Selbyville, Delaware, Feb. 02, 2021 (GLOBE NEWSWIRE) --
According to latest report “Medical X-ray Market by Type (Digital, Analog), Technology (Film-based Radiography, Computed Radiography [CR], Direct Radiography [DR]), Portability (Fixed, Portable), Application (Dental, Veterinary, Mammography, Chest, Cardiovascular, Orthopaedics), End-use (Hospitals, Diagnostic Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights, Inc., the market valuation of medical X-ray will cross $19.5 billion by 2027. Growing advantages of medical X-ray over other imaging modalities will enhance the market growth over the coming years.
High expenditure on healthcare segment, specifically in developed countries will offer lucrative potential for the market expansion. The healthcare expenditure can be extensively examined based on 3 aspects including the providers of healthcare, source of financing and healthcare functions that are financed. Several developed economies such as the U.S., Germany, Sweden and UK highly spends on healthcare, as U.S. is considered one of the high-income countries worldwide. Vigorous utilization of medical X-ray technology is one of foremost contributing factors. Hence, surged spending on healthcare division will trigger the market value during the forecast timeframe.
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The digital segment in the medical X-ray market is expected to witness around 6% growth rate till 2027. Advantages offered by digital systems including time efficiency, enhanced images, and digital transfer of images further escalate its adoption rate. The digital x-rays allow accurate diagnosis and provide real time imagery that will drive the segment growth during the forecast period.
The direct radiography segment accounted for more than 42% of the medical X-ray market share in 2020 led by several benefits over other conventional technologies. The capability of DR technology to share and save images electronically without the use of chemicals and film has increased its acceptance rate over the recent years. Similarly, effective dynamic range, reduced radiation exposure for workers and patients, better contrast detectability, flexibility in image management and superior evaluation of data as well as images are some of the advantages of DR technology, contributing to the industry value.
The portable segment valued at USD 5.4 billion in 2020. Rising need for point of care diagnostics has led to the development of portable X-ray devices. Growing geriatric population base with mobility issues along with increasing investment in R&D activities for developing advanced portable technologies will further boost the market revenue. Increasing demand for portable systems for radiological examination of patients in nursing homes will further create lucrative growth opportunities. Improved diagnosis efficiency, increased specificity, and other advantages associated with portable systems will further expand the industry growth.
The orthopedic segment in the medical X-ray market is estimated to attain a CAGR of 5.5% through 2027. Prevalence of osteoporosis is increasing among females owing to low bone density and weaker bones as compared to males. Also, as per the International Osteoporosis Foundation, osteoporosis is majorly underdiagnosed and undertreated in Asia, creating opportunity for market players to increase the availability of medical X-ray systems in the Asia Pacific region. Moreover, rising incidence of orthopedic disorders will surge the demand for effective and appropriate diagnosis stimulating the segment expansion.
The medical X-ray market for hospitals end-use segment exceeded USD 5.6 billion in 2020 impelled by increasing demand for medical X-ray systems at hospital settings due to accessibility of advanced treatment facilities. All the major surgeries are performed at hospitals owing to availability of advanced medical infrastructure and technologically upgraded medical X-ray systems. In addition, there has been rise in number of patient admissions propelled by the availability of large number of skilled medical professionals in hospitals hence, contributing towards segment progression.
Asia Pacific medical X-ray market is poised to expand at 7% CAGR during 2021 to 2027. Presence of large patient pool in APAC region, susceptible to various chronic diseases needing medical X-rays for appropriate diagnosis will act as major impact rendering factor. Consistent economic developments in the Asia-Pacific region have led to advancements in medical technologies, escalating the industry expansion.
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Some of the prominent players operating in the market include Hologic, Siemens Healthcare, Neusoft Medical Systems, Canon Medical Systems, Carestream Health, Hitachi Medical, Konica Minolta, GE Healthcare and others. These industry leaders are executing several growth strategies such as collaborations, partnerships, and mergers in order to gain financial stability in the market.
Table of Contents (ToC) of the report:
Chapter 3. Medical X-ray Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 - 2027
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls and challenges
3.4. Growth potential analysis
3.4.1. By type
3.4.2. By technology
3.4.3. By portability
3.4.4. By application
3.4.5. By end-use
3.5. COVID-19 impact analysis
3.6. Porter’s analysis
3.7. Competitive landscape, 2020
3.8. PESTEL Analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.