The global X-ray devices market is estimated to grow at a CAGR of 7.4%, from a market size of US$ 9.968 billion in 2020 to a market size of US$16.425 billion by 2027.
An X-ray device is used for creating 2D X-ray images of the 3D internal body organs or bones. The growing number of chronic diseases is providing an impetus in fuelling the market growth in the forecast period. The increasing trend of early diagnosis and disease detection further provides an opportunity for the market to proliferate in the forecast period. The X-ray system emits small amounts of X-rays in the human body and captures an image of the area of interest onto a device.
The growing number of non-fatal road accidents is propagating the market demand, as X-ray provides an immediate snapshot of the injury. Also, with innovations, the X-ray device market has been bifurcated into portable and stationary systems, further propelling the market demand. The growing digitization has segregated the market based on analogy and digital technologies, fuelling the market share of digital X-ray systems with a rapid rise in adoption due to the ongoing improvements in providing better healthcare facilities on the global level.
The growing geriatric population drives the market demand
The growing global elderly population is driving the market growth in the forecast period with the emergence and prevalence of age-associated diseases like osteoporosis and the detection of bone degeneration due to the ageing process. The global geriatric population (above 65 years or older) rose from 551,217,090 in 2012 to 673,618,927 in 2018 (source: The World Bank).
The growing elderly population requires better healthcare facilities that include preventative measures as many people under this category are either suffering from age-associated chronic diseases or are suffering from diseases due to the adoption of an unhealthy lifestyle when younger. Thus, this population requires better healthcare facilities where better diagnostic and treatment measures need to be taken to prevent the further spreading of age-associated or degenerative diseases.
Furthermore, with the declining fertility rates and increasing life expectancy at birth, global ageing is poised to accelerate due to an overall improvement in survival, leading to longevity and further burgeoning market growth during the forecast period.
Based on geography, North America, followed by the European region, is estimated to hold a significant market share in the forecast period. The Asia Pacific region is predicted to be the fastest-growing, with a significant CAGR over the next five years.
The prevalence of chronic diseases is burgeoning the market demand in the forecast period.
The chronic disease burden is significantly rising not only in the developed regions of the world but in the developing regions as well. In 2001, chronic diseases contributed 60 percent (approximately) of the total 56.5 million reported deaths globally, adding close to 46 percent of the global disease burden. This is expected to increase the burden of non-communicable diseases to 57 percent by 2020 (source: WHO). Out of all the chronic diseases, cardiovascular diseases contribute almost half of the chronic disease burden. This is due to the adoption of unhealthy living conditions, which include unhealthy dietary conditions and physical inactivity affecting a larger number of people worldwide.
Also, with smoking habits prevalent in society at the international level, excessive smoking causes cancer, heart diseases, lung diseases, and other diseases which require the use of equipment like an X-ray machine to detect the disease occurrence, and in the case of cancer, this can be useful for knowing the cancer stage.
Furthermore, smoking increases the chances of tuberculosis and rheumatoid arthritis, causing joint inflammation resulting in stiffness and pain, which may worsen with time. However, efforts are being made to prevent these diseases. Thus, early disease detection and prevention play a major role in disease mitigation, followed by the decision-making in treatment procedures and treatment monitoring, fueling the market demand in the forecast period.
The prevalence of non-fatal road accidents is propagating the market growth in the forecast period for the detection of injuries and deciding on effective treatment.
There has been a loss of lives of more than one million people due to road crashes or accidents. Around 20 to 50 million people suffer due to non-fatal road injuries, which lead to disability due to accidents every year. Causes of non-fatal road injuries include speeding, drink-driving, and drug driving, not using safety restraints like helmets, car seat belts, child restraints, distraction while driving because of mobile phones, poor and unsafe road infrastructure, and not following traffic laws. This has given substantial economic losses to the individual, his/her family, and the nation as a whole.
However, sophisticated equipment like X-rays assists in the treatment processes following the diagnosis and further helps in the monitoring of the treatment as well. The rising number of road accident cases is creating a market demand owing to the improvement of the lives of the patients and helping them to cope with their disabilities, mentally and physically.
The presence of other imaging modalities will hamper the market growth in the forecast period.
There is a presence of other medical imaging modalities apart from X-ray systems which include magnetic resonance imaging systems (MRI), CT, and ultrasound, among others. These are also widely available, are quite efficient with state-of-the-art technologies, and are used for various diagnostic and therapeutic purposes. Additionally, ultrasound is considered the safest form of imaging as this does not make use of any ionizing radiation and uses sound waves instead. It is the first choice among people for pregnancy, emergency diagnosis, cardiac, spine, and imaging of other internal organs. Also, a CT scan is widely used in an emergency room; this is because it takes less than five minutes to scan. In contrast, MRI scans take a longer time, a minimum of 30 minutes but provide an in-depth analysis of a particular diagnosis, which is considered better than an X-ray system. Hence, the presence of these imaging systems will impose a threat in hampering the market growth in the forecast period.
The COVID-19 pandemic posed a serious threat to industries all over the world, leading to a decrease in economy and revenue. However, the increase in infection rates and medical attention led to an increase in healthcare processes and procedures. This led to an increase in demand for x-ray devices in the healthcare sector. An increase in chest imaging and other radiology procedures led to an increase in demand for x-ray devices. Rapid advancements in imaging technologies also helped in driving the market demand. Moreover, with the commencement of major industrial processes and the lifting of COVID-19 regulations, the market is further expected to increase in value.
|Market size value in 2020||US$9.968 billion|
|Market size value in 2027||US$16.425 billion|
|Growth Rate||CAGR of 7.4% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Application, Medical Condition, Medical Application, Technology, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Fujifilm Holdings Corporation, General Electric Company, Siemens Healthcare GmbH, Koninklijke Philips N.V., Shimadzu Corporation, Canon Medical Systems Corporation, Carestream Health, Hitachi Power Solutions Co., Ltd, SIMAD s.r.l, IBIS S.R.L.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the X-ray devices market?
A1. The global X-ray devices market is estimated to grow at a CAGR of 7.4% over the forecast period.
Q2. What will be the X-ray devices market size by 2027?
A2. X-ray Devices Market is estimated to reach a market size of US$16.425 billion by 2027.
Q3. What is the size of the global X-ray devices market?
A3. The X-ray devices market was valued at US$9.968 billion in 2020.
Q4. What factors are anticipated to drive the X-ray devices market growth?
A4. The growing trend of early diagnosis and detection of a disease is providing an opportunity for the market to proliferate in the forecast period.
Q5. Which region holds the largest market share in the X-ray devices market?
A5. North America followed by the European region is estimated to hold a significant market share in the X-ray devices market.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.5. Industry Value Chain Analysis
5. X-Ray Devices Market Analysis, by Type
6. X-Ray Devices Market Analysis, by Application
7. X-Ray Devices Market Analysis, by Medical Condition
7.3. Digestive Problems
8. X-Ray Devices Market Analysis, by Medical Application
9. X-Ray Devices Market Analysis, by Technology
10. X-Ray Devices Market Analysis, by Geography
10.2. North America
10.2.1. United States
10.3. South America
10.5. Middle East and Africa
10.5.1. United Arab Emirates
10.5.3. Saudi Arabia
10.6. Asia Pacific
10.6.4. South Korea
11. Competitive Environment and Analysis
11.1. Major Players and Strategy Analysis
11.2. Emerging Players and Market Lucrativeness
11.3. Mergers, Acquisitions, Agreements, and Collaborations
11.4. Vendor Competitiveness Matrix
12. Company Profiles
12.1. Fujifilm Holdings Corporation
12.2. General Electric Company
12.3. Siemens Healthcare GmbH
12.4. Koninklijke Philips N.V.
12.5. Shimadzu Corporation
12.6. Canon Medical Systems Corporation
12.7. Carestream Health
12.8. Hitachi Power Solutions Co., Ltd
12.9. SIMAD s.r.l
12.10. IBIS S.R.L.
Fujifilm Holdings Corporation
General Electric Company
Siemens Healthcare GmbH
Koninklijke Philips N.V.
Canon Medical Systems Corporation
Hitachi Power Solutions Co., Ltd
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