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Preliminary research of Fairfield Market Research indicates a promising growth outlook for global medical X-ray market during the course of next few years.
Medical X-Ray Market Largely Benefits from Improving Early Diagnosis Rates Worldwide
Numerous uses of the device in research reports related to cardiovascular, cancer, dental, musculoskeletal, and other fields are anticipated to show a favorable medical X-ray market trajectory. It is also anticipated that recent developments in medical X-ray equipment may accelerate market growth. The growth of X-ray exams is driven by an increase in the demand for early diagnosis, which is anticipated to support market expansion. The increased frequency of chronic diseases is a major factor driving the growth of the global market for medical X-rays. For instance, more than 65 million people worldwide suffer from moderate to severe chronic obstructive pulmonary disease (COPD), and over the next 50 years, this number is expected to rise. Market expansion is projected to be boosted in the coming years by the expanding trend of digital X-rays. Increased government initiatives to promote X-ray device research and development and growing collaborations between IT and medical device businesses are helping to advance the development of digital X-ray devices.
Growing awareness is being sparked by an increase in examinations, which is anticipated to fuel the expansion of the medical X-ray market. One of the factors driving the need for these X-ray machines, which is anticipated to drive the market, is the rising prevalence of chronic disorders. The rise in neurological and musculoskeletal problems is also fueling demand for the product in addition to them. According to the WHO, over 65 million people have chronic obstructive pulmonary disease (COPD).
Medical X-Ray Market: COVID-19 Impact
The expansion of the international medical x-ray market was significantly impacted by COVID-19. Delays in the diagnosis and treatment of many chronic diseases, including cardiovascular conditions, oncology, and others, which had an impact on the diagnostic rate throughout time, are among the factors contributing to market decceleration. Additionally, during the COVID-19 pandemic, the supply of this X-ray equipment was disrupted due to limitations put in place by the governments of various nations. As a result, there were fewer radiology practices globally in 2020. For instance, the number of interventional radiology procedures in the United States during the COVID-19 epidemic decreased by roughly 5.1%, according to a report published by Springer. To reduce the risk of exposure, healthcare systems also adopted limits that limited the number of patients they could serve. These limitations led to a sharp drop in demand for imaging services, exacerbated by instructions to stay at home.
Expanding Use of Digital X-Ray Systems to Fuel Medical X-Ray Market Expansion
The preference for digital X-ray systems is gradually replacing analog X-ray systems in the healthcare industry. Transitioning from analog to digital X-ray systems is credited to lower radiation exposure, greater image quality, and shorter downtime. Adopting digital X-ray systems rather than analog or CR systems is a priority for hospitals and other healthcare facilities due to its advantages over the latter. Healthcare facilities are putting more emphasis on installing digital X-ray systems than other types since the federal payment adjustments have encouraged the transition from analog x-ray systems to digital X-ray systems. In the United States, for example, the installed base of digital X-ray systems in 2019 was close to 80% of all X-ray systems, up from only 50% in 2015. The transition from analog to digital X-ray systems is also largely due to shifting reimbursement regulations for x-ray equipment. All of the benefits above have sped up the transition to an increased preference for digital X-ray technology. During the projected period, this is anticipated to accelerate medical X-ray market expansion.
Rise in X-ray Examinations in Line with Growing Awareness About Early Diagnosis to Boost Medical X-Ray Market Growth
One of the primary causes of the rising number of diagnostic imaging tests performed globally is the increasing burden of chronic diseases. As an illustration, the World Health Organization estimates that 65 million people worldwide suffer from the chronic obstructive pulmonary disease (COPD). The CDC estimates that in 2021, there will be 18.2 million adults in the U.S. with coronary artery disease who are 20 years of age and older. Many doctors require patients to have chest X-rays taken to diagnose heart issues. Therefore, as these conditions become more common, there is a growing need for diagnostic instruments that are both affordable and effective, such as X-ray equipment. Additionally, the rising geriatric population is contributing to the development of age-related diseases like osteoporosis, driving the growth of medical X-ray market. Over 200 million individuals worldwide have osteoporosis, according to the International Osteoporosis Foundation. Furthermore, osteoporosis fractures will occur in 1 in 3 women and 1 in 5 men over 50 throughout their lifetimes.
Growing Radiation Exposure Concerns May Stagnate Medical X-Ray Market Expansion
Despite the many benefits of X-ray diagnostic imaging, there are certain detrimental dangers associated with X-ray radiation. The x-radiation ray's output may harm the body's cells. The dangers of brief exposure to x-rays, such as a chest X-ray, are minimal. However, prolonged exposure to X-rays could turn the cells malignant. For instance, a National Center of Biotechnology Information (NCBI) article states that the cumulative risk of cancer from diagnostic X-rays for individuals 75 years and older is estimated to be 0.6% in the United Kingdom or roughly 700 instances. The medical X-ray market is predicted to suffer throughout the forecast period.
General Radiography Dominant Category in Medical X-Ray Market
The general radiography category held the largest medical X-ray market share. It is anticipated that it will continue to rule the market during the forecast period due to the target diseases' rising prevalence, the increased need for diagnostic imaging and early diagnosis, and developments in digital X-ray technology. Imaging with dual-energy is one such development. Dual-energy imaging, sometimes called Computed Axial Tomography, is used in digital radiography called computed tomography (CT) (CAT). It uses a standard X-ray tube to produce X-ray beams that enter the body at different angles and are captured by digital detectors. A computer then assembles the data to produce cross-sectional images of the body that resemble slices.
Diagnostic Centers Leading Segment in Medical X-Ray Market
The diagnostic centers category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. The main drivers of the segment's domination over the forecast period are the rising accuracy of these centers' results, extensive availability of cutting-edge x-ray equipment, and qualified experts. The segment is expanding quickly due to improved facilities and cutting-edge, new X-ray machines installed in hospitals and clinics. Additionally, the medical X-ray market is expanding due to the growing demand for x-ray equipment in hospitals and clinics due to their significant use in diagnostic procedures. For instance, in the 40 hospitals of the Aleris Group in Europe, Agfa-Gevaert Group erected its VALORY digital radiography room in April 2022. The hospitals also replaced their old x-ray systems to improve radiology services with a digital x-ray system from Agfa-Gevaert Group.
Asia Pacific to Dominate Medical X-Ray Market in Light of Growing Government Initiatives
Over the forecast period, it is anticipated that the Asia Pacific market will account for the largest revenue share. The expansion is due to growing government initiatives to create mobile, technologically sophisticated medical x-ray devices. In addition, there are more mergers and acquisitions among the top firms to offer AI-powered x-ray systems to meet the rising need for early illness diagnosis. By merging CT, MRI, X-ray, PACS, endoscopy, and ultrasound equipment, FUJIFILM Holdings Corporation expanded its product line by purchasing Hitachi Ltd.'s imaging diagnostic-related business in February 2021. This is expected to result in Asia Pacific gaining a sizeable medical x-ray market share over the forecast period, along with increased healthcare spending and a greater emphasis on developing healthcare and hospital facilities in emerging nations like China, and India.
North America medical X-ray market is anticipated to experience stable revenue growth throughout the forecast period because the U.S. has a favorable reimbursement environment for digital x-ray systems and because age-related illnesses are becoming more common. For instance, the Medicare system began lowering payments in November 2016 for exams carried out on analog x-ray systems in preparation for digital radiography (DR) implementation in the United States by 2017. Additionally, the payment reduction was made for the 2018 model year computed radiography (CR) equipment.
Global Medical X-Ray Market: Competitive Landscape
In March 2022, to bring cutting-edge medical gadgets to the medical X-ray market, SAMSUNG ELECTRONICS CO., LTDU.S. .'s subsidiary, NeuroLogica Corp., said its digital radiography and ultrasound divisions would operate under a new brand called Boston Imaging. Similarly, in September 2021, except for China and the United States, Shimadzu Corporation introduced the MobileArt Evolution MX8 Version mobile X-ray equipment to the Japanese market. In situations where patients' mobility is restricted, a mobile x-ray machine is employed.
Few of the medical X-ray market players in Philips Healthcare, Varian Medical Systems, Fujifilm Holdings, Toshiba Medical Systems, GE Healthcare, Shimadzu Corporation, Siemens Healthcare, Hitachi, Agfa Healthcare, and Planmed.
Global Medical X-Ray Market is Segmented as Below:
By Type
By Application
By End Users
By Region
Key Elements Included In The Study: Global Medical X-Ray Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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