The global X-ray systems market will generate revenue of $9,504.33 million in 2030, and the market size will advance at a CAGR of 3.68% between 2021 and 2030. This is attributed to the growing prevalence of chronic diseases, along with the increasing need for diagnostic imaging procedures.
Moreover, awareness campaigns about chronic ailments, including breast cancer, lung cancer, and tuberculosis, are being conducted by many governments across the globe. Therefore, individuals and healthcare professionals are becoming more aware of the importance of early disease diagnosis. Healthcare professionals can diagnose a number of ailments, including lung cancer, osteomyelitis, pulmonary TB, pneumonia, and rheumatoid arthritis, with radiography machines. The early disease diagnosis made possible by advanced imaging modalities has improved patient outcomes.
North America holds the major share in the market due to the continuous increase in healthcare research and development activities. Other market growth drivers include an increase in the demand for effective diagnostic imaging techniques, majorly due to the rise in the prevalence of chronic diseases, and a high rate of device adoption by diagnostic laboratories.
The Asia-Pacific region will experience the fastest growth during the forecast period. This is due to the high prevalence of diseases that require high-resolution X-ray imaging for diagnosis and treatment monitoring. Other factors driving the demand for radiography equipment in the region are the expanding number of hospitals and growing preference for effective diagnostic imaging.
Another significant factor that will contribute to the market expansion is the growing prevalence of orthopedic fractures and increasing medical tourism activities. Further, due to the existence of cutting-edge medical technologies, the APAC will dominate the market in future.
Moreover, developing countries, such as India, Mexico, and Brazil, have a large number of people with spinal injuries, including vertebral fractures. This increases the count of X-ray scans, thus leading to the advance of the market.
The hospitals category garnered the largest market share in 2021, majorly due to the rise in the count of patients with various chronic ailments visiting hospitals. As a result, hospitals install and regularly upgrade these systems. In addition, hospitals are increasingly collaborating with market players to innovate technologies, to get a good image quality, ultimately, to detect the root cause of diseases.
The latest advancements include the incorporation of artificial intelligence (AI) into medical imaging systems, advent of robotics, and portability of the X-ray systems. Moreover, manufacturers are focusing their efforts on improving their production capabilities, to create cutting-edge portable and battery-operated handheld equipment.
Further, in order to create new revenue sources, they are concentrating strongly on the dental and forensics communities. As a result, the revenue from dentistry applications is predicted to rise exponentially over this decade.
Some of the major players in the market are Siemens Healthcare GmbH, Canon Medical Systems Corporation, FUJIFILM Sonosite Inc., Carestream Health, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., New Medical Imaging Co. LTD., and Hologic Inc.