X-Ray Devices - Market Insights, Competitive Landscape and Market Forecast–2027

X-Ray Devices - Market Insights, Competitive Landscape and Market Forecast–2027

X-Ray Devices Market By Product Type (Analog And Digital), By Portability (Fixed And Portable), By Technology (Direct Radiography And Computed Radiography), By Application (Orthopedic, Dental, Cardiovascular Diseases (CVD), Oncology, Others) By End User (Hospitals, Diagnostic Centers, And Others), and by geography is expected to grow at a steady CAGR forecast till 2027 owing to an increasing incidence of various types of cancer and an increasing prevalence of cardiovascular diseases.

Global X-Ray Devices Market was valued at USD 10.57 billion in 2021, growing at a CAGR of 8.36% during the forecast period from 2022 to 2027 to reach USD 17.10 billion by 2027. The demand for X-Ray devices is primarily being boosted by the rising incidence observed in different types of cancer cases and rising prevalence observed in patients affected with cardiovascular diseases, rise in number of orthopedic disorders such as injuries and diseases affecting the musculoskeletal system in humans, and technological advancements in the X-Ray devices arena which are expected to increase in the product demand thereby contributing in the growth of the X-Ray devices market during the forecast period.

X-Ray Devices Market Dynamics:

The X-Ray devices market is witnessing an increase in product demand owing to numerous reasons and one of the key aspects being the rise in the incidence of several types of cancers. As per the World Health Organization in the year 2020, cancer is considered to be the second most prominent cause of death worldwide, accounting to about 9.6 million lives affected in the year 2018. As per the same source, in the end of the year 2020, about 7.8 million women were diagnosed with breast cancer in the past five years globally and were alive at the end of year 2020. Moreover, according to the GLOBOCAN statistics in the year 2020, an estimated number of 19.3 million new cancer cases and approximately 10 million people were suffering from cancer. Also, according to the same source, the number of women suffering from breast cancer in the year 2020 across the globe accounted to 2.3 million new cases. Therefore, in order to facilitate diagnosis of different types of cancer in both women and men, X-Ray devices are witnessing an increase in demand, leading to an overall X-Ray device market growth.

Another key aspect influencing the demand for X-Ray devices is the rising prevalence of cardiovascular disorders. As per the data provided by the World Health Organization 2021, cardiovascular disorders are considered as the leading cause of death worldwide affecting about 17.9 million lives every year. Furthermore, the World Heart Federation in the year 2019 had estimated that more than 23 million lives will be affected owing to cardiovascular disorders by the year 2030. Therefore, the rising prevalence of cardiovascular disorders across the globe is further expected to aid in the increasing demand for X-Ray devices, thereby boosting the growth of the global X-Ray devices market during the forecast period.

Moreover, latest technological advancements such as integrating artificial intelligence auto detection technology with X-Ray machines, increasingly durable glassless detector plates , technologies for pulling in diagnostic data out of the X-Ray imaging and redesigning of the digital radiography systems into ergonomic and user-compatible designs have also added to the rising demand for X-Ray devices, thereby propelling the X-Ray devices market.

However, limitations associated with the potential risks associated with higher doses of radiation exposure and lack of healthcare infrastructure in the underdeveloped and developing economies may prove to be challenging factors for the X-Ray devices market growth.

X-Ray Devices Market Segment Analysis:

X-Ray Devices Market by Product Type (Analog and Digital), By Portability (Fixed and Portable), By Technology (Direct Radiography and Computed Radiography), By Application (Orthopedic, Dental, Cardiovascular Diseases (CVD), Oncology, Others) By End User (Hospitals, Diagnostic Centers, and Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the product type segment of the X-Ray Devices Market, the digital type of X-Ray equipment of is estimated to hold a significant share in the X-Ray devices market during the forecast period. This can be ascribed to the advantages associated with the Digital X-Ray systems over analog X-Ray systems. These comprise of the reduced time, reduction in radiation doses, reduction in cost because of elimination of any chemical processors, processor maintenance, filling and mailing jackets and also reduction observed in space requirement as the digital radiography equipment do not require any dark rooms or space for cabinets in contrast to analog images.

Additionally, digital X-Ray devices comprise of higher quality, higher dynamic resolution images, that offer flexibility in image manipulation, storage of digital modalities electronically and can be made available on personal computers.

Therefore, the constant technological advancements offered by digital forms of X-Rays in contrast to analog X-Rays is expected to boost the growth of the X-Ray devices market.

North America is expected to dominate the Overall X-Ray Devices Market:

Among all the regions, North America is expected to account for the significant market revenue share in the X-Ray devices market. North America is expected to dominate the global market and would continue to maintain its dominance in revenue generation in the X-Ray devices market during the forecast period. This domination is attributed to the increasing prevalence of cancer conditions, the rising cardiovascular diseases in the region, increasing orthopedic disorders, and rising government initiatives for creating awareness regarding prevalence of cancer diagnosis are expected to aid in the growth of the North America X-Ray devices market.

According to the Centers for Disease Control and Prevention 2021, heart disease is the leading cause of death for men, women and people in United States. According to the same source, one person tends to die in every 36 seconds from cardiovascular diseases and about 6,59,000 people tends to die of heart diseases every year that is about one in four deaths. Furthermore, according to the American Heart Association 2021, in the year 2019 cardiovascular disorders was the leading cause of death in the United States and coronary heart disease had accounted to about 42.1% of the deaths attributable to CVD in the United States. Also, as per the former source, in the year 2018, stoke had accounted for about 1 in every 19 deaths in the United States. Owing to the rising cases of cardiovascular disorders, there will be an increase in diagnostic equipment for increased diagnosis of cardiovascular disorders, thereby leading to an increase in the overall cardiovascular disease market growth in the North American region.

In addition to the above-mentioned factor, according to the data provided by the United States Cancer Statistics, in the year 2018, approximately 1,708,921 new cases of cancer were reported and about 599,265 people died of cancer. As per the same source, for every 100,000 people, 436 new cancer cases were reported and about 149 people had died from while suffering from cancer. Therefore, owing to an increase in the prevalence of cancer deaths and patients suffering from cancer, there will be a higher demand of X-Ray devices experienced in future pertaining to the diagnosis of cancer patients, leading to an overall increase in the X-Ray devices market growth during the forecaste period.

X-Ray Devices Market Key Players:

Some of the key market players operating in the X-Ray devices market includes Hologic, Inc., Shenzhen Sontu Medical Imaging Equipment Co., Ltd., Bracco Imaging S.P.A., Fujifilm Holdings Corp, GE Healthcare, KUB Technologies, Inc., Philips Healthcare, Shimadzu Corp, Siemens Healthcare, Agfa-Gevaert N.V., Canon, Inc., Konica Minolta, Shenzhen Mindray Bio-Medical Electronics Co., Varex Imaging Corporation, MinXray, ACTEON, Carestream Health, Samsung Medison, Source-Ray, Inc, and KaVo Dental.

Recent Developmental Activities in X-Ray Devices Market:

• On April 04, 2021, Israeli stratup Nanox had received FDA approval for digital X-Ray systems, known as the Nanox Arc. It is compact and lighter than the traditional foms of X-Ray and helps in generating 3D images that emit lesser radiations and costs a fraction of the conventional form of X-Ray devices.
• On Febraury 21, 2021, Aselsan’s mobile digital X-Ray systems had obtained the CE Mark approval.
• On April 15, 2021, Behold AI had obtained CE Mark approval for their AI-based chest X-Ray diagnosis technology.

Key Takeaways from the X-Ray Devices Market Report Study

• Market size analysis for current X-Ray devices market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the X-Ray devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the Global X-Ray Devices Market.
• Various opportunities available for the other competitor in the X-Ray Devices Market space.
• What are the top performing segments in 2021? How these segments will perform in 2027.
• Which is the top-performing regions and countries in the current X-Ray devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for X-Ray devices market growth in the coming future?

Target Audience who can be benefited from this X-Ray Devices Market Report Study

• X-Ray Devices products providers
• Research organizations and consulting companies
• X-Ray Devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in X-Ray devices
• Various End-users who want to know more about the X-Ray Devices market and latest technological developments in the X-Ray Devices market.

Frequently Asked Questions for X-Ray Devices Market:

1. What are X-Ray Devices?

X-Ray systems comprise of X-rays that are highly penetrating and ionizing radiations. These systems are used for capturing pictures of the dense tissues in human body such as teeths and bones. This is because dense tissues absorb more radiations in contradiction to softer tissues in the human body.

2. What is the market for Global X-Ray Devices?

Global X-Ray Devices Market was valued at USD 10.57 billion in 2021, growing at a CAGR of 8.36% during the forecast period from 2022 to 2027 to reach USD 17.10 billion by 2027.

3. What are the drivers for Global X-Ray Devices Market?

The demand for X-Ray devices is primarily being boosted by the rising prevalence of different types of cancer, increasing prevalence of cardiovascular disorders, technological advancements in the X-Rays systems arena, and the rising prevalence of orthopedic disorders which are expected to increase in the product demand thereby contributing in the growth of the X-Ray devices market during the forecast period.

4. Who are the key players operating in Global X-Ray Devices Market?

Some of the key market players operating in the X-Ray devices market includes Hologic, Inc., Shenzhen Sontu Medical Imaging Equipment Co., Ltd., Bracco Imaging S.P.A., Fujifilm Holdings Corp, GE Healthcare, KUB Technologies, Inc., Philips Healthcare, Shimadzu Corp, Siemens Healthcare, Agfa-Gevaert N.V., Canon, Inc., Konica Minolta, Shenzhen Mindray Bio-Medical Electronics Co., Varex Imaging Corporation, MinXray, ACTEON, Carestream Health, Samsung Medison, Source-Ray, Inc, and KaVo Dental and others.

5. Which region has the highest share in X-Ray Devices market?

North America is expected to dominate the overall X-Ray Devices market during the forecast period. Owing to significant growth factors such as rising prevalence of different types of cancers, increasing prevalence of cardiovascular disorders, favourable reimbursement policies and presence of key players, and new product approvals also propelled the market growth in this region.

Please Note: It will take 7-10 business days to complete the report upon order confirmation.