Global Demand For x-ray Devices is expected to rise at a yearly growth rate of 7.5% Y-o-Y to USD 24.4 Billion in 2032, supported by:
The major factors driving the growth of portable systems include advanced technology, a rising number of patients with chronic diseases, an increasing geriatric population, and rising awareness regarding the availability of portable systems. Additionally, the portable X-ray machine has the potential to overcome location barriers and benefit patients who are in life-threatening situations and require immediate treatment wherever they are, possibly needing an on-the-spot diagnosis.
Thus, portable X-ray devices play a vital role in the diagnosis and monitoring of the patient's bedside, with no hurdle of transfer of the patient to the X-ray room. The portable X-ray systems offer several advantages over the traditional X-ray systems.
| Data Points | Key Statistics |
|---|---|
| Estimated Value of Global X-Ray Device Market by 2032 | USD 24.4 Billion |
| Documented Market Value of X-Ray Device Market in 2022 | USD 11.4 Billion |
| Estimated CAGR from 2022 to 2032 | 7.5% |
| Estimated CAGR of North America by 2032 | 7.7% |
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Within North America, the United States holds the major market share for the studied market and is expected to dominate over the forecast period. The increasing adoption of healthcare systems towards sophisticated technology and the growing burden of chronic diseases such as cancer, and diabetes, in the region are the major factors driving the digital X-Rays devices market in North America. The GLOBOCON 2020 data shows that in 2020 the new cancer cases diagnosed were 2,281,658 in the United States, with 612,390 deaths.
Further, as per the Arthritis Foundation Fact sheet 2019, the number of adults in the United States with doctor-diagnosed arthritis is projected to reach 78.4 million by 2040.
Also, according to Arthritis Foundation data updated in October 2021, 1.5 million people in the United States have rheumatoid arthritis, where arthritis most commonly begins between ages 30 and 60 in women. The high incidence of these chronic diseases surges the demand for accurate diagnosis and plans of efficient and on-time treatment by the healthcare provider. Hence, drives the growth of the studied market in North America.
Additionally, the high concentration of key players, along with the increasing product approvals and launches is expected to drive the studied market. For instance, in December 2020, Canon Medical System USA, Inc., launched the OMNERA 500A Digital Radiography system with an advanced intelligent auto-positioning feature to improve the workflow.
The increasing product launches related to portable X-ray devices surge the growth of the studied market. For instance, in August 2020, Canon Medical USA launched the SOLTUS 500 Mobile Digital X-ray system that is equipped with enhancements that can streamline bedside exams to help improve workflow and productivity. Again, in March 2021, Fujifilm India Private Limited announced the launch of its mobile digital radiology system - FDR nano which is around 80% lighter in weight as compared to traditional mobile X-rays.
Also, in July 2022, Shimadzu Corporation announced the addition of the new MobileDaRt Evolution MX8 Version v type digital mobile X-ray system to the mobile X-ray system lineup, for release outside Japan. The system incorporates digital radiography (DR), which is in demand outside Japan. Thus, given the advantages of portable systems and increasing product launches, the segment is expected to grow significantly over the forecast period.
Growing incidences of orthopedic diseases and cancers and increasing awareness about the benefits of using X-ray systems over conventional methods are expected to play important role in driving the global X-ray device market during the forecast period.
Advantages of digital imaging such as easy accessibility and cost-effectiveness are likely to amplify the market size in the forthcoming period. Also, it is relatively less harmful than conventional X-rays as it inhibits about 70-80% of radiation reaching the body.
Furthermore, digital X-rays also assist dentists in recognizing oral issues, which has significantly reduced the invasive investigation at the diagnosis stage. On account of the foregoing factors, the global market for the X-ray device market is likely to flourish notably in the approaching years.
Additionally, the development of technology and growing product approvals are expected to provide a significant boost to the market in the forecast period. In November 2020, Hologic, Inc. obtained the CE mark for its Genius Digital Diagnostics System.
In another occurrence, in August 2020, Waygate Technologies rolled out two new portable X-ray detectors. Owing to the aforementioned causes, the industry is likely to witness notable expansion in the assessment tenure.
Principal Consultant
As reported by the American Heart Association (AHA) Heart Diseases and Stroke Statistics 2022 data, cardiovascular disease (CVD) is listed as the principal disease infecting the USA citizens and is also responsible for the deaths of about 874, 613 people in 2019.
Such a high prevalence of the disease across the region generated a need for efficient imaging devices, thereby, benefitting the X-ray device market during the forecast period. Also, increasing health consciousness and growing product launches are other salient factors propelling the market during the assessment period.
Moreover, the demand for advanced digital X-ray methods has increased significantly owing to advantages like their capability to process large volumes of data and examine patients at a fast pace. Also, various players are making significant investments in R&D to develop products that are likely to augment the market size in the coming time.
For instance, in September 2021, GE Healthcare introduced AMX Navigate. It is a portable digital X-ray system. In addition, increasing instances of clearances are expected to propel market growth. For In March 2021, Koninklijke Philips obtained 510(k) clearance from the U.S FDA for CombiDiagnost R90. It is a remote-regulated fluoroscopy method, combined with high-end digital radiography.
Additionally, an increasing partnership among players is likely to strengthen the market growth during the forecast period. For instance, in June 2020, Nanoxand SK Telcom inked a strategic partnership to deploy 2,500 Nanoxdigital X-ray Systems into South Korea and Vietnam. Due to all the above-mentioned factors, the market for X-Ray devices market is projected to flourish in the forecast period.
The increasing adoption of digital X-ray systems is expected to offer significant opportunities for market expansion during the forecast period. The rising inclination towards the digital X-ray method to obtain fast results is likely to be the major factor benefitting the industry in the assessment time.
Also, digital radiography controls the radiation exposure by 75%, thereby, making it a preferred method. Moreover, they also eradicate the need for automatic film processors. Due to the aforementioned factors, the digital global X-Ray systems are likely to gain significant traction in the forecast period.
In addition, the launch of innovative products is anticipated to further widen the market growth scopes in the assessment tenure. In April 2022, Samsung introduced a new mobile digital radiograph device, called GM85 Fit. It is a novel product featuring a user-centric design that helps in effective patient care. The equipment recently received 510(k) clearance for the USA FDA for commercial application in the region.
Benefits offered by digital systems such as fine image quality at lesser radiation, flexibility to transfer images through online tools, elimination of the use of chemicals used for developing films, and pocket-friendly model, among others, are expected to boost the industry expansion in the forecast period. Such factors are likely to boost demand for digital X-Ray and expand the market growth scope in the forecast period.
Even though there are several benefits of X-ray devices, x-ray radiations have a harmful impact on human health. The radiation damage the cells of the body. This is expected to be one of the most significant factors impeding the market growth in the forecast period. In addition, lack of infrastructure, especially in developing or underdeveloped regions, and poor reimbursements are other factors hampering the industry growth in the forthcoming period.
The advent of digital x-ray systems has opened avenues of growth for players. However, premium costs associated with the device are expected to limit the market growth in the coming time. Small and medium-sized hospitals find it challenging to procure expensive services like digital x-rays, thereby, slowing down their adoption and hampering the market growth.
Based on product type, the global x-ray device market is expected to be dominated by the digital segment. According to the analysis, the segment is predicted to expand at a CAGR of 7.2% from 2022 to 2032.
Growth of the segment can be attributed to the continuous technological development in the market. Also, demand for advanced digital x-ray systems has increased owing to various benefits offered such as; their ability to process large volumes of data and examine patients easily, among others.
Focusing on application, the market is predicted to be dominated by the orthopedic segment. As per the analysis, the segment is anticipated to expand at a CAGR of 7.1% during the forecast period.
Also, ongoing technological development in the market is anticipated to further benefit the growth of the market in the assessment tenure. Owing to the aforementioned factors, the segment is projected to flourish in the assessment period.
As per the analysis, the global X-ray device market is anticipated to be dominated by North America. In the region, the U.S is anticipated to take a lead. The country is estimated to hold a market value of USD 8.4 Billion while recording a CAGR of 7.5% during the forecast period from 2022 to 2032.
This domination can be attributed to the growing implementation of modern technology in the healthcare sector. Also, there has been a significant rise in chronic diseases, which are expected to drive the demand for the equipment in the region.
The presence of established players that are active in the market is projected to augment the market size in the forecast period. For instance, in December 2020, Canon Medical System USA, announced the launch of the OMNERA 500A Digital Radiography system.
It comprises modern intelligent auto-positioning specific to enhance functioning. Thus, owing to the aforementioned factors, the market in North America is anticipated to witness significant growth opportunities during the forecast period.
Asia Pacific has been identified as the most lucrative market during the forecast period. As per the analysis, China is expected to lead the regional market, expanding at the highest CAGR of 7.2% while garnering a market share of USD 1.8 Billion by the end of 2032. Other lucrative markets are South Korea and Japan, estimated at USD 876.2 Million and USD 1.4 Billion, respectively.
The development of the regional market can be attributed to the presence of developing countries taking various initiatives to strengthen their healthcare infrastructure. Also, the launch of developed x-ray devices is predicted to be another cause driving the market in the forecast period.
For instance, in May 2022, Imsight Technology, a Chinese company that develops digital radiographic examinations of the chest, rolled out an AI system to offer a computer-aided tomographic diagnostic screening of lungs amid the pandemic.
In another instance, in April 2022, Wipro GE Healthcare launched the ‘Made in India’ CT system to improve accessibility in India. The company says that the CT system is equipped with better imaging intelligence to enhance clinical confidence when diagnosing diseases. Therefore, owing to the aforementioned factors, the market in APAC is projected to expand notably in the assessment period.
| Country | Projected CAGR (2022 to 2032) |
|---|---|
| USA | 7.5% |
| UK | 6.8% |
| China | 7.2% |
| Japan | 6.2% |
| South Korea | 5.5% |
Key players in the global X-ray device market include Bracco Imaging SPA, Hologic Inc., Fujifilm Holdings Corp, KUB Technologies Inc, and GE Healthcare, among others.
Recent developments in the industry are:
The global X-ray device market is estimated at USD 11.4 Billion in 2022
The global X-ray device market is projected to garner USD 24.4 Billion by the end of 2032
By product, digital x-ray devices are anticipated to expand at a CAGR of 7.2% during the forecast period
The U.S market is anticipated to hold a market value of USD 8.4 Billion by 2032
China is projected at a CAGR of 7.2% during the forecast period
Japan is estimated to secure a market value of USD 1.4 Billion by 2032
The orthopedic segment is projected to experience maximum deployment, registering a CAGR of 7.1%
South Korea is predicted to hold a market value of USD 876.2 Million by 2032.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background 5. Key Success Factors 6. Global Market Demand Analysis 2015 to 2021 and Forecast 2022 to 2032 7. Global Market Value Analysis 2015 to 2021 and Forecast 2022 to 2032 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Portability 8.1. Fixed 8.2. Portable 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Application 9.1. Orthopedic 9.2. Dental 9.3. Cardiovascular Diseases (CVD) 9.4. Oncology 9.5. Others 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Product Type 10.1. Analog 10.2. Digital 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Technology 11.1. Direct Radiography 11.2. Computed Radiography 12. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End-User 12.1. Hospitals 12.2. Diagnostic Centers 12.3. Others 13. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 13.1. North America 13.2. Latin America 13.3. Europe 13.4. Asia Pacific 13.5. Middle East and Africa (MEA) 14. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 18. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 19. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 20. Market Structure Analysis 21. Competition Analysis 21.1. Hologic, Inc. 21.2. Shenzhen Sontu Medical Imaging Equipment Co. Ltd 21.3. Bracco Imaging SPA 21.4. Fujifilm Holdings Corp 21.5. GE Healthcare 21.6. KUB Technologies Inc. 21.7. Philips Healthcare 21.8. Shimadzu Corp 21.9. Siemens Healthcare 21.10. Agfa-Gevaert N V 21.11. Canon Inc. 21.12. Konica Minolta 22. Assumptions and Acronyms Used 23. Research Methodology
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X-Ray Device Market
