X-ray Systems Market - Forecast(2024 - 2030)

X-ray Systems Market Overview

The X-ray Systems Market Size is estimated to reach $10.8 billion by 2027 and it is poised to grow at a CAGR of 4.8% over the forecast period of 2022-2027. X-ray systems consist of an X-ray generator and an X-ray detector. X-ray systems are not only used for Medical Imaging in places such as hospitals, diagnostic laboratories and others. They are also used for other applications such as Security checks, Counterfeit Art Checks, Metal & Mineral Imaging, Pharmaceutical Imaging and Semiconductor Imaging, thereby utilizing the aspects of consumables and analyzers. X-ray systems are often deployed with other ancillary services to perform applications in molecular diagnostics, immunodiagnostics and point-of-care testing. Owing to further developments within the field, X-ray systems are now deployed in homecare settings. Additionally, the intervention of Enzyme Linked Immunosorbent Assay and Immunofluorescence with medical imaging allows excellent diagnostic intervention. The following factors provide a moderate outlook for the X-ray systems industry in the projected period of 2022-2027.

X-ray Systems Market Report Coverage

The report: "X-ray Systems Market Forecast (2022-2027)", by IndustryARC covers an in-depth analysis of the following segments in the X-ray Systems Market.

Key Takeaways

• Geographically, North America held a dominant market share in 2021. It is due to a robust medical infrastructure supported by excellent insurance coverage across the geographies and a higher tendency of the population to seek medical attention.
• A growing geriatric population supported by and the increasing prevalence of a wide range of disorders are some of the recognized drivers of the market. However, the availability of viable alternatives along with the restricted accessibility of X-ray systems across lower-income countries may impede the market growth.
• A detailed analysis of the strengths, weaknesses, opportunities and threats would be provided in the X-ray Systems Market Report

X-ray Systems Market- Market Share (%) by region, 2021.

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X-ray Systems Market Segment Analysis - by Technology

The X-ray Systems Market based on Technology can be further segmented into Analog, Computed Radiography and Digital Radiography (Flat Panel Detectors and High-density Line Scan Solid-state Detectors). The computed radiography segment dominated the X-ray Systems Market in 2021. The rapid growth of the segment can be attributed to its extensive use across dental and medical imaging applications, such as in hospitals, diagnostic laboratories and even homecare. Additionally, computed radiography systems are considered to be the initial step toward the adoption of digital imaging technology in medical facilities due to their relatively lower initial installation costs. However, digital radiography is estimated to be the fastest-growing segment, with a CAGR of 5.8% over the forecast period of 2022-2027. This is due to their fast-processing time, superior imaging quality, low operating expenses and minimal probability for retakes, which have made them increasingly popular across large hospitals and clinics with high patient traffic.

X-ray Systems Market Segment Analysis - by Application

The X-ray Systems Market based on Application can be further segmented into Medical Imaging (Orthopaedic, Cancer, Cardiovascular Disease, Dental, Chest Imaging and Others), Security (Airport, Railway Station and Others), Arts & Galleries, Metal and Mineral Imaging, Pharmaceutical Imaging, Semiconductor Imaging and Others. The Medical Imaging segment dominated the market in 2021. It is due to the rise of auto-immune disorders like cancer and other chronic diseases. Almost 50% of the North American population suffers from at least one Chronic Disease, which is aided by superior homecare diagnostic facilities and excellent hospital and diagnostic laboratories. Furthermore, the segment is also projected to offer the most lucrative growth opportunities. This is because the X-ray market is by far the largest segment in the medical imaging industry with a large inflow of investments being focused on Research and Development activities. Additionally, the Security segment is also predicted to grow at a rapid pace, with a CAGR of 4.2% over the forecast period of 2022-2027. The rapid growth of the segment is owing to the rising international traffic of goods, as well as the new and developing security risks in many industries.

X-ray Systems Market Segment Analysis - by Geography

North America held a dominant market share of 34% in 2021. This is due to the rising prevalence of Long Covid and increasing R&D investments from key players in the region for the development of innovative X-ray systems and related components. In June 2020, GE Healthcare announced the launch of a new artificial intelligence suite to identify chest x-ray abnormalities, including pneumonia caused by COVID-19. However, Asia-Pacific is estimated to be the fastest-growing segment over the forecast period of 2022-2027. This is fueled by the booming electronics and semiconductors market. Further, the increase in the number of hospitals and diagnostic laboratories coupled with increasing demand for home care is fueling regional demand. China injected around $35 billion into its semiconductor firms in 2020.

X-ray Systems Market Drivers

A Growing Geriatric Population Holding a Sizable Share of the Global Population:

The geriatric population across the globe has been rising significantly and currently holds a sizable share of the entire population. As per the United Nations, the geriatric population would increase by almost 40% by 2050. Many individuals in this category either have chronic illnesses linked to aging or have illnesses brought on by improper lifestyle choices. According to data from the International Osteoporosis Foundation (IOF), patients 65 years of age or older account for over 75% of hip, spine and distal forearm fractures. 

Increasing Prevalence of a Wide Range of Disorders:

An unprecedented increase in dental, cardiovascular and Orthopedic disorders among others, act as key drivers behind the continued growth of the X-ray System market. A chest X-ray is often among the first procedures to be prescribed by doctors in suspicion of heart problems. According to estimates from WHO, cardiovascular illnesses are the leading cause of mortality worldwide, taking almost 18 million lives annually. Moreover, Osteoporosis-related complications are also penetrating into the middle-aged population.

X-ray Systems Market Challenge

The Limited Availability of X-ray Equipment in Low- and Middle-income Nations:

The use of X-rays and other physical waves such as ultrasound can resolve between 70% and 80% of diagnostic problems. However, many low and lower-middle-income countries cannot afford imaging equipment as the procurement and maintenance of medical technology are more expensive in these countries due to the lack of relative technological progress. Additionally, there is often a shortage of healthcare workers trained to use such equipment. As per WHO, almost 80% of diagnostic problems can be resolved through the basic use of X-rays, but over 60% of the world does not have access to proper X-ray systems. However, the inclusion of X-ray systems in the homecare setting can help in tackling that restraint.

X-ray Systems Industry Outlook

Product launches, Partnerships and Acquisitions are some key strategies adopted by players in the X-ray Systems Industry. The top 10 companies in the X-ray Systems Market are:

1. Koninklijke Philips N.V.
2. Siemens Healthineers AG
3. GE Healthcare
4. Canon Medical Systems
5. Shimadzu Corporation
6. FUJIFILM Holdings Corporation
7. Carestream Health
8. Mindray Medical International Limited
9. Hologic, Inc
10. New Medical Imaging Co., LTD.

Recent Developments

• In August 2022, GE Healthcare announced the launch of its next-generation fixed X-ray system called the Definium 656 HD. The X-ray is an overhead tube suspension (OTS) system that provides high-quality and consistent results.

• In July 2022, Shimadzu Corporation unveiled the new MobileDaRt Evolution MX8 Version v type of its digital mobile X-ray system. The product was launched in markets outside Japan due to the rapid growth in demand for digital radiography (DR) in the global market.

• In April 2021, Siemens Healthineers announced the successful acquisition of Varian Medical Systems. The acquisition is projected to boost the growth of the company within the X-ray Systems Market.

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X-ray Detector Market - Industry Analysis, Market Size, Share, Trends, Application Analysis and Forecast Analysis.

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