Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) -- The global medical x-ray market size is expected to reach USD 16.86 billion by 2028 while exhibiting a CAGR of 4.4% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Medical X-ray Market, 2021-2028.” The report further mentions that the market stood at USD 12.14 billion in 2020 and is expected to experience exponential growth in the forthcoming years. This growth is attributable to the increasing prevalence of chronic disorders and the rising geriatric population worldwide that will propel the demand for advanced medical x-rays.
Fewer Hospital Appointments amid COVID-19 to Hamper Growth
The healthcare industry has been focused on treating the COVID-19 patients as per the guidelines by the government agencies globally. The medical institutions have either cancelled or postponed non-COVID-19 procedures leading to fewer hospital visits for the treatment of other medical conditions. This is likely to hinder market growth in the shorter run. However, once the novel coronavirus cases tend to cease, the market will return to normalcy at the pre-pandemic level.
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Industry Development:
- December 2020- Aroma AB introduced the new x-ray system Omnera 500A in the U.S. According to the company, the imaging system is equipped with automation features to improve efficiency and workflow during the patient’s care.
Geriatric Population to Triple by 2050
According to the United Nations, the total number of people ageing 80 years and above is expected to triple from 143 million in 2019 to over 426 million in 2050. The rising geriatric population is expected to drive the demand for innovative medical x-ray systems in the forthcoming years, thereby driving the medical x-ray market growth.
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Market Segmentation:
We have segmented the market on the basis of product type, technology type, application, end-user, and region. On the basis of type, the market is divided into static and dynamic. Based on technology, the market is bifurcated into analog and digital. Furthermore, based on application, the market is categorized into dental, veterinary, cardiovascular, oncology, others. Additionally, based on application, the dental segment held a significant market share in 2020 and is expected to showcase exponential growth backed by the increasing prevalence of dental disorders among the adult and geriatric population.
Lastly, on the basis of region, the market is segregated into North America, Latin America. Europe, The Middle East and Africa, and Asia-Pacific.
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Increasing Prevalence of Chronic Disorders to Boost Demand
According to the World Economic Forum, one in every three adults suffers from multiple chronic conditions. For instance, a combination of diabetes, cardiovascular diseases, cancer, and depressions, among others. The increasing prevalence of chronic disorders surges the mortality rate and the only option to save lives is early diagnosis, according to health experts. There, the growing demand for early diagnosis to avert the onset of several fatal chronic diseases is expected to boost the adoption of advanced medical x-ray systems globally. In addition to this, several manufacturers are focusing on developing advanced x-ray equipment that is likely to bode well for the global x-ray market in the forthcoming years. For instance,
- January 2020 - Trivitron Healthcare unveiled an advanced, digital x-ray for breast imaging at Arab Health, 2020. The company is focussed on developing advanced imaging systems to cater to the growing demand from the healthcare sector.
List of the Companies Profiled in the Global Market:
- Siemens Healthcare Private Limited (Erlangen, Germany)
- GENERAL ELECTRIC COMPANY (Illinois, United States)
- Carestream Health (New York, United States)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Shimadzu Corporation (Kyoto, Japan)
- CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)
- FUJIFILM Corporation (Stamford, Connecticut, United States)
- Varian Medical Systems, Inc. (California, United States)
- Other Prominent Players
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Chronic Diseases by Key Countries/Regions
- New Product Launches
- Key Mergers, Acquisition, and Partnerships
- Technological Advancements in Medical X-ray
- Impact of COVID-19 on Medical X-ray Market
- Global Medical X-ray Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Static
- Dynamic
- Market Analysis, Insights and Forecast – By Technology Type
- Analog
- Digital
- Market Analysis, Insights and Forecast – By Application
- Dental
- Veterinary
- Cardiovascular
- Oncology
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Medical X-ray Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Static
- Dynamic
- Market Analysis – By Technology Type
- Analog
- Digital
- Market Analysis – By Application
- Dental
- Veterinary
- Cardiovascular
- Oncology
- Others
- Market Analysis – By End User
- Hospitals & Clinics
- Diagnostic Centers
- Others
- Market Analysis – By Country
- U.S.
- Canada
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