According to Vision Research Reports, the global X-ray market size surpassed at US$ 11 Bn in 2020 and is projected to expand at a CAGR of 5.7% from 2021 to 2028.
Different types of X-ray devices are available in the market such as stationary/fixed and portable. These diagnostic X-ray devices can be used for various applications, including cardiovascular, respiratory, dental, and mammography. Rise in prevalence of chronic diseases across the world and rapidly aging global population with augmented healthcare needs boost market growth. North America dominated the global X-ray market in 2020 and the trend is anticipated to continue during the forecast period. High awareness about medical imaging devices, financial capability to purchase expensive machines, rise in demand for technologically advanced & innovative products in hospitals, diagnostic laboratories, and outpatient ambulatory surgery centers; and high infrastructure investment supporting healthcare facilities boost the growth of the market in the region. Asia Pacific is likely to be a highly lucrative market for X-ray during the forecast period.
Increase in Aging Population with High Healthcare Needs and Commercialization of Technologically Advanced X-ray Systems to Drive Market
Most developed countries have a high geriatric population. It has also been estimated that around 82% of the people who succumb to a coronary artery disease are aged 65 years and above. According to WHO estimates, the geriatric population would increase at a rapid pace in developed countries such as the U.S., the U.K., and Japan. Access to various diagnostic and treatment services has improved due to favorable health care policies and advancements in healthcare facilities in countries such as the U.S., Japan, the U.K. and other countries in Western Europe. This in turn has increased life expectancy of the population. Brazil, China, Thailand, and South Korea are expected to have a large geriatric population in the shortest span of time. Aged individuals are more prone to diseases and disorders; hence, have high healthcare requirements. Aged individuals would increase the patient pool in these countries, which in turn is likely to boost the growth of the X-ray market in Asia Pacific in the next few years.
Recent introduction of advanced, highly portable digital X-ray systems have resulted in an increased demand globally. Moreover, demand for bedside imaging and diagnostics, home healthcare, and minimally invasive solutions is rising across the globe. New X-ray technology produces striking 3D images in full color. Various new and technologically advanced X-ray systems have been introduced by major manufacturers operating in this market.
Stationary/Fixed Products to Dominate Market
Based on product type, the global X-ray market has been bifurcated into stationary/fixed and portable. The portable segment has been split into mobile and handheld. The stationary/fixed segment dominated the global X-ray market in 2020. However, the portable segment is expected to expand at the highest CAGR from 2019 to 2028. Advent of wireless and low-power consuming portable X-ray technologies, which are leading to innovation and development of advanced portable X-ray, fuels the growth of the global market. In February 2015, GE Measurement and Control launched portable ERESCO 300 MF4-R X-ray tube, which helps in geometric magnification and inspection time reduction in film-based and digital radiography.
Digital to be Promising Technology
In terms of technology, the global X-ray market has been classified into analog and digital. The digital segment has been segregated into computed radiography and direct digital radiography. The digital segment is expected to expand at the highest CAGR during the forecast period. Sensors integrated in digital X-ray systems, especially in systems with direct digital radiology technology, help the system to capture images at a rapid rate of 60 images per hour. Better image quality in less time is a major factor driving the digital X-ray segment.
Mammography to be Key Application
Based on application, the global X-ray market has been segmented into cardiovascular, respiratory, dental, mammography, and others. The mammography segment is expected to expand at the highest CAGR during the forecast period. According to the World Cancer Research Fund International, there were over 2 million new cases of cancer in 2020. The introduction of new and technologically advanced X-ray systems, rise in awareness about the disease & its diagnosis, and affordability of people fuel the growth of the global market.
Hospitals & Clinics End User to Account for Major Share
In terms of end user, the global X-ray market has been categorized into hospitals & clinics, diagnostic centers, ambulatory surgical centers, and research centers. The hospitals & clinics segment dominated the global X-ray market in terms of revenue in 2020 and the trend is projected to continue during the forecast period. The growth of the segment can be attributed to the rise in the rate of hospitalization and a range of services offered by hospitals at a single site.
North America to Dominate Global Market
The global X-ray market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global X-ray market in 2020, followed by Europe. North America accounted for major share of the global X-ray market in 2020. Rise in adoption of disease detection radiology imaging products and increase in number of clinical trials for the development of these products for different disorders boost the growth of the market in the region. The X-ray market in Asia Pacific is anticipated to expand at a higher CAGR from 2019 to 2028 primarily due to rise in prevalence of chronic disorders and increase in awareness about disease diagnosis for proper treatment in the region.
Siemens Healthcare, Koninklijke Philips N.V., GE Healthcare, and Shimadzu Corporation are the leading players in the global X-ray market and hold majority share. The global X-ray market is fragmented in terms of number of players. Key players in the global market include Agfa-Gevaert N.V., Canon Medical Systems Corporation, Carestream Health, FUJIFILM Holdings Corporation, GE Healthcare, Konica Minolta Medical Imaging, Koninklijke Philips N.V., PerkinElmer, Inc., Shimadzu Corporation, Siemens Healthcare, and Varian Medical Systems.
Global X-ray Market: Segmentation
The X-ray market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of X-ray market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global X-ray market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the X-ray market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted X-ray market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the X-ray capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of X-ray by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global X-ray market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major X-ray market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of X-ray market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the X-ray industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
X-ray market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to X-ray market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of X-ray market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new X-ray market. These factors have benefited the growth of the global market for X-ray. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for X-ray. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of X-ray are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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