NEW YORK, March 21, 2024 /PRNewswire/ — The X-ray equipment market is expected to grow by USD 3.88 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 6.2% during the forecast period, according to Technavio Research.
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Technavio has announced its latest market research report titled Global X-Ray Equipment Market 2023-2027
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.2% |
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Market growth 2023-2027 |
USD 3,888.72 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.22 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 38% |
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Key countries |
US, Germany, UK, Japan, and China |
The market has been segmented by technology (digital and analog), end-user (hospitals and diagnostic imaging centers), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). The growing demand for non-invasive diagnostic devices is a key factor driving market growth. This rise compels advanced technologies like digital radiography equipment, Computed tomography (CT) scanners, and fluoroscopy equipment. The demand for portable X-ray machines and mobile X-ray units rises, aligning with medical imaging devices. With innovative X-ray detectors and interventional radiology equipment in focus, mammography machines also contribute significantly. This driver highlights the market’s response to the imperative healthcare need.
Key Companies
Finapoline SAS, Agfa Gevaert NV, Canon Inc., Carestream Health Inc., Clermont Radiology LLC, DURR NDT GmbH and Co. KG, FUJIFILM Holdings Corp., GE Healthcare Technologies Inc., Hitachi Ltd., Hologic Inc., Konica Minolta Inc., Koninklijke Philips NV, MinXray Inc., New Medical Imaging Co ltd, Samsung Electronics Co. Ltd., Mindray Biomedical Electronics Co. Ltd, Shimadzu Corp., Siemens Healthineers AG, Toshiba Corp., and Varex Imaging Corp.
Agfa Gevaert NV – The company offers X-ray equipment such as Ultimax I, kalare, and Mobirex i9.
Regional Analysis
North America is estimated to contribute 38% to the growth of the global market during the forecast period. The US significantly influences the regional market, driven by escalating healthcare capital expenditure, a surge in chronic diseases like cancer and diabetes, and an increasing demand for digital X-ray equipment.
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Segmentation Analysis
The market share growth by the digital segment will be significant during the forecast period. To compete with the evolution of technologies like 3D detector technology, companies such as DanaherCorp. invest in state-of-the-art digital X-ray equipment.
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The X-Ray Equipment Market is propelled by a significant trend of technological advancements.
The X-ray equipment Market encounters a significant challenge due to the substantial costs associated with essential components like X-ray collimators, radiographic grids, and radiation shielding materials.
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Analyst Review
The global X-ray equipment market is experiencing a transformative surge driven by cutting-edge advancements in technology, strategic collaborations, and an increasing emphasis on preventive healthcare. With a focus on product development and integrating artificial intelligence (AI) into digital radiology solutions, the market is witnessing a significant boost in diagnostic accuracy and early detection of life-threatening disorders.
One notable innovation is the introduction of AI algorithms into digital radiography systems, enhancing image output quality and enabling early diagnosis of conditions such as cardiovascular diseases and breast cancer. Collaborations between industry giants like GE Healthcare and Siemens Healthineers have accelerated the integration of AI into stationary and mobile X-ray systems, revolutionizing the landscape of medical imaging.
The emergence of multimodal/hybrid imaging systems, such as the Luminos Impulse, underscores a shift towards comprehensive diagnostic solutions that combine the strengths of different modalities for improved diagnostic efficacy. Additionally, the advent of Amazon Web Services (AWS) has facilitated the seamless integration of AI into diagnostic equipment, further enhancing mobility and accessibility in healthcare settings.
Government initiatives, such as the X-Ray Setu program, are driving disease screening programs aimed at tackling chronic conditions and promoting preventive healthcare. These programs leverage the latest technological advancements in X-ray systems to ensure widespread access to diagnostic services, particularly in underserved regions.
In the realm of radiography, both computed radiography (CR) and digital radiography (DR) solutions are gaining prominence for their superior image quality and efficiency in healthcare facilities ranging from hospitals to diagnostic imaging centers. Mobile X-ray systems equipped with AI algorithms are particularly valuable in critical care settings, facilitating prompt interventions such as endotracheal tube (ETT) placements with enhanced precision.
The focus on early detection and diagnosis is pivotal in combating diseases like cancer, with mammography playing a crucial role in breast cancer screening. The market for X-ray equipment continues to evolve rapidly, driven by a collective effort from key industry players, technological innovators, and healthcare stakeholders towards advancing diagnostic capabilities and improving patient outcomes.
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Market Overview
The X-ray equipment market continues to thrive with rapid product development fueled by significant investments and fundings, particularly in digital radiology solutions and AI integration. Government initiatives like X-Ray Setu further bolster advancements, enhancing diagnostic accuracy and patient care. Artificial intelligence revolutionizes the landscape, streamlining processes and improving diagnostic outcomes. This synergy between technology and healthcare is driving the market forward, with AI-powered solutions becoming integral components of modern radiology practices. As demand surges, innovations in X-ray systems cater to diverse needs, ensuring efficient and precise diagnostics across various medical settings. With relentless innovation and strategic partnerships, the X-ray equipment market is poised for sustained growth and transformative impact on healthcare delivery.
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
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