NEWARK, Del, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The market size for digital X-rays is estimated to be around US$ 14.40 billion in 2024. It is projected to exhibit a CAGR of 9.10% over the forecast period, with an estimated market size of US$ 34.50 billion in 2034.
The increasing prevalence of chronic diseases such as diabetes, obesity, and hypertension in developed economies has led to the requirement for frequent diagnostic imaging for better treatment. Healthcare providers, both public and private, are becoming more aware of the benefits of digital X-rays as compared to traditional imaging methodologies. This growing awareness has led to the integration of artificial intelligence in radiography and imaging systems for automated analysis and interpretation.
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The rising geriatric population in countries such as Japan, China, Germany, etc., requires enhanced diagnostic capabilities. Significant investments by government bodies in the healthcare sector to improve the existing infrastructure in countries like India, the United States, and China have further fueled the demand for digital X-rays. The cost-effectiveness and long-term saving abilities of digital X-ray methodologies have also increased their adoption in healthcare facilities, hospitals, clinics, etc.
Improved patient comfort and safety with lower radiation exposure make digital X-rays a preferred choice for both healthcare providers and patients. Digital X-rays are also growing among specialized facilities focused on medical imaging services, such as MRI, CT scans, and X-rays. Beyond medical applications, digital X-ray technology is used in industrial settings for non-destructive testing, quality control, and inspection of materials, welds, and components.
“Companies in the digital X-ray market must embrace emerging technologies such as artificial intelligence to enhance diagnostic capabilities. They must also develop solutions that address the cost concerns of healthcare providers, especially in smaller facilities or developing regions,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- The digital radiography segment dominates the global digital X-ray market, expanding at a CAGR of 8.60% through 2034.
- On the basis of modality, the radiography segment is expected to expand at a CAGR of 8.90% over the forecast period.
- The digital X-ray market in the United States is anticipated to grow at a remarkable CAGR of 8.70% through 2034.
- The digital X-ray market in the United Kingdom is estimated to rise at a CAGR of 10.80% through 2034.
- The digital X-ray market in China has the potential to increase at a 9.90% CAGR through 2034.
- The Japanese digital X-ray market is predicted to rise at a 10.40% CAGR through 2034.
- The digital X-ray market in South Korea is very likely to grow at a CAGR of 12.90% through 2034.
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Competitive Landscape:
The market for digital X-rays is highly competitive due to the presence of several companies such as Siemens, Healthineers AG, GE Healthcare, Philips Healthcare, Fujifilm Holdings Corporation, Canon Medical Systems Corporation, etc.
These companies hold a strong position in the international healthcare sector as they cater to the radiography needs of hospitals, clinics, ambulatory surgical centers, etc. Key players in the market are focusing on developing affordable devices to enable smaller clinics with limited financial resources to implement digital X-rays.
Recent Developments:
- In November 2023, Carestream Health introduced Horizon, a compact analog X-ray system customized for small-to-midsized healthcare facilities, offering ease of use and low investment. Featuring a floating tabletop for flexible positioning, the system provides an upgrade path to digital imaging using Focus detectors, overcoming cost barriers for smaller facilities.
- In July 2023, Konica Minolta Healthcare Americas, Inc., expanded Dynamic Digital Radiography (DDR) systems at healthcare institutions such as Appleton Area Health, New Hampshire Neurospine Institute, Zwanger-Pesiri Radiology, and Summit Medical Center. DDR, a breakthrough in X-ray technology, allowed dynamic visualization of anatomical structures during various clinical applications.
- In December 2023, German researchers investigated AI assistance for non-radiologists interpreting emergency chest X-rays. Dr. Jan Rudolph of University Hospital LMU Munich discovered significant benefits for non-radiologists in smaller hospitals, enhancing chest X-ray analysis in emergency settings.
Key Companies in the Market:
- Carestream Health
- Hitachi Medical Corporation
- Shimadzu Corporation
- Agfa-Gevaert Group
- Hologic, Inc.
- Varian Medical Systems
- Konica Minolta, Inc.
- Samsung Medison Co., Ltd.
- Planmed Oy
- MinXray Inc.
- Bennett X-Ray Technologies
- iCRco, Inc.
- Swissray International, Inc.
- Varex Imaging Corporation
- Vieworks Co., Ltd.
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Key Segments in the Digital X-ray Market:
By Modality:
- Radiography
- Fluoroscopy
- Mammography
By Technology:
- Digital Radiography
- Computed Radiography
By End-Use:
- Hospitals
- Diagnostic imaging centers
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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