X-ray Market – Rising Incidence of Vertebral Diseases Across the World to Spur the Market Growth
An X-ray is a type of electromagnetic ionizing radiation, which is applied to a wide variety of industries. This technologically advanced and smaller version of detectors has enabled the integration of analytical procedures and portability. Further, the advancements in medical analytical procedures, such as indirect excitation of x-ray spectra bulk samples and combinations of instruments in a smaller space are expected to boost the market during the forecast period. With the advancements in technology, x-ray detection has evolved to become more safe, effective and easy to use.
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The presence of X-ray machines in hospitals enables physicians in detection of somatic issues, as well as trauma. X-ray is very useful for detection and treatment of neurological problems, cancer, cardiac diseases and bone related problems. The existing pervasiveness of these issues will increase demand for the product over the forecast period.
According to the analysts at TMR, the global X-ray market is expected to rise at a CAGR of 4.5% between 2014 and 2022. In 2013, the market was at a valuation of US$7.89 bn, and is expected to reach US$11.79 bn by 2022.
Based on the type of the product, the global X-ray market is segmented into portable and stationary X-rays. Stationary X-ray systems held a significant share (60.1%) of the global X-ray market by product type in 2013 as they have been in use since several decades in both mature and developing markets. Over the forecast period of the report, analysts expect that portable X-rays will register enhanced growth, with portable X-rays finding application in the segment of home health care.
In terms of technology, the report divides the market into digital and analog x-ray. Of these, digital X-ray systems emerged as the dominant segment with a market share of 69.1% in 2013, and were trailed by analog systems in the same year. By type of X-ray, the market segments studied are: photostimulable storage phosphor detectors, flat panel detectors, and others. Similarly, the X-ray market by application is composed of dental X-ray, cardiovascular X-ray, mammography (X-ray), respiratory X-ray, and other applications.
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North America held a prominent share of the global X-ray market in 2013, closely trailed by Asia Pacific and Europe. North America consists of a number of developed economies such as the U.S. and Canada which house a large number of geriatric population suffering from various cardiovascular, orthopedic, genitourinary, and abdominal diseases and disorders. Hence, surge I the rate of incidence of various disorders coupled with high awareness and affordability among people and well established health care infrastructure in the region increases demand for advanced X-ray systems.
At the same time, the exponentially developing Asia Pacific region is forecasted to register brisk development in this market during the forecast period due to rapid growth expectation of this market in countries such as China and India. The leading factor responsible for the region’s growth in the region is a large pool patients suffering from a range of respiratory, cardiovascular, gastrointestinal, and genitourinary disorders requiring urgent diagnosis and effective treatment. Other determinants include rising government support, increasing awareness and affordability, and corresponding demand for advanced X-ray systems across major economies in the region.
Key players in the global x-ray market are witnessed to be engaged in mergers and acquisitions to gain an impactful share in the market and diversify their product portfolio.
Prominent players profiled by the report include Hitachi Medical Corporation, Toshiba Corporation, Canon, Inc., GE Healthcare, Shimadzu Corporation, Agfa-Gevaert N.V., and Philips Healthcare, among others.
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