The global medical x-ray market was valued at US$ 13,472 Mn in 2021 and is expected to reach around US$ 21,057 Mn by 2030 with at a considerable CAGR of 5.2% during the forecast period of 2022 to 2030.
An x-ray is a popular imaging test that allows a medical professional to see inside a patient’s body without making an incision. This activity can aid healthcare professionals in the diagnosis, monitoring, and treatment of a variety of medical conditions. X-rays are a type of electromagnetic radiation, resembling visible light that is used to produce images of tissues and structures within the body. X-ray examinations are painless and are most commonly used to diagnose diseases that affect the chest and bones.
Market Growth Drivers
|Market||Medical X-Ray Market|
|Market Size 2020||US$ 13,472 Mn|
|Market Forecast 2028||US$ 21,057 Mn|
|CAGR||5.2% During 2022 - 2030|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Technology, By Type, By Portability, By Application, By End-User, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Canon Medical Systems, Carestream Health, Fujifilm Corporation, GE Healthcare, Hitachi Medical, Hologic, Konica Minolta, Koninklijke Philips N.V., Neusoft Medical Systems, and Siemens Healthcare.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Covid-19 Impact on the Global Medical X-Ray Industry
The demand for imaging examinations is increasing as the coronavirus disease (COVID-19) epidemic expands around the world. Several investigations have been undertaken to determine whether COVID-19 is present in patients' chest X-rays and computed tomography (CT) images. However, this growth was stabilized as many radiology practices were shut down due to the coronavirus outbreak. For instance, the American College of Radiology (ACR) suggested that CTs and x-rays should not be used as a first-line method to diagnose or test for COVID-19. The ACR represents nearly 40,000 radiologists in the United States. Thus, overall the market was negatively impacted due to the COVID-19 pandemic.
The primary factor that propels the demand for the global medical x-ray market is the growing incidence of chronic disorders. Chronic disorder such as chronic obstructive pulmonary disease (COPD) is a lung disease that obstructs airflow in the lungs and is responsible for breathlessness. According to the World Health Organization, COPD is the third biggest cause of death globally, accounting for over 3.2 million deaths in 2019. In addition, over 80% of these deaths took place in low- and middle-income nations. Similarly, the rising prevalence of chronic bronchitis and emphysema has also supported the growth of the medical x-ray industry. Adding to that, according to the American Lung Association (2018), more than 9 million adults were diagnosed with chronic bronchitis, and approximately 2 million people were diagnosed with emphysema.
In addition, the rising cases of bone fractures across the world have also contributed to a bigger market share. Bone fractures are a global public health problem that costs a lot of money, especially for those with osteoporosis. In 2019, there were 178 million new fractures worldwide and 455 million occurrences of acute or long-term fracture symptoms. However, harmful side effects from the x-ray radiation may limit the market growth. There is a chance that being exposed to X-rays will cause cancer many years or decades later, although this is regarded to be an extremely tiny risk. According to Public Health UK, an X-ray of the chest, teeth, or limbs is similar to a few days' worth of background radiation and has a risk of cancer of less than 1 in 1,000,000.
The global medical x-ray industry is segmented on the basis of technology, type, portability, application, end-use, and geography.
Market By Technology
In 2021, the direct radiography (DR) segment gathered a significant amount of share in the technology segment. The benefits of direct radiography systems, such as better medical evaluation, superior and accurate image capture, effective dynamic range, and lower radiation exposure for patients and workers, are all contributing to the industry's growth. Besides, these X-ray pictures have been widely used for diagnosing patients in orthopedic and dentistry operations, ensuring market expansion.
Market By Type
Digital x-rays are witnessing robust demand for the past few years and are likely to move ahead at the fastest rate in the coming years. The high growth in the segment is attributed to the rising government policies that have lowered payments for both analog and computerized x-ray systems. However, currently, analog x-ray systems are holding a significant market share as they incur lower costs compared to digital x-ray systems. The trend is likely to change in a few years and the adoption of digital x-ray systems will be at a peak in the coming few years all over the world.
Market By Portability
In the coming years, portable x-ray machines are going to be on lead as they require limited space, are ideal for low volume, don’t require construction costs, and are quickly operational. On the other hand, fixed x-rays require a dedicated x-ray room. In addition, fixed x-ray rooms require unique electrical equipment, including the installation of a high-power AC line, due to the size of their transformers and output (230V).
Market By Application
Among applications, the mammography segment is expected to attain a considerable market size in the coming years. Mammography is a category of medical imaging that uses a low-dose x-ray device to see into the breasts. A mammogram is a type of mammography exam that helps women discover and diagnose breast diseases early. The rising prevalence of breast cancer is the primary reason for the escalated growth of mammography applications.
Market By End-Use
Based on end-use, the diagnostic centers segment achieved the largest market share in the end-use segment. Also, the diagnostic centers are expected to witness huge growth due to the wide availability of advanced equipment, and the growing inclination of the population due to quick x-ray examinations. Furthermore, the hospitals segment stood for second-largest position during the forecast period 2022 – 2030. The growing number of hospital visits and rising demand for a medical x-ray for proper diagnosis in hospital settings are the factors fueling the segmental growth.
Medical X-Ray Market Regional Overview
The increasing prevalence of chronic disorders in North America boosts the regional market growth
The North American region is projected to account for the largest market share in 2021 on account of the rising cases of chronic patients, the increasing elderly population, and the presence of advanced healthcare facilities. Additionally, the growing adoption of advanced technologies, and increasing expenditure of private and public organizations to develop technologically advanced x-ray systems also propels the growth of the North American medical x-ray market.
Some of the top vendors offered in the professional report include Canon Medical Systems, Carestream Health, Fujifilm Corporation, GE Healthcare, Hitachi Medical, Hologic, Konica Minolta, Koninklijke Philips N.V., Neusoft Medical Systems, and Siemens Healthcare.
The estimated value of Global Medical X-Ray Market in 2021 was accounted to be US$ 13,472 Mn and market projected to reach US$ 21,057 by 2030
The projected CAGR of Medical X-Ray Market during the analysis period of 2022 to 2030 is 5.2%
The prominent players of the global medical x-ray market involve Siemens Healthcare, GE Healthcare, Hitachi Medical, Koninklijke Philips N.V., Hologic, Fujifilm Corporation, Canon Medical Systems, Neusoft Medical Systems, Konica Minolta, and Carestream Health.
North America held the dominating share for medical x-ray during the analysis period of 2022 to 2030
Asia-Pacific region exhibited fastest growing CAGR for medical x-ray during the analysis period of 2022 to 2030
Increasing incidences of chronic disorders, growth in diagnostic imaging trials, and growing implementation of digital x-ray systems the growth of global medical x-ray market
Based on technology, direct radiography (DR) segment held the maximum share for medical x-ray market in 2020