X-ray Market is expected to Surpass US$ 16.0 Billion globally by end of 2027, Says CMI

SEATTLE, April 16, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global X-ray is estimated to be valued at US$ 8,807.5 million in 2019 and is expected to exhibit a CAGR of 7.8% over the forecast period (2020-2027).

Key Trends and Analysis of the X-ray Market:

Key trends in the market include the rising number injuries and cancer cases, technological advancements, and the increasing adoption of growth strategies such as acquisitions, collaborations, and product launches by market players.

The increasing number of product approvals from regulatory agencies, and product launches are expected to propel the market growth. For instance, in January 2020, Carestream Health Inc., received 510(k) clearance from the U.S. FDA Food and Drug Administration for digital tomosynthesis (DT), an upgradable option on the existing Carestream DRX-Evolution Plus System which can produce cross-sectional images of any organ and can enhance the diagnosis for more efficient medical treatments.

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Rising cases of falls and bone injuries is expected to augment the market growth over the forecast period. For instance, according to World Health Organization (WHO) factsheet in 2018, each year, there are around 37.3 million falls, which require medical attention whereas estimated 646,000 individuals die from falls globally every year

Also, launch of specialized cancer centers by hospitals is another major factor propelling demand for X-ray systems in the potential market which is propelling the X-ray market growth. For instance, in January 2019, Apollo Hospitals Enterprise Ltd., announced the opening of Apollo Proton Cancer Centre (APCC), at Chennai, India. The center is South East Asia’s first Proton Therapy Centre which offers cancer patients specialized radiotherapy that can precisely eradicate or destroy the cancer cells.

Moreover, the increasing adoption of partnerships and distribution agreements among market players are expected to propel the market growth during the forecast period. For instance, in August 2019, Royal Philips acquired the Healthcare Information Systems (HCIS) business of Carestream Health Inc., which further expanded Philips enterprise diagnostic informatics solution and imaging data management, and advanced visualization and analysis.

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Key Market Takeaways:

• The X-ray market is expected to exhibit a CAGR of 7.8% during the forecast period (2020-2027), owing to the rising number of cancer cases, bone injuries, advancements in technology in X-ray, and increasing adoption of growth strategies such as acquisitions, collaborations, and product launches by market players. For instance, in November 2019, Siemens Healthineers received U.S. FDA clearance for its SOMATOM X.cite premium single-source computed tomography (CT) scanner with a new myExam Companion intelligent user interface concept.
• Key players are focused on adopting growth strategies such as product launches, collaborations, and acquisitions for enhancing their product offerings in the potential market, which in turn is expected to propel the market growth over the forecast period. For instance, in September 2017, Merry X-Ray Corporation announced the acquisition of Universal Medical Systems Inc., a provider of Computed Tomography (CT) and Magnetic Resonance Imaging (MRI) scanners. The acquisition is expected to expand Merry’s offering in the potential market.

Key players operating in the global X-ray market are—

Siemens AG, Toshiba Medical System, Hitachi Medical Corporation, Shimadzu Corporation, Carestream Health Inc., Philips Healthcare, Canon, Inc., GE Healthcare, Bracco Imaging S.p.A, and Hologic, Inc.

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Market Segmentation:

• Global X-ray Market, By Modality:
  • Portable
  • Stationary
• Global X-ray Market, By Product Type:
  • Rotating Anode Source
  • Fix Anode Source
• Global X-ray Market, By Technology:
  • Analog
  • Computed Radiography
  • Digital Radiography
    • Flat Panel Detectors
    • High Density Line Scan Solid State Detectors
• Global X-ray Market, By Application:
  • General Radiography
  • Chest Imaging
  • Orthopedic
  • Cardiovascular
  • Dental
  • Mammography
  • Others
• Global X-ray Market, By End User:
  • Hospitals
  • Diagnostic Centers
  • Research Centers
  • Ambulatory Surgical Centers
• Global X-ray Market, By Region:
  • North America
    • By Country:
      • U.S.
      • Canada
  • Latin America
    • By Country:
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
  • Europe
    • By Country:
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Russia
      • Rest of Europe
  • Asia Pacific
    • By Country:
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
  • Middle East
    • By Country:
      • GCC
      • Israel
      • Rest of Middle East
  • Africa
    • By Country/Region:
      • South Africa
      • Central Africa
      • North Africa