Pune, India, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The global medical x-ray market size was valued at USD 12.89 billion in 2021 and USD 13.55 billion in 2022. The market is expected to reach USD 20.12 billion by 2029 with a CAGR of 5.8% during the forecast period. Various applications of the machine in research report, cardiovascular, oncology, dental, musculoskeletal, and others are expected to project a positive market pathway. Latest advancement in medical x-ray machines is also estimated to propel market trajectory. Increasing demand for early diagnosis is propelling the growth for x-ray examinations, which is expected to aid market development. Fortune Business Insights™ shares this information in its report titled "Medical X-ray Market, 2022-2029."
Key Industry Development
- March 2022: NeuroLogica Corp., a subsidiary of SAMSUNG ELECTRONICS CO., LTD., announced that the company would operate a new brand Boston Imaging. The company will operate the digital radiography and ultrasound business.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 5.8% |
| 2029 Value Projection | USD 20.12 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 13.55 billion |
| Historical Data | 2018 to 2020 |
| No. of Pages | 181 |
Drivers and Restraints
Increasing Number of Examinations to Propel Product Demand
Increasing number of examinations is leading to the increase in awareness, which is projected to drive the medical x-ray market growth. Growing number of chronic diseases is one of the factors that is increasing the demand for such x-ray machines, which is expected to drive the market. Along with them, rise in neurological and musculoskeletal conditions is also propelling the demand for the product. According to the WHO, there are about 65 million people who suffer from Chronic Obstructive Pulmonary Disease (COPD) worldwide.
However, concern of radiation exposure from the product is anticipated to hinder market development.
COVID-19 Impact:
Supply Disruptions During Pandemic Led to Negative Market Growth
COVID-19 pandemic negatively impacted the global market due to decline in diagnosis procedures. Supply of x-ray machines were impacted due to supply chain disruptions. The market players also experienced a decline in their revenues.
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Segments
Dynamic to Lead the Segment Due to its Various Benefits
On the basis of product type, the market is segmented into static and dynamic. Dynamic segment is expected to hold a major part due to its ability to prevent extra movements and transportation. Other features of the dynamic product type are its ability to provide results in less time compared to others.
Digital to be the Prime Part of the Segment Due to Various Advantages
On the basis of technology type, the market is segmented into digital and CR/analog. Digital segment is dominating due to the growing awareness regarding benefits amongst healthcare staff and professionals. New product launches of digital systems are expected to support the dominance.
Others to Govern the Segment Due to Rising Cases of Various Other Diseases
On the basis of application, the market is segmented into dental, veterinary, cardiovascular, oncology, and others. The others segment dominated the application segment due to rising cases of asthma, orthopedic injuries, and spinal injuries. Major companies have been launching new products that is propelling the market growth.
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Diagnostic Centers & Others to Lead the Segment Due to Increasing Reliability
According to end-user, the market is divided into hospitals & clinics and diagnostic centers & others. Diagnostic centers & others to lead the end-user segment, owing to increasing reliability of such centers for accurate results. Wide availability is also expected to drive the growth of this segment.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Increasing Number of Examinations to Propel Product Demand
Increasing number of examinations is leading to the increase in awareness, which is projected to drive the medical x-ray market growth. Growing number of chronic diseases is one of the factors that is increasing the demand for such x-ray machines, which is expected to drive the market. Along with them, rise in neurological and musculoskeletal conditions is also propelling the demand for the product. According to the WHO, there are about 65 million people who suffer from Chronic Obstructive Pulmonary Disease (COPD) worldwide.
However, concern of radiation exposure from the product is anticipated to hinder market development.
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Regional Insights
Asia Pacific to Dominate Owing to Government Initiatives
Asia Pacific is expected to lead the medical x-ray market share owing to increasing government initiatives for development of digitally advanced x-ray systems. There is increasing number of mergers and acquisitions by the market players for AI-based x-ray systems for early diagnosis of the diseases.
North America is also expected to have a significant CAGR, owing to rise in age-related disorders.
Europe is also anticipated to have a moderate growth due to the prevalence of chronic diseases such as cancer, cardiovascular diseases, and others.
Competitive Landscape
Strong Product Portfolio by Market Leaders to Shape the Market Course
Primary medical x-ray players have used strategies of partnership and new product launches to gain market grip. Among the market players, Siemens Healthcare Private Limited holds a strong product portfolio of x-ray systems. There is increasing approvals for products by various relevant regulatory authorities for supporting the company's growth. GE Healthcare, Koninklijke Philips N.V., and CANON MEDICAL SYSTEMS CORPORATION also have a strong hold, owing to their strategic decisions.
List of Key Players Profiled in the Report
- Carestream Health (U.S.)
- GE Healthcare (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- FUJIFILM Holdings Corporation (Japan)
- Siemens Healthcare GmbH (Germany)
- Shimadzu Corporation (Japan)
- SAMSUNG ELECTRONICS CO., LTD. (South Korea)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of chronic diseases by key country/regions
- New product launches
- Key Mergers, Acquisitions, and Partnerships
- Technological advancements in Medical X-ray
- COVID-19 Impact on the Medical X-ray Market
- Global Medical X-ray Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Static
- Dynamic
- Market Analysis, Insights and Forecast – By Technology Type
- Market Analysis, Insights and Forecast – By Product Type
-
-
- Digital
- CR/Analog
-
-
- Market Analysis, Insights and Forecast – By Application
- Dental
- Veterinary
- Cardiovascular
- Oncology
- Others
- Market Analysis, Insights and Forecast – By End User
- Market Analysis, Insights and Forecast – By Application
-
-
- Hospitals & Clinics
- Diagnostic Centres & Others
-
- North America Medical X-ray Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Static
- Dynamic
- Market Analysis, Insights and Forecast – By Technology Type
- Market Analysis, Insights and Forecast – By Product Type
-
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Region
-
-
- Digital
- CR/Analog
-
-
- Market Analysis, Insights and Forecast – By Application
- Dental
- Veterinary
- Cardiovascular
- Oncology
- Others
- Market Analysis, Insights and Forecast – By End User
- Market Analysis, Insights and Forecast – By Application
-
-
- Hospitals & Clinics
- Diagnostic Centres & Others
-
- Europe Medical X-ray Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- Static
- Dynamic
- Market Analysis, Insights and Forecast – By Technology Type
- Market Analysis, Insights and Forecast – By Product Type
-
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Country
-
-
- Digital
- CR/Analog
-
-
- Market Analysis, Insights and Forecast – By Application
- Dental
- Veterinary
- Cardiovascular
- Oncology
- Others
- Market Analysis, Insights and Forecast – By End User
- Market Analysis, Insights and Forecast – By Application
-
-
- Hospitals & Clinics
- Diagnostic Centres & Others
-
-
- Market Analysis, Insights and Forecast – By Country/ Sub- region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Country/ Sub- region
TOC Continued…….
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