According to FMI’s most recent market research, the global Hand-Held X-Rays Market is expected to grow at a CAGR of 10.9% from 2023 to 2033. The market is expected to be worth US$ 805.69 million in 2023. The valuation is expected to reach US$ 2,267.17 million by 2033.
Crucial Growth Factors:
The hand-held X-ray market is expected to experience growth due to several factors:
• Demographic shifts and global aging trends have led to an increase in the elderly population worldwide
• Orthopedic conditions, cancers, accidents, and other ailments are becoming more prevalent, contributing to the rising demand for medical devices
• Compared to traditional devices, modern medical devices offer greater convenience and comfort to patients, enhancing their overall experience and promoting better compliance with treatment regimes.
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The hand-held X-rays market is witnessing a surge in demand due to the devices’ ability to provide high patient output rates and fast imaging. Moreover, the device produces good-quality images and low radiation risks. Also, the market is expected to expand rapidly due to advancements in the field of osteopathy and an increase in sports-related injuries.
Additionally, the government’s increased focus on providing high-quality diagnostic imaging at a lower cost is driving the demand for hand-held X-ray units. Investments in research and development play a crucial role in the growth of the hand-held X-rays market. As leading market players focus on upgrading their devices and developing new detection techniques. These advancements not only increase the revenues of key players but also drive the overall growth rate of the hand-held X-rays market.
Restraining Factor:
Hand-held X-ray equipment can capture private patient information, making them vulnerable to hacker attacks and data breaches. This crucial aspect can limit the market to some extent.
Key Takeaways:
- In 2023, North America is anticipated to hold a notable market share of 34.3% in the hand-held X-rays market. This dominance can be attributed to the region’s significant presence of service providers. Besides, several surgical procedures are being carried out by key companies in the region.
- The ADB forecasts that by 2050, one in four individuals in Asia Pacific is expected to be over 60 years old. Besides, the population of older people in the region is projected to reach close to 1.3 billion.
- The hospital segment is projected to hold a substantial market share of 47.2% in 2023. It is primarily attributed to the growth of the hospital industry, a rise in orthopedic surgeries, and an expanding patient population.
- The orthopedic segment is anticipated to experience a CAGR of 12.5%, fueled by many orthopedic surgeries.
- The hand-held X-rays market is poised to witness remarkable growth, with the dental segment projected to dominate and likely to capture a market share of 93.5% in 2023. The growth of this segment is driven by an increase in individuals with dental issues.
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Competitive Background:
The key players operating in the hand-held X-rays market are investing in mergers and acquisitions to gain a significant market share. The manufacturers are also investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the hand-held X-rays market. As a result, market participants are likely to have a better overall revenue share in the global market.
Some Key Players in the Global Market Include:
- Dental Imaging Technologies Corporation
- REMEDI Co., Ltd
- Genoray
- OXOS Medical
- MaxRayCocoon.com
- Digital Doc LLC.
- EVIDENT
- Carestream Dental LLC
Key Segments
Hand-held X-rays as an Application:
- Dental
- Orthopedic
- Others
Hand-held X-rays for End User:
- Hand-held X-rays for Hospitals
- Hand-held X-rays for Outpatient Facilities
- Hand-held X-rays for Research & Manufacturing
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