The global Irradiation Apparatus Market generated US$ 5.4 billion in 2021 and is anticipated to grow 5.5% year over year to reach US$ 5.7 billion in 2022. The industry is anticipated to increase to US$ 8.0 billion by 2032 as a result of the increasing assistance from various governmental organizations. During the forecast period, a 3.5% CAGR is expected in the trade.
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Increasing expenditure on healthcare, and growing awareness about healthcare procedures will further expand the size of the irradiation apparatus market in the future. The increasing popularity of portable devices in various healthcare setups such as paediatric diagnosis, dental sector, and veterinary sectors will promote the growth of the global irradiation apparatus market. The use of the latest technologies in the healthcare sector has propelled manufacturers of the medical and pharmaceutical sectors to increase the use of irradiation apparatuses. This is projected to promote the growth of this market during the forecast period.
As per the analysis, the X-rays segment is anticipated to hold remunerative opportunities for the global irradiation apparatus market. Various developing countries are making significant developments in their budgets, thereby, offering lucrative opportunities to players in the market.
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Key Takeaways:
· Based on product, the X-rays segment is expected to record a 3.5% CAGR by 2032
· By application, the hospital segment to expand at a 3.4% growth rate during the forecast period
· The U.S market to garner US$ 2.8 Billion and record a 3.3% CAGR from 2022-2032
· Market in China to procure US$ 574.0 Million, expanding at a 2.9% growth rate during the assessment period
“Increasing technological advancement in the healthcare sector has propelled manufacturers of the medical and pharmaceutical sectors to increase the use of irradiation apparatus is expected to fuel the demand of irradiation apparatus market over the forecast period,” remarks an analyst at FMI.
Competitive Landscape
Eminent players of the global irradiation apparatus market include Hitachi, Ltd, YXLON International, Koninklijke Philips N.V., KaVo Dental, and Allengers among others. Recent key developments among players include:
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· In January 2021- Yxlon presented the new release of the Cheetah and Cougar EVO microfocus X-ray families. The next step towards automation was demonstrated and new options were presented that significantly increase efficiency in the X-ray inspection of electronic components. The YXLON Cheetah and Cougar EVO families in their specific configurations are specially used in the SMT and Semicon sector when the Plus variants mainly support laboratory applications in research and development.
· In May 2022 – Royal Philips announced launch of Echo Navigator 4.0, the new release of its advanced image-guided therapy solution for the treatment of structural heart disease. Echo Navigator 4.0 gives users of Philips’ EPIQ CVXi interventional cardiology ultrasound system greater control of live fusion-imaging on the company’s Image Guided Therapy System. By integrating real-time transesophageal echocardiography (TEE), which places the ultrasound transducer close to the heart, and X-ray fluoroscopy, Echo Navigator 4.0 helps interventional teams to decide, guide, treat, and confirm complex structural heart disease therapy, such as heart valve repair or replacement.
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Key Segments Covered in the Irradiation Apparatus Industry Survey
Irradiation Apparatus Market by Usage:
- Irradiation Apparatus for Diagnostic Purposes
- Irradiation Apparatus for Therapeutic Purposes
- Irradiation Apparatus for Dental Purposes
- Irradiation Apparatus for Chiropractic Diagnostic Purposes
- Irradiation Apparatus for Industrial & Research Applications
Irradiation Apparatus Market by Product:
- Gamma Ray Irradiation Apparatus
- X-ray Irradiation Apparatus
- High-Speed Neutrons Irradiation Apparatus
- Electrons Irradiation Apparatus
- Alpha-Beta Particles Irradiation Apparatus
Irradiation Apparatus Market by Application:
- Irradiation Apparatus for Hospitals
- Irradiation Apparatus for Industries
- Irradiation Apparatus for Laboratories
- Irradiation Apparatus for Other Applications
Irradiation Apparatus Market by Region:
- North America Irradiation Apparatus Market
- Latin America Irradiation Apparatus Market
- Europe Irradiation Apparatus Market
- APAC Irradiation Apparatus Market
- The Middle East & Africa Irradiation Apparatus Market
Irradiation Apparatus Market – Geographical Insights
Demographically, the global irradiation apparatus market is widespread into five major regions such as the Middle East and Africa, North America, Latin America, Asia Pacific, and Europe. Earlier, this global market was dominated by North America owing to the presence of the top manufacturing abilities in the pharmaceutical sector. Besides this, Europe market ranks second and will generate significant revenues in the forecast period on account of the fact that this region also stands tall as one of the top contributors of medicine technology. Furthermore, the market in Asia Pacific is projected to witness significant growth in the coming years on account of the increasing number of brand outlets of international pharmaceutical companies especially in India and China.
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