X-ray Market to Reach $24.9 Billion, Globally, by 2032 at 6.4% CAGR: Allied Market Research
Theglobal x-raymarket growthis driven by rise in the prevalence of diseases requiring X-ray examinations, technological advancements in X-ray systems, and a rise in demand for point-of-care imaging.
Portland, OR, July 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled,* “**X-ray Market** by Technology (Digital Imaging and Analog Imaging), Portability (Stationary and Mobile), and End User (Hospitals, Diagnostic Imaging Centers and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032” *According to the report, the global x-ray industry generated $13.4 billion in 2022 and is anticipated to generate $24.9 billion by 2032, witnessing a CAGR of 6.4% from 2022 to 2032.
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*Prime determinants of growth*
The growing prevalence of diseases requiring X-ray examinations such as cardiac diseases, dental diseases, and orthopedic disorders is driving the global x-ray market growth. Further, technological advancements in X-ray systems and a rise in demand for point-of-care imaging drives the market growth. However, the high cost of X-ray systems hinders the growth of the market growth. On the contrary, the growing healthcare infrastructure and adoption of strategies by key manufacturers are expected to offer remunerative opportunities for the expansion of the X-ray market during the forecast period.
*Report coverage & details:*
*Report Coverage* *Details*Forecast Period 2022–2032Base Year 2022 Market Size in 2022 $13.4 billion Market Size in 2032 $24.9 billion CAGR 6.4% No. of Pages in Report 260 Segments Covered Technology, Portability, End Users, and Region. Drivers Rise in prevalence of diseases requiring X-ray examinations Technological advancements in X-ray systems
Rise in demand for point-of-care imaging Opportunities Growth in opportunities in emerging markets Restraints High cost of X-ray system
Limited Access in Remote Areas
*Covid-19 Scenario*
· Due to the COVID-19 pandemic and the subsequent global lockdowns, the X-ray market faced a downturn.
· However, as the global situation started ameliorating, the demand for efficient diagnosis of chronic diseases is getting back on track, owing to prevailing cases, which is expected to drive the market growth during the forecast period.
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*The digital imaging segment to **maintain** its leadership status throughout the forecast period*
Based on technology, the digital imaging segment held the highest market share in 2022, accounting for almost three-fourths of the global X-ray market revenue, and is estimated to register the highest CAGR of 6.7% throughout the forecast period, owing to its advantages over film-based systems, including immediate image acquisition, improved image quality, reduced radiation exposure, and integration capabilities.
*The stationary segment to **maintain** its leadership status throughout the forecast period*
Based on portability, the stationary segment held the highest market share in 2022, accounting for almost two-thirds of the global X-ray market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to its wide applications, technological advancements, superior image quality, and cost-effectiveness. In addition, many hospitals and diagnostic centers professionals are skilled to use stationary x-ray systems. However, the mobile segment is projected to manifest the highest CAGR of 7.1% from 2022 to 2032, owing to the demand for advanced imaging capabilities in large healthcare facilities, technological advancements, integration with data management systems, and customization for different medical specialties.
*The diagnostic imaging centers segment to **maintain** its lead position during the forecast period*
Based on end users, the diagnostic imaging centers segment held the largest market share in 2022, accounting for nearly three-fifths of the global X-ray market revenue, and is estimated to maintain its leadership status throughout the forecast period owing to increasing demand for diagnostic imaging services, coupled with advancements in imaging technologies. However, the hospital segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2032, owing to a rise in the adoption of digital X-ray systems for diagnostic and therapeutic purposes, a rise in the availability of portable digital X-ray systems, and surge in prevalence of chronic disorders and increase in a number of hospital visits.
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*North America to **maintain** its dominance by 2032*
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global X-ray market revenue, owing to an increase in the adoption of advanced imaging systems such as digital X-ray systems, a rise in prevalence of chronic diseases, and increase in a number of key players offering advanced X-ray imaging systems. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.0% from 2022 to 2032 and is likely to dominate the market during the forecast period, owing to the rise in the aging population and increased need for routine checkups procedures, the surge in prevalence of chronic diseases, and rise in awareness regarding early diagnosis and treatment.
*Leading Market Players: *
· Koninklijke Philips N.V.
· Shimadzu Corporation.
· Siemens
· Hologic Inc.
· Mindray Medical International Limited
· Onex Corporation
· Canon Medical Systems Corporation
· General Electric
· Fujifilm Holdings Corporation
· Allengers Medical System Limited
The report provides a detailed analysis of these key players in the global X-ray market. These players have adopted different strategies such as product launch, product approval, agreement, innovation, and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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