In a recent published report, Kenneth Research has updated the market report for X-Ray Imaging Systems Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for X-Ray Imaging Systems Market products.
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Kenneth Research has recently added a report titled X-Ray Imaging Systems Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth 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.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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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.
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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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