The Global Medical X-Ray Detectors Industry, having already surpassed a billion-dollar revenue milestone in 2019, is on the cusp of a remarkable growth trajectory. A recent report by Future Market Insighst Inc. unveils projections that showcase the industry’s potential to soar from its 2022 valuation of US$ 2.2 billion to an impressive US$ 3.2 billion by 2029, driven by a robust compound annual growth rate (CAGR) of 5.7%.
The surge in the medical devices industry, particularly in imaging and diagnostic tests, is a key catalyst for this anticipated growth. Factors contributing to this upswing include a heightened focus on radiological diagnostic tests, an increasing burden of chronic diseases, and the advent of more efficient X-ray devices facilitated by consolidation and mergers in the medical devices market.
The Centers for Disease Control & Prevention (CDC) estimates that around 80 million Computed Tomography (CT) tests were performed in 2015 in the U.S. alone. A rise in some patients undergoing CT and radiography tests globally and an increase in number of tests performed each year have led to significant demand for digital radiography detectors such as a-Si detectors. These factors have boosted the demand for a-Si X-ray flat panel detectors, directly fueling growth of the Global Medical X-Ray Detectors Industry.
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Key Takeaways – Global Medical X-Ray Detectors Industry Study
- Adoption of flat panel X-ray detectors in the global medical X-ray detectors market has increased significantly owing to distinct benefits over computed radiography (CR), charged couple detectors (CCD), and analog detectors (film based).
- Introduction of new technology such as Veradius X–ray system by manufacturers is expected to boost demand for thin flat detector devices and computed radiography (CR) detectors among end users.
- Direct flat-panel medical X-ray detectors with comparatively higher technical advantage over indirect flat-panel medical X-ray detectors are expected to generate significant revenue.
- Increasing adoption of digital X-ray systems for radiological imaging as compared to retrofit X-ray systems marks high revenue potential for the medical X-ray detectors market.
Cloud-based medical imaging and growing shift from analog to digital X-ray detectors are key growth opportunities for the Global Medical X-Ray Detectors Industry.
Strategic Acquisitions Remains Favored Competition Strategy
Leading players in the medical X-ray detectors market such as GE Healthcare, Canon, Philips, and Hitachi, are focusing on business expansions by entering into partnership, merger, sales agreement and acquisition with local manufacturers from emerging economies. The aim behind these mergers and acquisitions is to reduce the product development cost, streamline the distribution channel, and strengthen the market position.
In December 2016, Canon Inc. acquired Toshiba Corp. medical unit. With the acquisition, Canon Inc. entered into diagnostics imaging devices market and leverage the core strength of Toshiba Medicals in diagnostic imaging. This acquisition would further strengthen Canon’s biomedical business.
Additionally, key players are focusing on research and development and launch of new products based on exclusive developmental technologies, with emphasis on product difference. In November 2017, at the Radiological Society of North America (RSNA) tradeshow. Carestream Health showcased a mobile X-ray system with carbon nanotube. The system entered the medical X-ray detectors market in May 2018 and is compatible with every DRX a-Si detector device providers by Carestream Health.
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Know More About FMI’s Report on Global Medical X-Ray Detectors Industry
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the segments from 2014 to 2029. The Global Medical X-Ray Detectors Industry is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the Global Medical X-Ray Detectors Industry on basis of product, panel size, modality, and end user.
Global Medical X-Ray Detectors Industry By Category By Product :
- Indirect Flat-Panel Detectors
- Direct Flat-Panel Detectors
- Computed Radiography (CR) Detectors
By Panel Size :
- Large-Area Flat-Panel Detectors
- Small-Area Flat-Panel Detectors
By Modality :
- Portable Detectors
- Fixed Detectors
By Module Type :
- Digital X-ray Systems
- Retrofit X-ray Systems
By End User :
- Hospitals
- Diagnostic Centers
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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