growth rate. Based on the technology, the market is divided into film-based radiography, direct radiography and computed radiography. Among the technologies, the direct radiography (DR) segment is expected to lead the market in the forecast timeframe.
Based on portability, the market can be segmented into fixed and portable. Portable X-ray machines will show the fastest CAGR in the projected years 2022 – 2030. On the basis of application, the market is categorized into cardiovascular, dental (extraoral and intraoral), mammography, veterinary (cardiology, oncology, neurology, orthopedics, and others), breast, orthopedics, and others. The mammography application has an increasing demand due to the growing cases of breast cancer.
Diagnostic centers, hospitals and others fall under the consumer segment. Among them, diagnostic centers generated the largest revenue in 2021, followed by hospitals.
Regional Posture of Medical X-Ray Market
North America, Latin America, Europe, Asia Pacific, Middle East and Africa are covered under the regional category. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period 2022-2030. The high growth in the region is due to increasing government investment in the healthcare sector, rising numbers of cardiovascular and cancer patients, and growing awareness among developing countries. In addition, increasing government initiatives to develop portable and digitally advanced X-ray systems in the region are expected to boost demand in the Asia-Pacific market. Additionally, developed regions such as North America and Europe lead in terms of market share due to rising chronic patient numbers, favorable demographic trends and the presence of high-tech healthcare facilities.
The medical X-ray market encompasses many major players. Top players featured in the report include Canon Medical Systems, Carestream Health, Fujifilm Corporation, GE Healthcare, Hitachi Medical, Hologic, Konica Minolta, Koninklijke Philips NV, Neusoft Medical Systems, and Siemens Healthcare.
Some of the major development strategies that the leading companies are involved in include
In 2019, Shimadzu and Konica Minolta collaborated to create moving X-ray images using dynamic digital radiography (DDR), a new FDA-cleared technology. It captures limb movements, respiratory movements, and neck movements with continuous pulses at around 15 frames per second.
Additionally, in 2019, the U.S. Food and Drug Administration approved GE Healthcare’s artificial intelligence automatic detection method for pneumothorax on its mobile digital radiography systems.
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The industrial x-ray market will exceed $1,170 million by 2030
According to Acumen Research & Consulting, the size of the global industrial X-ray market is estimated to grow at a CAGR of over 7% over the forecast period, reaching a market value of approximately USD 1,170 million by 2030.
That global veterinary teleradiology market is expected to grow at a CAGR of around 6.5% from 2020 to 2027 and reach a market value of around $437.6 million by 2027.
That market for inspection machines is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and reach a market value of around US$ 978.5 million by 2027.
That Global market for angiography devices is forecast to be worth US$16.1 billion by 2026 and the market is expected to register a 6.3% CAGR over the forecast period.
Acumen Research and Consulting is a global provider of market intelligence and consulting services to the information technology, investment, telecommunications, manufacturing and consumer technology markets. ARC helps investment communities, IT professionals and executives make fact-based decisions about technology purchases and develop firm growth strategies to sustain market competition. With a team size of over 100 analysts and more than 200 years of collective industry experience, Acumen Research and Consulting ensures it offers a combination of industry knowledge and global and national expertise.
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