Kenneth Research recently added a report on ‘X-Ray Imaging Systems Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the X-Ray Imaging Systems Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 2025. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
X-Ray Imaging Systems Market: Introduction
X-ray imaging (radiation) is medical test for analyzing the medical condition of the patient. It is a non-invasive test accomplished by the x-ray imaging systems, which involves the exposure of the body part to tiny dose of ionizing radiation to have a scanned imaged of inner body. For instance, x-ray imaging system can check the broken bones, can spot pneumonia, and can also detect breast cancer.
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The x-ray imaging systems market is anticipated to grow significantly over the projected period owing to the rising prevalence of the numerous diseases like cardiovascular disease and breast cancer coupled with the rising R&D to bring advancement in the existing technology.
Technology enhancement in the x-ray imaging systems
The growing enhancements like miniaturization of the systems and upgradation of stationary x-ray imaging systems in the existing x-ray imaging systems is fostering the global x-ray imaging systems market. The invention of mobile x-ray imaging systems is driving the market growth globally due to its wireless connectivity, mobility and image quality.
For instance, GE healthcare manufactures next generation mobile x-ray systems with digital imaging capabilities. Thus, it would propel the growth of x-ray imaging systems market.
With the advancements in stationary systems such as low dose imaging, storage of the diagnostic image in the form of digital signals, wide area detection and others are anticipated to accelerate the global x-ray imaging system market in the coming years.
For instance, IBM Watson Healthcare has introduced CuattroDR™ Digital Radiography, that facilitates the workflow efficiency and provide emphasis on the patient via instant digital imaging acquisition. In addition, in 2015, new advancement in the stationary system has been provided by Siemens. For instance, Siemens Healthcare has introduced the twin robotic x-ray systems. The robotic arms permit the detector and tube to have accurate position, which facilitates the numerous body parts to be 3D x-rayed.
Digital x-ray system is expected to have significant market share due to rising adaption of digital x-ray system by the healthcare professional owing to its simpler use and higher quality of x-ray images. Moreover, with high image quality that can be taken on single take and digital images is being provided to patient without any delay, thereby reduces time of the patient.
The digital images captured from digital x-ray imaging system are easily manageable, accessed and stored in the software, which highly reduces cost of film and processing chemicals and also reduces the labor requirements. Owing to its various advantages, the global x-ray imaging market is expected to grow significantly during the forecast period.
Orthopedics application segment is expected to grow with the highest CAGR during the forecast period, due to the rising prevalence of chronic rheumatic conditions including Rheumatoid Arthritis (RA), Spinal Disorders, Severe limb trauma. According to the World Health Organization, the prevalence of RA lies between 0.3% and 1%, and is the most common type of disease found, especially in women in the developed countries.
The rising number of such cases may increase the use of sophisticated and highly advanced x-ray imaging system for diagnostics, thereby increasing the demand growth of the x-ray imaging systems in the x-ray imaging systems market in near future.
North America to hold major share in the x-ray imaging systems market, owing to the rising prevalence of arthritis disease, and is responsible for stiffness, disability and swelling joints which is widely affecting the American people. According to the American College of Rheumatology, estimated arthritis in 54.4 million U.S. adults in 2015.
Additionally, by 2040, 78 million U.S. adults aged 18 and above is expected to be diagnosed with arthritis. X-ray imaging systems are widely used to detect the arthritis owing to which it may lead to rise in demand for x-ray imaging systems. Other growth factors for the global x-ray imaging systems market are improved healthcare facilities, growing technology advancement, rising geriatric population and others.
Asia Pacific is expected to grow substantially during the forecast period, which is attributable to the transition to digital x-ray imaging systems from analog x-ray systems in the Chinese economy. This transition is due to the policies of the Chinese government to have robust imaging systems which are highly integrated and affordable. This in turn is expecting to fuel the demand for the x-ray imaging systems market in this region.
The key players operating in the x-ray imaging systems market are Hitachi Ltd., Samsung, Toshiba Corporation, General Electric Company, Philips N.V., and Siemen AG among others. Technology enhancement and research and development are the underlying growth strategies adapted by numerous companies in x-ray image systems market to expand their businesses.
For instance, in 2016, GE Healthcare showcased the advanced magnetic resonance imaging (MRI) system based on SIGNATM platform which ensured productivity and results for customers. Moreover, company also showcased its new x-ray technology named “OptimaTMXR240amx” including flash pad, digital detectors that provides for conducting x-rays.
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