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

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

The X-ray machine manufacturing market is expected to register a CAGR of 6.8% over the forecast period (2021 - 2026). Advanced digital solutions have revolutionized medical imaging by offering better image quality, faster processing time, and dose reduction advantages, over the conventional systems. Thus, the increasing patients' preferences toward x-rays for non-invasive and painless disease diagnosis are expected to favor business growth.

Key Highlights

• Further, the increasing incidence of cardiovascular, respiratory, gastrointestinal, genitourinary, and several other disorders, is one of the major driving factors. Additionally, the global aging population and commercialization of new, improved, and technologically-advanced x-ray machines are expected to fuel the demand.
• For instance, in July 2018, the scientists from New Zealand performed the first 3-D color x-ray on a human to improve the field of medical diagnostics. This color x-ray imaging technique can produce clearer and more accurate pictures and help the doctors to provide their patients more accurate diagnoses. The innovations mentoned above are going to supplement the market growth.
• In addition to the above factors, the rising security concerns related to consecutive threats and activities, such as illegal arms shipping and drug trafficking, are the other key factors driving the demand for x-ray security screening systems. The aforementioned factor is, thereby, contributing to the higher adoption rate of X-ray machines.
• However, on the other hand, high equipment cost along with the risk of radiation exposure from the x-ray machines might hinder the medical x-ray segment's growth to some extent in the foreseeable future.

Key Market TrendsHealthcare Sector to Witness a Significant Growth

• The healthcare industry is expected to witness growth in future, owing to the advancements in technology (x-ray detection has evolved to become more safe, effective, and easy to use). In the recent times, the world is moving toward automation. With the developments in Artificial Intelligence in the scenario, the future of x-ray machines is expected to be promising.
• Further, in the developing countries like India, increasing incomes, easier access to high-quality healthcare facilities, and greater awareness of personal health and hygiene are the factors supporting the growth of the healthcare industry.
• Along with that, the greater penetration of health insurance aided the rise in healthcare expenditure. Along with that, with the increasing demand for affordable and quality healthcare, the penetration of health insurance is poised to grow exponentially in the future. The increasing healthcare costs and the burden of new diseases, coupled with low government funding, are helping in increasing the demand for health insurance coverage.
• In addition, the Government of India is planning to increase the public healthcare expenditure by 2.5% of the country's GDP by 2025. This move would also encourage the other emerging economies to increase their expenditures.
• Hence, all the above mentioned factors are expected to help in the growth of the healthcare sector. This factor, in turn, is expected to create an opportunity for the x-ray machine manufacturing market.

Asia-Pacific to Execute the Fastest Growth Rate

• The Asia-Pacific x-ray machine market is expected to witness lucrative growth during the forecast period. The presence of a large patient pool in the densely populated nations, such as India and China, is expected to act as the primary driver in the regional business' growth.
• According to the India Brand Equity Foundation, the hospital industry in India is forecasted to increase to INR 8.6 trillion (USD 132.84 billion) by FY 2022, from INR 4 trillion (USD 61.79 billion) in FY 2017, recording a CAGR of 16-17 %.
• It is also observed that the cost of surgery in India is about one-tenth of that in the United States or Western Europe. The country has also become one of the leading destinations for high-end diagnostic services. With huge capital investments for advanced diagnostic facilities, it is possible to cater to a greater proportion of the population.
• In September 2018, the world’s largest government-funded healthcare scheme (Ayushman Bharat) was launched by the Prime Minister of India. Ayushman Bharat is funded partially by the central government (60%). The remaining (40%) is funded by the state governments.
• All the above factors are expected to help in increasing the healthcare sector in India. This factor is expected to supplement the growth of x-ray machines in the health industry, which in turn, is expected to boost the market for the manufacturers in these regions.

Competitive Landscape

The x-ray machine manufacturing market is fragmented because of the presence of some major global players dominating the major market. Some of the key players in this market are GE Healthcare, Philips Healthcare, Canon Inc., Hitachi Medical, among others. The market is not only influenced by the price, but also by product performance. The leading companies own the advantages on better performance, more abundant product types, better technical and impeccable after-sales service.

• March 2019 - Philips bought Carestream Health's healthcare information systems. This Philips' acquisition of Carestream Health's HCIS business will provide the company more imaging technologies, while boosting its position in the health IT market.
• February 2019 - Philips launched Zenition mobile C-arm platform for enhanced operating room performance and workflow efficiency. Zenition mobile C-arms are easy to move between operating rooms, simple to position around the patient, and intuitive to operate. These arms are able to treat more patients at a lower cost, and can easily adapt to the needs of different types of surgeries and different operators.

Additional Benefits:

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

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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