New York, USA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global x-ray detectors market is projected to register a revenue of $7,426.5 million by 2028, at a CAGR of 4.6% during the forecast period from 2021 to 2028, increasing from $5,222.6 million in 2020. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the growing usage of x-ray detectors in orthopedic to obtain clear images to understand the injury or ailment is the major factor estimated to propel the growth of the global x-ray detectors market over the forecast period. In addition, the emergence of x-ray detectors in industrial application leading to market players involved in innovate strategies to attract customers are other factors to boost the market growth. Moreover, the increasing trend of artificial intelligence (AI) in x-rays is predicted to create more growth opportunities in the estimated period. However, the high costs associated with x-ray detectors may restrict the market growth in the coming years.
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has progressively impacted the global x-ray detectors market. This is majorly because the increasing usage of chest x-rays to detect the presence of the coronavirus and pneumonia in lungs, which has increased the demand for x-ray detectors during the pandemic period. Besides, several researches are continuously involved in the study and effects of COVID-19, which is helping the society recover from the chaotic situation and expected to generate huge growth opportunities for the market in the near future.
Flat Panel Detectors Sub-segment to Hold the Largest Market Share
By type, the flat panel detectors sub-segment is estimated to account for $2,713.10 million by 2028 and hold the dominating share in the market throughout the forecast period. This can be attributed to the advantages of flat panel detectors over all other types of x-ray detectors, such as high sensitivity, less expensive, and faster working. In addition, the key players operating in the global market are adopting strategic collaborations to offer best type of x-ray detectors to customers, which is driving the sub-segment’s growth.
Medical Application Sub-segment to Witness Fastest Growth
By application, the medical application sub-segment valued for $2,052.9 million in 2020 and is estimated to observe the fastest growth over the forecast period. This rapid growth is attributed to the rise in number of patients with cardiovascular, dental, oncology, orthopedic, and other diseases. This increase in number of cases can be due to changing lifestyle of urban residents.
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North America Region to be Most Dominant
By region, the North America market for x-ray detectors valued for $1,916.70 million in 2020 and is projected to surpass a revenue of $2,606.70 million by 2028. The dominant growth of the region can be attributed to the strong presence of leading x-ray detectors providers in the region including Varex Imaging Corporation (US), Carestream Health (US), and Teledyne DALSA Inc. (US), who offer latest x-ray detectors with higher resolution, sensitivity, contrast and high detection efficiency. Besides, the increasing budget allocation on R&D activities by the companies as well as research institutions are expected to boost the regional market growth in the coming years.
Prominent X-ray Detectors Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global x-ray detectors industry are:
- Carestream Health, Inc.
- Orvee Medical Solutions
- Rayence Inc.
- Siemens AG
- Thales Group
- Trixell
- Toshiba
- Koninklijke Philips N.V
- General Electric
- Varex Imaging Nederland B.V.
These players are implementing several strategies to gain a chief position in the global industry.
For instance, in August 2020, Waygate Technologies, a global leader in industrial inspection solutions, announced the launch of two new portable X-ray detectors ‘DXR140P-HC’ and ‘DXR75P-HR’ to ensure the safety, productivity, and quality of their customers’ complex products & processes.
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