Portable X-ray Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Portable X-ray Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The portable X-ray devices market is estimated to be USD 6,437.8 million in 2021. It is expected to reach USD 10.929.2 million by 2027, registering a CAGR of 9.18% from 2022 to 2027.

According to a study published by Cochrance in November 2020, accurate diagnosis of COVID-19 with chest X-rays ranged from 57% to 89%. can play an essential role in the detection of such visual responses associated with SARS-COV-2 infection. Owing to the current development of X-ray techniques in the detection of COVID infection, these devices are being rapidly adopted in the diagnosis of lungs. Furthermore, a decrease in the imaging volumes during the pandemic may affect the growth pace of the market. For Instance, the Journal of American College of Radiology article titled ‘Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes’ published in May 2020 reported that the total imaging volume in 2020 (weeks 1-16) declined by 12.29% compared with 2019. It also reported that Post-COVID-19 (weeks 10-16) revealed a greater decrease (28.10%) in imaging volumes across all patient service locations. The same source also reported that 88% decline was seen at week 16 in outpatient imaging and x-rays contributes nearly 22% decline in it. Such decline in volumes due to pandemic also affects the growth of market.

Factors such as the surging number of imaging diagnostics owing to the surging geriatric population wider adoption of portable radiology systems across diagnostic centers. Also, an increase in the disorders such as various vascular, dental, and cancer especially breast disorders and others are acting as a major driving factor in the growth of the global portable X-ray devices market. The government is providing grants for various research projects for x-rays is also driving the growth of market. For instance, in June 2021, Government of the United Kingdom, Department of Health and Social care issued GBP 36 million to boost for Artificial Intelligence technologies to revolutionize National Health Service care. It also reported that nearly around thirty-eight new pioneering artificial intelligence (AI) projects were started that will help in revolutionize care and accelerate diagnosis. Such support from the government helps in development of technological advanced devices and thus drives the growth of market over the forecast period.

Major players in the market are also finding these technological development as one of their strategies to uphold in market space and are expending a lot in research and development and coming up with novel products. For instance, in August 2020, Canon Medical launched s Mobile Digital X-ray System, called SOLTUS 500 Mobile Digital X-ray for enhanced versatility and performance in United States Market. This new system is orthopedics equipped with enhancements that can streamline bedside exams to help improve workflow and productivity. All these developments are anticipated to propel market growth over the forecast period.

However, stringent regulatory scenario in various developed region coupled with high risk of radiations are the factors that are expected to be the major restraint for the market growth.

Key Market TrendsDigital X-ray Segment is Expected to Show Significant Growth Over The Forecast Period

Digital X-ray systems directly convert the transmitted X-ray radiation into a digital image using an array of solid-state detectors such as amorphous selenium or silicon and display the image directly on the computer.

The digital X-ray emits very less radiation as compared to analog (traditional) X-rays which makes them highly safer also, the image produced by the digital system are of high quality that is produced immediately after the procedure thus reducing the waiting time and due to these factors, the adoption of digital X-ray systems are increasing around the world which is expected to drive the growth in the studied segment over the forecast period.Additionally, in March 2021, Fujifilm India Private Limited, a subsidiary of Fujifilm Holdings Corporation, launched a mobile digital radiology system called FDR nano which provides high-resolution images with low X-ray doses in healthcare settings, and as per the company, FDR nano enables a “noise reduction circuits that in turn, improves the granularity of low-density regions, and achieves high image quality.” Furthermore, in August 2020, Canon Medical launched SOLTUS 500 Mobile Digital X-ray system in the United States market. This new system offers features such as enhanced ease-of-use, increased productivity, enhanced safety features, and simplified detector charging and increased storage capacity.

Thus, owing to the many advantages of the digital X-ray system, their adoption is increasing around the world, and companies offering products in the area are innovating and launching new products, engaging in business expansion initiatives such as mergers and acquisition, collaborations and partnerships, and these activities are further expected to augment the growth of the digital X-ray devices during the forecast period of the study.

North America Dominates the Market and Expected to do the Same in the Forecast Period

Globally, North America dominates the market owing to the rapidly advancing healthcare infrastructure coupled with rising chronic disorders and the presence of technologically advanced players in this region.

The market for portable X-ray devices in the United States is being driven by the increasing use of advanced technology in healthcare systems and the rising burden of chronic diseases in the country. For instance, according to GLOBOCAN 2020, there were 2,281,658 new cancer cases diagnosed in the United States in 2020, with 612,390 fatalities. Similarly, according to the Arthritis Foundation Fact Sheet, 2019, the number of adults in the United States with doctor-diagnosed arthritis is expected to reach 78.4 million by 2040, accounting for 25.9% of all adults in the country. The increased prevalence of chronic diseases increases the demand for accurate diagnosis and a treatment plan that is both efficient and timely from healthcare providers. As a result, the studied market in the country is expected to grow over the coming years

Also, per the report published by Arthritis in Canada in August 2019, 6 million Canadians, 1 in 5 aged 15 or above, were suffering from arthritis. In addition, as per the same source, around 1 in 2 seniors over 65 had arthritis. Thus, the rising geriatric population and increasing incidence of chronic diseases will bode well for market growth.

New product launches based on emerging technologies, collaboration, mergers and acquisitions, and regional expansion are the key strategic initiatives undertaken by these industry players. For instance, in September 2021, GE Healthcare introduced the AMX Navigate, a new portable, digital X-ray system designed with a first-of-its-kind power-assisted Free Motion telescoping column that aims to reduce lift force by up to 70% and decrease technologist injury.

Additionally, in May 2021, KA Imaging has signed a distribution agreement in the United States with Alpha Imaging. Hospitals, medical facilities, and practices from 14 states have access to the Reveal 35C single exposure, portable, digital dual-energy subtraction digital radiography (DR) X-ray detector through Alpha Imaging. Thus, due to the development of innovative solutions, the market studied is expected to experience tremendous growth.

Competitive Landscape

The competition in the market is set to intensify, as several key players are focusing on the expansion of their portable x-ray devices portfolios through acquisitions of and collaborations with other companies. The market is expected to open up several opportunities for new players, as well as the currently established market leaders. The key players in the market include Canon Medical Systems, General Electric Company, Koninklijke Philips NV, and Shimadzu Corporations, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies

Envista Holdings Corporation (KaVo Dental GmbH)
Canon Medical System
GE Healthcare
Koninklijke Philips NV
MinXray
FUJIFILM Holdings Corporation
Shimadzu Corporations
Siemens Healthineers AG
Carestream Health Inc.