The X-ray Market was valued for $13.37 Billion in 2022 and is estimated to reach $24.91 Billion by 2032, exhibiting a CAGR of 6.4% from 2023 to 2032. X-ray, also known as radiography, is a diagnostic imaging technique that utilizes electromagnetic radiation to produce detailed images of the internal structures of the human body. X-rays are a form of high-energy radiation that can penetrate through soft tissues, however, are absorbed by denser materials such as bones and organs. X-ray imaging is widely used in medical diagnostics to detect and diagnose various conditions, Including fractures, infections, tumors, lung diseases, and dental problems. It is a non-invasive and relatively quick imaging method, making it valuable for routine screenings, emergency assessments, and follow-up evaluations.
The major factors driving the growth of the global X-ray market are the development of advanced X-ray systems and surge in adoption of digital technologies in healthcare. In addition, rise in prevalence of chronic diseases such as cardiovascular diseases, respiratory disorders, musculoskeletal disorders, and cancer boost the demand for advanced diagnostic imaging system for accurate diagnosis and treatment, thus driving the market growth. For instance, according to the World Health Organization (WHO) 2022, about 1.71 billion people worldwide suffer from musculoskeletal disorder.
Moreover, X-ray systems have revolutionized the way healthcare professionals diagnose and treat these conditions. They offer several advantages over traditional film-based X-rays, such as the ability to produce high-quality images quickly and with lower radiation exposure. This allows professionals to diagnose and treat diseases more effectively, often at an earlier stage when they are easier to manage, thus driving the growth of the market. Furthermore, technological advancements have led to the development of more compact and portable X-ray system, which propel the market growth.
However, one of the major restraints in the adoption of X-ray imagining systems is the high initial cost associated with purchasing and installing these systems. In addition, these systems require maintenance that Increases the maintenance cost of the device, thus restraining the growth of market. Moreover, Increase in burden of chronic diseases, surge in adoption of digital X-rays system, and technological advancements are expected to offer lucrative opportunities for the growth of the global X-ray market during the forecast period.
The X-ray market is segmented into technology, portability, end user, and region. By technology, the market is categorized into digital imaging and analog imaging. On the basis of portability, it is segregated into stationary and mobile. Depending on the end user, it is fragmented into hospitals, diagnostic imaging centers, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players operating in the X-ray market are Koninklijke Philips N.V., Shimadzu Corporation, Siemens, Hologic Inc., Mindray Medical International Limited, Onex Corporation, Canon Medical Systems Corporation, General Electric, Fujifilm Holdings Corporation, Allengers Medical System Limited. The key players have adopted strategies such as product launch, product approval, agreement, innovation, and partnership to enhance their product portfolio.
The major factors driving the growth of the global X-ray market are the development of advanced X-ray systems and surge in adoption of digital technologies in healthcare. In addition, rise in prevalence of chronic diseases such as cardiovascular diseases, respiratory disorders, musculoskeletal disorders, and cancer boost the demand for advanced diagnostic imaging system for accurate diagnosis and treatment, thus driving the market growth. For instance, according to the World Health Organization (WHO) 2022, about 1.71 billion people worldwide suffer from musculoskeletal disorder.
Moreover, X-ray systems have revolutionized the way healthcare professionals diagnose and treat these conditions. They offer several advantages over traditional film-based X-rays, such as the ability to produce high-quality images quickly and with lower radiation exposure. This allows professionals to diagnose and treat diseases more effectively, often at an earlier stage when they are easier to manage, thus driving the growth of the market. Furthermore, technological advancements have led to the development of more compact and portable X-ray system, which propel the market growth.
However, one of the major restraints in the adoption of X-ray imagining systems is the high initial cost associated with purchasing and installing these systems. In addition, these systems require maintenance that Increases the maintenance cost of the device, thus restraining the growth of market. Moreover, Increase in burden of chronic diseases, surge in adoption of digital X-rays system, and technological advancements are expected to offer lucrative opportunities for the growth of the global X-ray market during the forecast period.
The X-ray market is segmented into technology, portability, end user, and region. By technology, the market is categorized into digital imaging and analog imaging. On the basis of portability, it is segregated into stationary and mobile. Depending on the end user, it is fragmented into hospitals, diagnostic imaging centers, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players operating in the X-ray market are Koninklijke Philips N.V., Shimadzu Corporation, Siemens, Hologic Inc., Mindray Medical International Limited, Onex Corporation, Canon Medical Systems Corporation, General Electric, Fujifilm Holdings Corporation, Allengers Medical System Limited. The key players have adopted strategies such as product launch, product approval, agreement, innovation, and partnership to enhance their product portfolio.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the x-ray market analysis from 2022 to 2032 to identify the prevailing x-ray market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the x-ray market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global x-ray market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Digital Imaging
- Analog Imaging
By Portability
- Stationary
- Mobile
By End user
- Hospitals
- Diagnostic Imaging centers
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Allengers Medical System Limited
- CANON MEDICAL SYSTEMS CORPORATION
- Fujifilm Holdings Corporation
- General Electric
- Hologic Inc.
- Koninklijke Philips N.V.
- Mindray Medical International Limited.
- Onex Corporation
- Shimadzu Corporation.
- Siemens
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: X-RAY MARKET, BY TECHNOLOGY
CHAPTER 5: X-RAY MARKET, BY PORTABILITY
CHAPTER 6: X-RAY MARKET, BY END USER
CHAPTER 7: X-RAY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'X-ray Market,' The x-ray market was valued at $13.4 billion in 2022, and is estimated to reach $24.9 billion by 2032, growing at a CAGR of 6.4% from 2023 to 2032.The X-ray market is likely to experience a significant growth rate of 6.4% from 2023-2032 owing to increasing market demand of digital imaging segment.
X-ray refers to a form of electromagnetic radiation that possesses high energy and short wavelengths. It is used in medical imaging to produce detailed images of the internal structures of the human body. X-ray imaging involves the transmission of X-ray beams through the body, and the resulting images are captured on specialized detectors. These images, known as X-ray radiographs or X-ray images, provide valuable diagnostic information by highlighting bones, organs, and other tissues. X-ray technology is widely utilized in various medical fields, including radiology, orthopedics, dentistry, and cardiology, to aid in the diagnosis and management of diseases, injuries, and abnormalities.
Key factors driving the growth of the X-ray market is rise prevalence of chronic diseases such as cardiovascular, respiratory disorders and orthopedic disorders. The market is also expected to grow due to the rising incidence of joint-related disorders such as osteoarthritis and rheumatoid arthritis, which has led to an increase in demand for imaging procedure. Furthermore, rise in number of surgeries performed and further driving the market growth. For instance, according to the Canadian Joint Replacement Registry, the most frequently performed surgeries in 2023 are hip and knee replacements, with approximately 123,000 joint replacement surgeries conducted each year. In addition, rise in presence of multiple healthcare facilities and growing awareness regarding early diagnosis, is further anticipated to drive market growth.
Additionally, advancements in technology have had a significant impact on the growth of the X-ray system market. One of the key developments is the increasing sophistication of X-ray systems themselves. Modern X-ray systems now incorporate advanced features such as image enhancement, which allows for clearer and more detailed images. This not only aids in accurate diagnosis but also enables healthcare professionals to identify subtle abnormalities that may have previously gone unnoticed.
Furthermore, the easy sharing of X-ray images has become a reality due to technological advancements. Digital imaging and the integration of Picture Archiving and Communication Systems (PACS) have made it possible for medical professionals to quickly and securely share X-ray images across different healthcare facilities and with specialists, facilitating collaborative diagnosis and treatment planning. This streamlined workflow saves time and enhances overall patient care.
Moreover, the growing awareness about the importance of regular medical examinations and early detection of diseases has significantly contributed to the growth of the X-ray system market. As people become more informed about the benefits of preventive healthcare, there has been an increased emphasis on undergoing regular check-ups and screenings to identify potential health issues at an early stage. For instance, according to article published in SciElo public health journal, in 2021, stated that annual number of radiological examinations per 1,000 population was 347 in Brazil.
Furthermore, the availability of healthcare information through various channels, including online platforms, social media, and awareness campaigns, has played a pivotal role in educating individuals about the importance of regular health check-ups and the role of X-ray examinations in disease detection and management. As a result, more people are proactively seeking X-ray examinations, driving the market growth for X-ray systems.
Moreover, the market also offers growth opportunities to the key players in the market. Many developing regions such India and Brazil offer lucrative opportunities to key players of X-ray market owing to high population base, increase in demand of advanced digital X-rays and increase in healthcare spending. In addition, government initiatives regarding early diagnosis and treatment in various countries and medical tourism fuels the growth of market.
The X-ray market is segmented into technology, portability, end user, and region. By technology, the market is categorized into digital imaging and analog imaging. On the basis of portability, it is segregated into stationary and mobile. Depending on the end user, it is fragmented into hospitals, diagnostic imaging centers, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The key players operating in the X-ray market are Koninklijke Philips N.V., Shimadzu Corporation., Siemens, Hologic Inc., Mindray Medical International Limited, Onex Corporation, Canon Medical Systems Corporation,General Electric, Fujifilm Holdings Corporation, Allengers Medical System Limited. The key players have adopted strategies such as product launch, product approval, agreement, innovation, and partnership to enhance their product portfolio.
Key Market Insights
- On the basis of technology, the digital imaging segment was highest contributor to the market in 2022.
- On the basis of portability, the stationary segment led the market in terms of revenue in 2022.
- Depending on end user, the diagnostic imaging centers segment was the major revenue contributor in 2022.
- Region wise, North America generated the highest revenue in 2022. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- Allengers Medical System Limited
- CANON MEDICAL SYSTEMS CORPORATION
- Fujifilm Holdings Corporation
- General Electric
- Hologic Inc.
- Koninklijke Philips N.V.
- Mindray Medical International Limited.
- Onex Corporation
- Shimadzu Corporation.
- Siemens
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
