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X-Ray Imaging Market Overview
The global x-ray imaging market size is projected to reach $12.4 billion by 2022, growing at a CAGR of 4.9% during the forecast period. The growing geriatric population, increasing prevalence of chronic diseases and increasing need for diagnostic imaging procedures is driving the growth of the market. In addition, technological advancements in X-ray imaging and increasing healthcare expenditure are also bolstering the market growth.
Based on portability, the X-ray imaging market has been segmented into stationary and portable X-ray imaging. The stationary X-ray imaging segment held the larger market share in the global X-ray imaging industry in the historical period. The portable X-ray imaging segment is expected to witness the faster growth during the forecast period.
Based on technology, the X-ray imaging market has been segmented into digital, analog and others. The digital segment held the major market share in the global market in the historical period. It is also expected to witness the fastest growth during the forecast period.
Based on application, the X-ray imaging market has been segmented into orthopedic X-ray, chest X-ray, dental X-ray, mammography, and others. The orthopedic X-ray segment held the major market share in the global market during the historical period. The chest X-ray segment is expected to witness the fastest growth during the forecast period, due to increasing prevalence of tuberculosis, respiratory disorders, and others.
Geographically, North America dominated the global X-ray imaging market due to increasing healthcare expenditure, growing geriatric population, improved healthcare infrastructure and growing prevalence of chronic diseases. In addition, North America is witnessing rapid increase in the geriatric population, which has created a significant positive impact on the growth of the North American X-ray imaging industry. Among the North American countries, the U.S. is the largest market for X-ray imaging and the its market in the country is expected to grow at a CAGR of 4.8% during the forecast period.
X-Ray Imaging Market Dynamics
The continuous research and development for the development of technologically advanced X-ray imaging is fueling the growth of the X-ray imaging market. The technological advancements have led to the product innovations and development, such as digital and mobile X-ray systems. The advancements in technology has led to the developments of affordable digital X-ray imaging systems. Diagnostic images now can be stored and interpreted in digital signals. Moreover, low dose imaging, large area detection and energy resolution are revolutionizing X-ray detection technologies. In the coming years, the X-ray imaging would have high resolutions, cheaper hardware, and less harmful smaller doses of ionizing agent.
The healthcare expenditure is increasing across the globe, owing to the increasing prevalence of diseases and increasing government and non-government initiatives. The increase in healthcare expenditure leads to increase in affordability and accessibility of the diagnostic imaging procedures for different medical conditions. The distinct governments in different countries are investing a significant portion of their GDP for healthcare. The increasing healthcare expenditure leads to the increased demand for X-ray imaging systems, which is driving the growth of the global X-ray imaging market.
The stringent regulatory requirement for the X-ray imaging systems or devices is a key restraint in the growth of the global X-ray imaging market. X-ray imaging systems are essential tools improving healthcare by diagnosing several diseases, injuries, and fractures. However, the X-ray imaging uses ionizing radiation whose unsafe usage may lead to severe health issues. Therefore, distinct governments in different countries and international organizations have framed regulation to ensure safe uses of ionizing radiation sources including X-rays.
X-Ray Imaging Market Competitive Analysis
Some of the key companies operating in the global x-ray imaging market include Koninklijke Philips N.V., Siemens AG, Hitachi Ltd., General Electric Company, Shimadzu Corporation, Toshiba Corporation, Hologic Inc., Carestream Health Inc., Fujifilm Corporation and SAMSUNG.