Medical X-Ray Market Revenue to Surpass US$ 21,057 Mn by 2030

Author: Acumen Research and Consulting

According to Acumen Research & Consulting, the global medical x-ray market size is estimated to grow at a CAGR of above 5.2% during the projected years and reach a value of over US$ 21,057 Mn by 2030.

X-ray is a modern imaging technique, along with CT scan, MRI, and ultrasound that shows structure inside the human body. Some of the problems that are detected from x-ray include bone breaks and fractures, cancerous bone tumors, lung cancer, pneumonia, breast cancer, heart failure, etc. The increasing prevalence of chronic disorders is primarily driving the growth of the global medical x-ray market. For instance, more than 65 million people worldwide suffer from moderate or severe COPD, with scientists estimating that this number will continue to climb in the next five decades. The rising trend of digital x-ray is also expected to stimulate market growth in the coming years. The rise of digital x-ray devices is boosted by rising government efforts fostering research and development in x-ray devices, as well as growing collaborations between medical device businesses and IT corporations.

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Global Medical X-Ray Market Dynamics

Growing technological advancements in x-ray systems are expected to create numerous growth opportunities for the market in the coming years. For instance, significant breakthroughs in digital radiography (DR) technology were presented at the Radiological Society of North America (RSNA) annual meeting in 2019. Artificial intelligence (AI) auto detecting technologies, more robust glassless detector plates, and methods that extract additional diagnostic data from X-ray imaging were among the trends.

Multiple disease detection of x-rays makes them a busy medical device in healthcare settings. Bone fractures, tumors, dental difficulties, pneumonia, calcifications, some types of traumas, foreign objects, and other medical conditions can all be detected with X-rays. Non-COVID-19 viral pneumonia is one of the top causes of death in both young and old adults. According to the CDC, over 1 million adult pneumonia patients are hospitalized each year in the United States, with about 50,000 individuals dying from the disease. Chest X-rays, according to the WHO, are the best accessible method of diagnosing pneumonia. However, the market is restricted by the harmful side effects of x-ray radiation on the body.

Global Medical X-Ray Market Scope

The medical x-ray market is categorized into type, technology, portability, application, end-use, and geography. The type segment is further bifurcated into digital and analog. In 2021, the analog segment achieved a significant market share, while the digital segment is expected to attain the fastest growth rate. Based on the technology, the market splits into film-based radiography, direct radiography, and computed radiography. Among technologies, the direct radiography (DR) segment is expected to lead the market in the forecast timeframe.

Based on portability, the market can be divided into fixed and portable. Portable x-rays will witness the fastest CAGR during the projected years 2022 – 2030. On the basis of application, the market is categorized as cardiovascular, dental (extraoral and intraoral), mammography, veterinary (cardiology, oncology, neurology, orthopedics, and others), chest, orthopedics, and others. The mammography application has a surging demand due to the growing cases of breast cancer. 

Diagnostic centers, hospitals, and others are covered under the end-use segment. Among them, diagnostic centers generated the largest revenue followed by hospitals in 2021.

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Medical X-Ray Market Regional Stance

North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. The Asia-Pacific region is likely to register the highest growth rate throughout the forecast period 2022 – 2030. The high growth in the region is credited to the increasing government investments in the healthcare sector, rising number of cardiovascular and cancer patients, and surging awareness among developing countries. In addition, rising government initiatives to develop portable and digitally advanced x-ray systems in the region are also expected to boost the Asia-Pacific market demand. Furthermore, developed regions such as North America and Europe are at the top with respect to market share due to the rising number of chronic patients, favorable demographic trends, and the presence of high-tech healthcare facilities.

Major Players

The medical x-ray market involves many key players. The top players presented in the 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.

Some of the key development strategies involved the prominent companies include

In 2019 – Shimadzu and Konica Minolta collaborated to create moving X-ray images using dynamic digital radiography (DDR), a new FDA cleared technology. It captures limb movement, respiratory motion, and neck movement using continuous pulses at about 15 frames per second.

Furthermore, in 2019, the United States Food and Drug Administration approved GE Healthcare's artificial intelligence auto-detection method for pneumothorax on its mobile digital radiography systems.

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