[370 Pages Report] The global diagnostic x-ray system market is expected to enjoy a valuation of USD 11.30 Billionby the end of the year 2022, and further expand at a CAGR rate of 6.1% to reach a valuation of ~USD 20.46 Billionby the year 2032. According to a recent study by Future Market Insights, Medical X-ray Devices are leading the market with a share of over 65% in the year 2021, within the global market.
Market Outlook:
| Data Points | Market Insights |
|---|---|
| Market Value 2022 | USD 11.30 Billion |
| Market Value 2032 | USD 20.46 Billion |
| CAGR 2022 to 2032 | 6.1% |
| Market Share of Top 5 Countries | 54.8% |
| Key Market Players | Shimadzu Corporation, Medlink Imaging, LLC, Konica Minolta Healthcare Americas, Inc., Leidos, ODSecurity, Rigaku Corporation, Anton Paar GmbH, Braun & Co. Limited, Xenoc, Proto Manufacturing, OSI Systems, Siemens Healthineers, General Electric Company, FUJIFILM Holdings Corp, Koninklijke Philips N.V., Carestream Health, Canon Medical Systems Corporation, Smiths Detection Group Ltd., Thermo Fisher Scientific Inc., Astrophysics Inc., Malvern Panalytical Ltd, NUCTECH COMPANY LTD, Bruker. |
X-Ray technology has been used for a long time in the form of medical diagnostics equipment in order to produce images of the internal structure of an individual. The ionizing radiation of X-Rays passes through the body as X-Ray beams, which are then absorbed in varying amounts as per the bone material density. Mammography, digital radiography (DR), and interventional radiology are some of the types of X-Ray devices. One such method is X-ray diffraction or XRD which is used to examine the molecular structure of materials using X-Rays.
Nowadays, X-ray security screening systems are also highly preferred for security purposes in various public places, such as airports, railways station, and others. Scanning of an individual or their baggage across venues including government offices, airports, and even border terminal points is done to avoid letting hazardous objects within the secured premises.
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The market value for the diagnostic x-ray system market was approximately 24% of the overall ~USD 45.0 Billion of the global medical imaging equipment market in 2021.
The sale of the diagnostic x-ray system market expanded at a CAGR of 3.5% from 2012 to 2021, owing to the rising number of imaging procedures globally.
The market for X-Ray systems is expected to show attractive growth in the future. There are consistently growing advancements and precision in the imaging market. Moreover, these days people prefer the adoption of smart technology in all the technological equipment that is being used, whether in research and development, medical diagnostic, or security scanning systems.
According to WHO stats, an approximated 3.6 billion diagnostic medical procedures, including X-rays, are carried out year globally. As more people receive medical care, this figure keeps rising. These procedures are carried out on kids under 15 in over 350 million cases.
Also, over the past ten years, the worldwide security screening sector has grown quickly due to the rise in threats and the necessity to prevent unethical and illegal behavior. The need for increased national and infrastructure security spending brought on by rapid economic expansion will continue to drive the adoption of dependable, cutting-edge technology-based security screening systems.
Emerging infectious diseases present a variety of radiological challenges, necessitating knowledge of both safe imaging procedures and disease transmission, as well as imaging characteristics that influence clinical therapy.
Rapid development in material science offers a great opportunity to revolutionize the future of X-ray imaging technology.
There is a tremendous chance to completely transform the direction of X-ray imaging techniques given the rapid advancement in material science. High-performance X-ray imaging has become increasingly dependent on scintillator materials, which can transform high-energy radiation into UV-Vis photons.
The creation of flexible X-ray detectors that may be used for 3D X-ray imaging of oddly shaped objects is another area of current research that has received attention. X-ray luminescence extension imaging with high resolution and flexibility has only recently been made possible by the development of lanthanide-doped fluoride materials made using wet chemical techniques.
The emergence of AI-aided X-ray systems and the interpretation of images will also lead to more opportunities for imaging procedures in the forecast years. The incorporation of artificial intelligence (AI) in diagnostic imaging, including but not limited to image processing and interpretation, is one of the most attractive areas of health innovation. AI is anticipated to have a significant impact on the daily lives of radiologists due to its numerous uses.
Owing to the aforementioned factors, the diagnostic x-ray system market is expected to grow at a CAGR of about 6.1% in the projected years.
Principal Consultant
There is enormous scope for growth in the diagnostic X-ray system market but some factors are still pertinent to restrict its growth.
There is quite a high cost of complex radiological imaging procedures and devices accompanied by large out-of-pocket expenses prevailing in the USA as more consumers acquire health insurance using high deductible plans. Patients and families that must make large co-payments for imaging studies frequently ask why they are being charged so much and frequently choose alternatives with lower fees.
Also, there are long-term side effects of radiation exposure. According to WHO stats, 20% of the population is exposed to radiation due to medical purposes, which accounts for 98% of the population's dosage exposure from all artificial sources. Ionizing radiation is a health concern, as it can destroy tissue and DNA in genes because it can damage the atoms in living organisms.
There is also the availability of safer alternative imaging procedures. Apart from conventional X-ray systems and devices, there have been developments in safer alternatives that give faster and more accurate results. These imaging procedures also provide less exposure to ionizing radiation and are less time-consuming in medical applications.
The above-mentioned factors can limit the growth of the diagnostic x-ray system market.
The USA dominated the North American region with a total market share of about 89.4% in 2021 and is expected to continue to experience the same growth throughout the forecast period.
According to the National Library of Medicine, infectious diseases are the main cause of disability, the second leading cause of mortality, and the third major reason of death in the USA, trailing behind heart disease and cancer.
This accounts for increased medical diagnostic procedures in the USA and hence a larger market in diagnostic X-ray systems. Also, electronic equipment with more advancement is a part of its economy, which always keeps the USA diagnostic X-ray system market larger than the others.
Japan is set to exhibit good growth with a current market share of 37.4% of diagnostic X-ray systems in the East Asia market during the forecast period.
According to the Statistics Bureau of Japan, the proportion of people in Japan who were 65 or older in 2020 was 28.6 percent, higher than the USA (16.6 percent), Sweden (20.3%), France (20.8%), Germany (21.7 percent), as well as Italy (23.3 percent), showing that Japan's aging society is developing more quickly than that of the USA and other European nations.
This will lead to more diagnostic procedures in Japan due to age-related factors such as osteoarthritis or fall fractures, of which X-ray is an important part. And also, since Japan is always ahead in technological advancement, the manufacturing companies for these systems and major players are also present there in large numbers, which will drive the market towards attractive growth in the future.
China dominates the East-Asian region with a total market share of over 40% in 2021 and is expected to continue to experience the same growth throughout the forecast period.
The Chinese market is full of major players in the manufacturing of medical devices and other imaging systems. And since there is a huge amount of export from the Chinese market, the market here is extremely lucrative and can project great opportunities in the future as well.
India has the largest share over 48.0%, in the South-Asia market in 2021.
The need for increased national and infrastructure security spending brought on by rapid economic expansion will continue to drive the adoption of dependable, cutting-edge technology-based security screening systems.
There are now more hospitals and diagnostic labs because of the country's expanding healthcare infrastructure. The Indian government is committed to improving the manufacturing ecosystem and has chosen the medical device industry as a priority sector for its flagship Make in India program. The Indian medical device market is Asia's fourth-largest market for medical equipment.
The Indian market currently depends heavily on imports, but exports have increased recently.
The Promotion of Medical Devices Parks Scheme and the Production Linked Incentive Scheme (PLI) has been cleverly designed to encourage large-scale manufacturing and to create the necessary infrastructure for the growth of manufacturing clusters in India.
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Medical X-ray Devices have a current market value share of over 65% in the global market in 2021, but in contrast, the security systems are expected to show attractive growth with a CAGR of about 11.6% in the forecast years.
Post-COVID-19 pandemic, there was a huge upsurge in the medical diagnostic imaging sector, which led to an increase in the number of X-ray procedures. Infectious diseases are the main cause of disability, the second leading cause of mortality, and the third major reason of death in the USA, trailing behind heart disease and cancer.
The medical segment, using these X-ray systems, held the highest market share value of 54.7% during the year 2021.
The growing number of trauma cases, osteoporosis, and injuries has necessitated the demand for medical diagnosis using x-ray systems around the world.
As per a research article published in the Journal of Orthopaedic Surgery and Research, in 2021, the prevalence of osteoporosis is nearly 18.3% around the globe. Another published paper in Elsevier mentioned the incidence of long bone-related fractures to be around 406 out of every 1 lac person. musculoskeletal trauma poses a huge burden on the economy.
To guarantee that people in need receive treatment and counseling, access to diagnosis, medications, and basic health technology equipment in all primary healthcare facilities is crucial.
Hospitals held more than 60% of the global market revenue in 2021. But due to upcoming security norms and requirements, government facilities & homeland security, in the forecast years, are expected to show growth with a CAGR of about 8.5%.
The market for diagnostic X-Ray systems is highly fragmented. Increased application in the field of healthcare, as well as security purposes, has led many companies to enter the market by way of providing services or acquiring smaller companies offering these services in order to maintain as well as grow their current market position.
Similarly, recent developments related to companies manufacturing diagnostic x-ray systems have been tracked by the team at Future Market Insights, which are available in the full report.
| Attributes | Details |
|---|---|
| Forecast Period | 2012 to 2021 |
| Historical Data Available for | 2022 to 2032 |
| Market Analysis | USD Million for Value and Volume (Units) |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, UK, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, GCC, South Africa |
| Key Market Segments Covered | Product, Application, End User, and Region |
| Key Companies Profiled |
Shimadzu Corporation; Medlink Imaging, LLC; Konica Minolta Healthcare Americas, Inc.; Leidos; ODSecurity; Rigaku Corporation; Anton Paar GmbH; Braun & Co. Limited; Xenoc; Proto Manufacturing; OSI Systems; Siemens Healthineers; General Electric Company; FUJIFILM Holdings Corp; Koninklijke Philips N.V.; Carestream Health; Canon Medical Systems Corporation; Smiths Detection Group Ltd; Thermo Fisher Scientific Inc.; Astrophysics Inc.; Malvern Panalytical Ltd; NUCTECH COMPANY LTD; Bruker |
| Pricing | Available upon Request |
The global diagnostic x-ray system market is expected to be worth USD 11.30 Billion in 2021 and is set to expand 1.8X over the next ten years.
The Diagnostic X-Ray System Market is expected to reach USD 20.46 Billion by the end of 2032, with sales revenue expected to register a CAGR of about 6.1%.
The primary drivers of the market are the increasing burden of cardiovascular diseases, infectious diseases, growing advancement in X-ray systems technology, and increased initiatives by the government in medical device manufacturing.
USA, China, Japan, Germany, and India are expected to drive demand for the diagnostic X-Ray system market.
North America is one of the key markets for diagnostic X-ray system, with the USA accounting for about 89.4% of the North American diagnostic X-Ray system market in the year 2021.
China has the largest share of over 40% in the East Asia diagnostic x-ray system market.
Europe is one of the important markets for of diagnostic X-Ray system, with Germany accounting for about 22.8% of the European diagnostic x-ray system market in the year 2021.
The USA and China are the key producers of diagnostic X-Ray systems.
Oceania diagnostic X-Ray systems market is expected to grow at a projected CAGR of about 4.5%.
Shimadzu Corporation, Medlink Imaging, LLC, Konica Minolta Healthcare Americas, Inc., Leidos, ODSecurity, Rigaku Corporation, Anton Paar GmbH , Braun & Co. Limited, Xenoc, Proto Manufacturing, OSI Systems, Siemens Healthineers, General Electric Company, FUJIFILM Holdings Corp, Koninklijke Philips N.V., Carestream Health, Canon Medical Systems Corporation, Smiths Detection Group Ltd., Thermo Fisher Scientific Inc., Astrophysics Inc., Malvern Panalytical Ltd, NUCTECH COMPANY LTD and Bruker are s
1. Executive Summary | Diagnostic X-Ray System Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Market Background 6. COVID-19 Crisis Analysis 7. Global Market Volume Analysis 2014 to 2021 and Forecast, 2022 to 2032 8. Global Market - Pricing Analysis 9. Global Market Demand (in Value or Size in US$ Million) Analysis 2012 to 2021 and Forecast, 2022 to 2032 10. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By Product 10.1. Medical X-ray Devices 10.1.1. Fixed/floor mounted 10.1.2. Mobile and Portable Devices 10.2. X-Ray Diffraction (XRD) 10.2.1. Powder Diffraction 10.2.2. High-Resolution XRD 10.2.3. Custom XRD 10.3. Security X-Ray Devices 10.3.1. Closed X-Ray Systems 10.3.2. Full body scanner 10.3.2.1. Single View 10.3.2.2. Dual View 10.4. X-Ray Fluorescence (XRF) 10.5. SAXS/WAXS 11. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By Application 11.1. Medical 11.2. Research and Development 11.3. Security 12. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, By End User 12.1. Hospital 12.2. Diagnostic Imaging Centers 12.3. Airports 12.4. Malls 12.5. Railway & Metro Stations 12.6. Government Facilities & Homeland Security 13. Global Market Analysis 2012 to 2021 and Forecast 2022 to 2032, by Region 13.1. North America 13.2. Latin America 13.3. Europe 13.4. East Asia 13.5. South Asia 13.6. Oceania 13.7. Middle East & Africa 14. North America Market Analysis 2012 to 2021 and Forecast 2022 to 2032 15. Latin America Market Analysis 2012 to 2021 and Forecast 2022 to 2032 16. Europe Market Analysis 2012 to 2021 and Forecast 2022 to 2032 17. South Asia Market Analysis 2012 to 2021 and Forecast 2022 to 2032 18. East Asia Market Analysis 2012 to 2021 and Forecast 2022 to 2032 19. Oceania Market Analysis 2012 to 2021 and Forecast 2022 to 2032 20. Middle East and Africa Market Analysis 2012 to 2021 and Forecast 2022 to 2032 21. Market Structure Analysis 22. Competition Analysis 22.1. Shimadzu Corporation 22.2. Medlink Imaging, LLC 22.3. Konica Minolta Healthcare Americas, Inc. 22.4. Leidos 22.5. ODSecurity 22.6. Rigaku Corporation 22.7. Anton Paar GmbH 22.8. Braun & Co. Limited 22.9. Xenoc 22.10. Proto Manufacturing 22.11. OSI Systems 22.12. Siemens Healthineers 22.13. General Electric Company 22.14. FUJIFILM Holdings Corp 22.15. Koninklijke Philips N.V. 22.16. Carestream Health 22.17. Canon Medical Systems Corporation 22.18. Smiths Detection Group Ltd 22.19. Thermo Fisher Scientific Inc 22.20. Astrophysics Inc. 22.21. Malvern Panalytical Ltd 22.22. NUCTECH COMPANY LTD 22.23. Bruker 23. Assumptions and Acronyms Used 24. Research Methodology
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Diagnostic X-Ray System Market
