Digital X-Ray Systems Market to Grow at a CAGR of 7.45% through 2026
Rising geriatric population is anticipated to drive the growth of global digital X-ray systems market in the forecast period.
According to TechSci Research report, “Global Digital X-Ray Systems Market By Technology (Direct Radiography v/s Computed Radiography), By Modality (Fixed v/s Mobile), By Application (General Radiography, Dental Applications, Mammography, Others), By End Users (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, the global digital X-ray systems market stood at USD11.74 billion in 2020 and is expected to grow at a CAGR of 7.45%, during the forecast period. This can be ascribed to the rising prevalence of diseases like orthopedic disorders, cancers/tumors, cardiovascular diseases (CVD), pneumonia and dental disorders. The increase in the number of these diseases and requirement for early detection is driving the growth of the global digital X-ray systems market in the upcoming five years.
Digital X-ray devices use digital X-ray sensors instead of films to capture images, provide immediate preview of the results, which improves time efficiency and capacity to digitally transfer images. Digital X-ray systems have various advantages over conventional X-ray systems like the quality of image, user friendliness, lesser image acquisition time, among others. Additionally, digital X-ray systems provide real time faster results which allows a greater number of patients to be screened in a given time, this in turn leads to lesser exposure to radiations. All these factors are expected to fuel the market growth.
However, digital X-ray systems are quite expensive therefore most of the small and medium-sized hospitals are unable to afford these systems. This in turn is expected to slow down the market growth through 2026. The high cost of digital X-ray systems also pushes end users towards refurbished systems, which directly cuts the overall sales of new and advanced systems. Moreover, the market suffers majorly due to the lack of reimbursement through health insurances. New investors may work on bringing the latest technologies at a more cost-efficient level. Additionally, stringent regulatory processes further restrict the market growth.
Browse over 161 market data Figures spread through 214 Pages and an in-depth TOC on “Global Digital X-ray Systems Market”
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The global digital X-ray systems market is segmented by technology, modality, application, end users, and regional distribution. Based on application, the market is further segmented into general radiography, dental applications, mammography, and others. The general radiography segment held the largest market share in 2020 of around 44.26%. This can be ascribed to the growing prevalence of target diseases such as osteoporosis, cardiovascular diseases, tuberculosis, among others. Furthermore, growing geriatric population which is more susceptible to injuries & falls and different chronic diseases is further expected to drive the segmental growth over the next few years. An increasing number of COVID-19 cases has also increased the demand as digital X-ray systems play a key role in the diagnosis of COVID-19 and indicates the affected lung tissue in infected patients. X-ray systems have good applications in dental treatments as well.
Thus, the market is driving towards the anticipated growth based on these factors. In terms of end users, the market can be fragmented into hospitals & clinics, diagnostic centers and others. The hospitals & clinics segment dominated the market in 2020 and is expected to continue its dominance over the next few years because hospitals & clinics have proper infrastructural facilities, and they can easily make the investment required to have digital x-ray systems installed in their x-ray rooms. The diagnostic centers segment will witness significant growth over the next few years owing to the penetration of large diagnostic chains worldwide who are creating a huge demand for digital x-ray systems.
Some of the major competitors in the market are Siemens Healthineers AG, GE Healthcare Inc., Koninklijke Philips N.V., Canon Medical Systems Corporation, Fujifilm Holdings Corporation, Shimadzu Corporation, Hologic Inc, Bracco Imaging S.p.A., Neusoft Medical Systems Co., Ltd., Agfa-Gevaert N.V., Samsung Medison Co., Ltd., Konica Minolta, Inc., Varex Imaging Corporation, KUB Technologies, Inc., MinXray, Inc., among others. These companies are adopting organic strategies such as mergers & acquisitions, product launches, among others in order to stay competitive in the market and are having an edge over the other players in the industry. For instance, In April 2021, Fujifilm Holdings Corporation completed the acquisition of Hitachi’s diagnostic imaging business.
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“North America is expected to hold a dominant position in the global digital x-ray systems market over the forecast period, owing to the increasing number of patients suffering from arthritis. Additionally, the number of adults in the United States with doctor-diagnosed arthritis is projected to reach 78.4 million by 2040 which accounts for 25.9 percent of all adults in the United States as per the Arthritis Foundation Fact sheet, 2019. Along with the government support and FDI investments the market is anticipated to reach an impressive growth in next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Digital X-Ray Systems Market By Technology (Direct Radiography v/s Computed Radiography), By Modality (Fixed v/s Mobile), By Application (General Radiography, Dental Applications, Mammography, Others), By End Users (Hospitals & Clinics, Diagnostic Centers, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global digital X-ray systems and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global digital x-ray systems.
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