Global X-Ray Detectors Market - 2022-2029

Global X-Ray Detectors Market - 2022-2029

Market Overview

The global X-Ray detectors market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 4.5% during the forecast period (2022-2029).

An X-ray is a noninvasive medical imaging test that enables physicians to diagnose and treat medical ailments. X-rays are employed to diagnose skeletal systems, oral cavities, lungs, breast, digestive systems, and ingested objects.

Market Dynamics

The increased market developments, such as product launches, investments, funding, acquisitions, mergers, and others, are expected to drive global market growth during the forecasted period.

Increasing market developments are expected to fuel global market growth.

For instance, in February 2021, Spectrum Logic launched its 2824HR CMOS X-ray detector that matches advanced industrial and scientific X-ray imaging requirements. Similarly, in January 2021, Mirion Technologies, Inc. completed the acquisition of Sun Nuclear Corporation, a global leader in offering diagnostic imaging and radiology systems. Also, in March 2021, Konica Minolta Precision Medicine collaborates with Amazon Web Services, Inc. to develop the next generation of precision diagnostics. With this collaboration, Amazon has made a financial investment in KMPM. Additionally, in July 2022, Shimadzu Corporation launched a New Type of Mobile X-ray System Outside of Japan, accommodating a Wide Range of Needs for Mobile X-ray Systems. Also, on August 2022, GE Healthcare launched its most advanced fixed X-ray system yet, the next-generation Definium 656 HD.

Furthermore, the rising investments by government agencies also contribute to market growth. Such as, in September 2022, phase I Small Business Innovation Research (SBIR) funding was provided to Sydor Technologies, a world leader in sophisticated x-ray detectors. Also, the U.S. Department of Energy is providing funding of USD 200,000 to the company. In addition, in June 2021, engineers at Duke University demonstrated a prototype X-ray scanning device that reveals an object's structure and chemical composition. Developments like these are boosting the global X-ray detector market growth.

The health risk associated with X-rays will hamper the global X-ray detectors market growth.

However, the health risk associated with X-rays is assumed to hamper the global X-ray detectors market growth. For instance, according to the University of California San Francisco Radiology, X-ray radiation is absorbed within our bodies and can damage molecular structures and cause harm. Very high doses of radiation cause damage to human cells, as evidenced by skin burns, hair loss, and increased cancer incidence.

COVID-19 Impact

The quick spread of COVID-19 resulted in lockdowns. The COVID-19 pandemic impacted the X-ray detectors market, as the adoption of X-ray detectors in medical or clinical applications positively impacted the market. However, the demand for X-ray detectors in veterinary, dental declined, negatively impacting the market. Because of the lockdowns, animal diagnostic procedures were delayed, hampering the use of X-ray imaging systems and detectors.

Segment Analysis

The orthopedics sub-segment in Medical application segment is predicted to dominate the forecast period (2022-2029).

The orthopedic sub-segment is estimated to hold the majority of the global X-ray detectors market share during the forecast period (2022-2029) as there are increased orthopedic surgeries and cases of arthritis globally. For instance, according to the center for disease control and prevention, non-fatal injuries requiring surgery were about 2,885,545 ambulatory cases in 2020. Moreover, according to the Global Arthritis Network, more than 350 million people have rheumatoid arthritis globally. Also, according to the EClinicalMedicine, over 22% of adults around the world who are older than 40 had knee osteoarthritis in 2020. Furthermore, according to the Centers for Disease Control and Prevention (CDC), arthritis is more common among adults aged 65. Therefore, the rapidly growing geriatric population ensures the orthopedic segment's dominance over the global X-ray detectors market. For example, according to WHO, the population aged 60 years and above was 1 billion in 2020, expected to reach 2.1 billion by 2050. The population of persons aged 80 years or older is anticipated to triple between 2020 and 2050 to reach 426 million.

Geographical Analysis

The North America region holds the largest global X-ray detector market share.

According to the U.S. Department of Transportation, about 35,766 fatal vehicle crashes in 2020, among which more than 38,824 led to death. Furthermore, the CDC assessed that approximately 58.5 million Americans have osteoarthritis. Accidental crashes become one of the primary reasons for disability in the U.S. According to the CDC, over 24 million working adults have limited physical movements because of arthritis. Furthermore, the government's significant spending on healthcare ensures the growth of the North America X-ray detector market. For instance, according to the Center for Medicare & Medicaid Services, National Healthcare Expenditure grew 9.7% to $4.1 trillion in 2020, or $12,530 per person, accounting for 19.7% of the Gross Domestic Product (GDP) and is assessed to reach $6.2 trillion by 2028. Thus, the above-mentioned data indicates that North America will hold the majority of the global X-ray detectors market share throughout the forecast period (2022-2029).

Competitive Landscape

The X-ray detectors market is moderately competitive due to key local and global players involved in the research and innovation of new developments. Some of the key players include GE Healthcare, Shimadzu Corporation, Fujifilm Medical Systems, PerkinElmer Inc., Hologic Inc., Siemens Healthcare, Samsung Medison Co. Ltd, Carestream Health Inc., Thales Group, and Varex Imaging Corporation. These key players hold a significant market share through innovations, product launches, collaborations, acquisitions, and alliances. For instance, in March’2021, Thales Group introduced Pixium 3040F at ECF 2021. The product offers optimized spatial resolution, high image quality, superior sensitivity, and higher contrast at low doses.

GE Healthcare

Overview:

GE Healthcare is headquartered in Chicago, Illinois, U.S., and was founded in 2004. It is a subsidiary of the American Multinational Conglomerate General Electric. It is a leading manufacturer and distributor of diagnostic imaging and radiopharmaceuticals for imaging modalities used in medical imaging procedures.

Product Portfolio:

The product portfolio of GE Healthcare for X-Ray Detectors has Definium 646 HD: It is a versatile digital radiographic system that enables diagnostic confidence and workflow efficiency with multiple configurations that adapt to the operator's needs.

The global X-ray detectors market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.