New York, USA, July 27, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global x-ray detectors market is anticipated to garner $7,426.5 million in the 2021-2028 timeframe, increasing from $5,222.6 million in 2020 at a healthy CAGR of 4.60%. The extensive report puts forth a summary of the present market scenario, including other aspects such as growth and restricting factors, industry dynamics, challenges, and opportunities during and post pandemic period. The report also offers industry statistics which makes it easier and more beneficial for the new participants to comprehend the present market.
COVID-19 Impact Analysis
Despite the fact that the novel coronavirus pandemic had a severe effect on various businesses, the x-ray detectors market has witnessed massive growth during this time due to their use in diagnostic imaging centers. Furthermore, doctors are employing chest x-rays to treat individuals who are at a higher risk of disease development during the pandemic. As a result, the importance of x-ray detectors has increased dramatically. This is anticipated to propel the growth of the market.
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In addition, several studies are being conducted during the pandemic to assist society in recovering from the chaotic situation through strategic plans and steps. For example, in September 2020, Louisiana State University Health Sciences Center New Orleans announced that they had conducted a study on approximately 400 people to study the effects of COVID-19. They evaluated RT-PCR and chest x-rays and discovered that during the pandemic, chest x-rays were 96.6 percent accurate for SARS-CoV-2. The aforementioned factors indicate that the pandemic is predicted to create significant investment opportunities in the market in the coming years.
Market Dynamics
The global x-ray detectors market is expanding rapidly owing to an increase in the use of x-ray detectors for orthopedic and other disorders. X-ray detectors are frequently used by orthopedic doctors to obtain clear images in order to understand the ailment or injury. Furthermore, according to a research article by Dominic Carreira, MD, X-ray imaging plays a critical function in orthopedic examinations in determining disease diagnoses for their patients, thereby driving the adoption of x-ray detectors.
The introduction of x-ray detectors in industrial applications has already prompted market players to develop new marketing tactics to attract clients. In May 2019, Varex, a major competitor in the x-ray inspection business, announced the launch of two new x-ray detectors, the 3020DXV-I and 3030DXV-I. They are built in such a way that they may provide application inspection services and industries. These types of activities from market leaders are expected to fuel the growth of the market in the analysis period.
The high cost of x-ray detectors is expected to limit the growth of the market during the forecast period. Furthermore, prolonged x-ray exposure can result in a variety of side effects such as hair loss, bleeding, vomiting, and fainting. As a result, such factors are predicted to have a negative impact on market growth during the forecast period.
The report has segmented the market based on type, application, and regional analysis.
Computed Radiography Type Sub-segment is Projected to be the Most Lucrative
In the type segment, the computed radiography type sub-segment of the global x-ray detectors market is estimated to be most lucrative and surpass $2,115.10 million by 2028. Instead of using traditional photographic film, computed radiography uses a flexible phosphor Imaging Plate (IP) to capture digital illnesses. Furthermore, computed radiography provides a safer working environment, a simpler workflow, and is a chemical-free technique. All of these factors are expected to benefit computed radiography x-ray detectors, and eventually boost the growth of the market.
Medical Application Sub-segment is Anticipated to be the Most Profitable
In the application segment, the medical application sub-segment of the global x-ray detectors market is predicted to be the most profitable and garner $3,045.90 million by 2028. The growth of the market can be mainly attributed to the increased number of people with various ailments, such as cardiovascular disease, oncology, and other disorders. Furthermore, x-rays are commonly used to diagnose a variety of diseases, including an enlarged heart, breast tumors, bone cancer, fractures, lung ailments, digestive issues, and blocked blood arteries. All of these factors are anticipated to drive up demand for retail stores and eventually boost the growth of the market.
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Asia-Pacific Region is Estimated to be the Most Dominant
Asia-Pacific region held a prominent position in the x-ray detectors market in 2020 and it is expected to grow at a CAGR of 5.40%, during the analysis period. This growth can be majorly attributed to an increase in the number of individuals in Asian countries such as China, India, and Japan suffering from various ailments such as cardiovascular disease, cancer, and pneumonia. Furthermore, increased medical tourism and healthcare spending are expected to boost the Asia-Pacific x-ray detectors market in the analysis period.
Key Players and Business Strategies
The report enlists the most significant players of the global x-ray detectors market such as -
- Orvee Medical Solutions
- Siemens AG
- Trixell
- Koninklijke Philips N.V
- Varex Imaging Nederland B.V.
- General Electric
- Thales Group
- Rayence Inc.
- Carestream Health, Inc.
- Toshiba
For instance, in July 2021, VUNO Inc., a South Korean artificial intelligence (AI) developer, announced a collaboration with Samsung Electronics Co., Ltd., a global medical device company, to integrate its AI-powered chest X-ray diagnostic solution, VUNO Med-Chest X-ray, into Samsung's premium mobile digital X-ray system, GM85.
These industry players are focusing on developing several strategies such as mergers and acquisitions, partnerships, and product launches to promote to the expansion of the market.
The report also discusses the other important aspects of the market including SWOT analysis, financial performance of the key players, product portfolio and recent strategic developments.
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