Newark, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 3 billion in 2023 X-ray detector market will reach USD 4.43 billion by 2031. One of the main aspects influencing the market is the rising public knowledge of the radiography system and the rising desire for early diagnosis. Additionally, the market is positively impacted by the advent of efficient x-ray devices, such as filmless imaging machines, which are employed in quicker illness examination and treatment than conventional radiography. Additionally, the market is expanding due to the increasing need for small-area flat panel detectors and portable medical equipment. The demand for x-ray detectors is also being stimulated by the increased investments made by venture capitalist firms to generate significant returns on invested capital in a relatively short amount of time.
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Key Insight of the X-ray detector market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest X-ray detector market share. Fast-moving technological developments in the medical field are now integrated with equipment like improved X-ray detectors. People's health is being prioritized, and the harmful effects of prevalent illnesses and infections are being addressed. Because of the need for ongoing diagnosis and monitoring, the market in the U.S. is expanding.
The portable segment is expected to augment the X-ray detector market during the forecast period.
The portable segment is anticipated to dominate the market over the forecast period. The cause of this increase is the ageing population in essential regions like North America and Europe. The population segment above the age of 65 would be seven times greater than it is currently if there were excellent medical facilities that could increase human life expectancy by a factor of seven. As the older population rises, better technological advancements will increase the demand for portable x-ray detectors.
The medical segment market size is billion in 2023
The medical segment held the largest market share in 2023 and is expected to continue during the forecast period. The recent growth of the medical imaging and diagnostics industry is encouraging for the worldwide X-ray detector market. Due to several factors, including an increased emphasis on radiological diagnostic tests, an increase in the burden of chronic diseases, and the introduction of effective X-ray devices through medical device market consolidation and mergers, the industry for medical devices is witnessing an increase in the number of imaging and diagnostic tests performed each year.
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Advancement in market
in December 2021, Vieworks will introduce brand-new D.R. detectors. The most recent D.R. detector portfolio from Vieworks, a global leader in X-ray imaging systems, is on display.
In January 2021, A world pioneer in providing diagnostic imaging and radiology solutions, Sun Nuclear Corporation, was bought by Mirion Technologies, Inc. With this acquisition, the business gained a competitive edge regarding brand recognition, technology know-how, and market position for cancer treatments.
Market Dynamics
Driver: Technological Advancements
Over the past few decades, the performance and compactness of X-ray detectors have steadily improved thanks to technological advancements and rising demand from a wide range of end-user industries. The market is expected to grow throughout the forecast period due to substantial developments in analytical techniques, such as indirect excitation of X-ray spectra in bulk materials and instrument combinations in a smaller space. The market for X-ray detection has improved in terms of safety, efficacy, and convenience because of technological advancements.
Restraint: Health Hazards
Airport security is ensured with full-body scanners, which create a digitally stripped image of persons boarding flights. This ensures that nobody owns something hazardous. However, high X-ray exposure levels can raise your risk of cancer and heart disease. Cause genetic illnesses to worsen and render the eye's lens hazy Airport X-ray scanners have been outlawed in several European nations. Due to the significant impact of this problem, an alternative solution must be created to preserve airport security.
Opportunity: Quick Development
In the nations, the desire for affordable healthcare services and the rapid increases in per-capita healthcare spending is fueling the expansion of healthcare products, including X-ray equipment. The overall increase in healthcare expenses serves as evidence of this. India's healthcare spending increased from 12% to 2.5% of the country's GDP between 2019 and 2020. As a result of the government increasing investment in the healthcare sector in reaction to the COVID-19 epidemic, healthcare spending in China climbed by 12 per cent to USD 930 billion.
Challenge: High Cost
The health hazards associated with full-body scanning and the high cost of X-ray detectors are expected to limit the market growth. During the forecast period, it is also projected that using reconditioned X-ray units and a need for more awareness of animal healthcare in emerging nations would provide difficulties to the x-ray detectors market.
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Some of the major players operating in the X-ray detector market are:
● GENERAL ELECTRIC COMPANY
● Koninklijke Philips N.V.
● TOSHIBA CORPORATION
● Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
● Carestream Health
● Canon Inc.
● Ziehm Imaging GmbH
● GMM PFAUDLER
● FUJIFILM Holdings Corporation
● Danaher
● PLANMECA OY
● VATECH
Key Segments cover in the market:
By Portability:
● Portable
● Fixed
By Application:
● Dental
● Industrial
● Veterinary
● Security
● Medical
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical Insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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