As per the current market research conducted by FMI, the global hand-held X-rays market is expected to record a CAGR of 10.9% from 2023 to 2033. In 2023, the market is projected to reach a valuation of USD 805.69 million. By 2033, the valuation is anticipated to reach USD 2,267.17 million.
The hand-held X-rays market is expected to witness significant growth during the forecast period. The key factors driving market growth include:
| Attributes | Value |
|---|---|
| Market Expected Value (2023) | USD 805.69 million |
| Market Forecast Value (2033) | USD 2,267.17 million |
| Market Expected CAGR (2023 to 2033) | 10.9% |
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Benefits of Hand-held X-rays: The devices provide several benefits over traditional X-ray machines, including improved mobility and flexibility, reduced radiation exposure, and ease of use. This has led to their increased adoption in healthcare facilities. Particularly in emergency departments, intensive care units, and other settings where a rapid and accurate diagnosis is critical.
Increasing Chronic Ailments: The growing prevalence of chronic diseases, such as cancer, heart disease, and respiratory disorders contributed to the demand for hand-held X-ray devices. These conditions require frequent monitoring and imaging. Portable X-ray devices provide a convenient and efficient solution for healthcare professionals.
Advancements in Innovative Technology: Advancements in innovative technology have led to the development of hand-held X-ray devices. As it offers high-quality imaging with minimal radiation exposure. These devices also come equipped with advanced features such as wireless connectivity, cloud-based storage, and real-time image processing.
Significant Development in Medical Industry: The hand-held X-rays market has significant prospects in several areas, particularly in the medical industry. Hand-held X-ray devices are portable and can be used to take X-ray images of patients who cannot be moved or are in remote locations. This makes them particularly useful for emergencies or when patients are unable to travel to a medical facility. Thus the growing demand for hand-held X-ray devices has prompted numerous manufacturers to invest in the production of these machines.
Significant Development in Dental Industry: In the medical industry, hand-held X-ray devices are used in a variety of settings, including hospitals, clinics, and home healthcare settings. They are particularly useful in situations where mobility is limited, such as in intensive care units or operating rooms.
Dental X-rays are frequently employed in the dentistry sector for diagnosing and monitoring various oral health conditions, thus increasing the demand for these devices considerably.
According to the report published by FMI, the global hand-held X-rays market size was estimated at USD 726.5 million in 2022.
The market is projected to experience substantial growth, driven by the increasing prevalence of dental problems such as cavities, infections, and bone loss in the oral region. For example, according to the centers for disease control and prevention (CDC), around 90% of individuals aged 20 years and above have at least one cavity. Also, the World Health Organization (WHO) estimates that globally, two billion people suffer from dental cavities, and 514 million children suffer from cavities of primary teeth.
These devices are highly effective in diagnosing dental cavities in young children, elderly patients, and individuals with limited mobility. Therefore the rising population affected by cavities is likely to drive demand for the hand-held X-rays market. With their portability and convenience, hand-held X-ray machines offer a valuable solution for dental professionals to diagnose and monitor oral health conditions. Making them indispensable tools in the field of dentistry.
Significant Development in Veterinary Industry: In the veterinary industry, hand-held X-ray devices are used to take X-ray images of animals in remote locations or in situations where traditional X-ray equipment is not available. This is particularly useful for big animals such as horses, which may require X-rays in the field.
The market for hand-held X-ray devices is expected to grow significantly in the coming years, driven by industrial advancements and increased demand for portable medical devices. These devices are becoming increasingly affordable and user-friendly, making them more accessible to healthcare professionals and veterinarians and fuelling the growth of the portable medical devices market. Also, the COVID-19 pandemic has highlighted the need for portable medical equipment. This includes hand-held X-ray devices, which can be used to diagnose and monitor patients in remote locations.
The market faces several crucial threats that can affect its growth and profitability.
Discover Significant Threats:
Stringent Regulations from Regulatory Bodies:
The hand-held X-ray market is subject to strict regulations from various regulatory bodies around the world. Compliance with these regulations can be time-consuming and costly, and failure to comply can result in fines or legal action.
Growing Competition among Prominent Players in the Market:
The market is highly competitive, with numerous players vying for market share. This competition could lead to price wars and decreased profitability for companies.
Technological Innovation Needed:
With the rapid pace of technological advancement, there is a risk that hand-held X-ray devices may become obsolete over time. Manufacturers must continuously innovate and update their products to remain competitive and meet the changing needs of their customers.
Data Security Risks are the Crucial Concern:
Hand-held X-ray equipment is susceptible to hacker attacks and data breaches since they hold private patient information. To safeguard their products and the patient data they contain, manufacturers must invest in reliable data security solutions.
Economic Uncertainty Globally:
Economic downturns and fluctuations in the global economy can impact demand for hand-held X-ray devices. Uncertainty in the market can lead to decreased investment in the industry and decreased profitability for companies.
According to the FMI study, these threats underscore the need for manufacturers in the hand-held X-rays market to stay ahead of the curve. In terms of regulatory compliance, innovation, data security, and cost management, while remaining agile in response to economic fluctuations and changing market conditions.
The market has seen several mergers and acquisitions in recent years. This is due to the desire to expand product offerings, increase the Hand-held X-rays market share, and take advantage of synergies between companies.
These mergers and acquisitions demonstrate the ongoing consolidation and maturation of the market. As the demand for portable medical devices continues to grow, more consolidation and partnerships between companies to capture a significant market share can be seen.
The Dental Segment: The hand-held X-rays market is expected to experience significant growth, with the dental segment likely to dominate and hold a market share of 93.5% in 2023. The rise in the pool of people with dental issues and the availability of related products are key factors driving the growth of this segment. Videray Technologies, Inc.'s recent introduction of PX Ultra in October 2022, which is the first hand-held x-ray machine in the industry with a 160 keV, is expected to fuel the segment's expansion.
The Orthopedic Segment: The orthopedic segment is expected to impel a CAGR of 12.5%, driven by the increasing several orthopedic surgeries. X-rays are commonly used by orthopedic physicians to diagnose and visualize abnormalities, broken joints, bones, and spine injuries. For example, according to The Lancet, there were an estimated 179 million cases of fractures globally in 2019. Therefore, such incidents are expected to contribute to the segment's growth over the forecast period.
The Hospitals Segment: The hospitals segment is expected to hold a significant market share of 47.2% in 2023. Due to the growing hospital industry, increasing orthopedic surgeries, and expanding patient populations across all age groups. For instance, in India, the hospital sector is projected to reach a value of USD 133 billion by 2023, representing around 80.0% of the country's overall healthcare market, according to the India Brand Equity Foundation.
There has been a global rise in orthopedic surgical cases, with nearly 7 million Americans undergoing orthopedic surgery in 2019, as reported by the American Academy of Orthopedic Surgeons (AAOS). These factors are expected to contribute to the growing demand for hand-held X-ray devices worldwide.
The Outpatient Facilities Segment: The outpatient facilities segment is expected to experience a significant growth rate of 11.3% over the forecast period. This segment comprises specialty clinics, including dental clinics, diagnostic labs such as pathology and imaging, and ambulatory surgical centers.
Diagnostic labs offer a wide range of diagnostic and preventive health services, while radiologists have the opportunity to provide independent outpatient imaging facilities due to the growing pool of patients with chronic illnesses.
North America is expected to dominate the market with a share of 34.3% in 2023. This can be attributed to the presence of significant service providers and the growing several surgical procedures being performed by companies in the region. For example, according to a study by the NCBI in 2020, 40-50 million surgeries are performed annually in the United States alone. Similarly, CIHI reported that over 687,000 surgical and other therapeutic procedures were performed on bones, joints, and connective tissues in Canada from 2019 to 2020. These instances are expected to contribute to the dominance of the market in North America.
The hand-held X-rays market is expected to witness substantial growth in Asia Pacific and Europe. This is due to the rising geriatric population that is susceptible to chronic diseases. These regions are home to the world's older populations, with a high percentage of individuals aged 65 and above who are more vulnerable to chronic diseases. For example, according to the Asian Development Bank (ADB), 1 in 4 people in Asia Pacific is expected to be over 60 years old by 2050. The population of the older population in the region is also projected to triple between 2010 and 2050, reaching close to 1.3 billion people. These trends are expected to contribute significantly to the growth of the portable X-ray devices market in these regions.
To strengthen their position in the market for hand-held X-rays, key players are implementing strategies such as geographic expansion and partnerships.
Some Key Players in the Global Market Include:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, India, Indonesia, Malaysia, Singapore, Australia, New Zealand, Türkiye, South Africa, GCC Countries |
| Key Market Segments Covered | Application, End User, Region |
| Key Companies Profiled | Dental Imaging Technologies Corporation; REMEDI Co., Ltd; Genoray; OXOS Medical; MaxRayCocoon.com; Digital Doc LLC.; EVIDENT; Carestream Dental LLC |
| Pricing | Available upon Request |
Improved radiation shielding, higher image resolution, and enhanced battery life.
North America is the leading region in the market.
The market is expected to be worth USD 2,267.17 million by 2033.
The market is expected to record a CAGR of 10.9% through 2033.
The medical and healthcare is a leading segment in the hand-held X-rays market.
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Hand-held X-rays Market
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