X-ray system is a medical imaging tool, which is used to view, monitor and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infections and thus has wide applications in the healthcare industry. Considering its wide areas of application, the X-ray market is expected to gain significant traction in the near future. X-ray technology used for diagnosis include X-ray radiography, mammography, computed tomography (CT), and fluoroscopy. X-ray radiography detects bone fractures, dental problems, certain tumors, and other abnormal masses. Digital films are convenient and form electronic images that can be viewed faster than conventional medical X-ray films, which require processing and occupy ample of space in hospitals. The X-ray technology is also used for therapeutic applications. For example, Radiation therapy is used in cancer treatment. In radiation therapy, the X-rays and other types of high energy is used to destroy the cancerous tumors by damaging the genetic makeup i.e. DNA. The radiation dose used in such treatments is much higher as compared to that used in diagnostic treatment. However, X-rays are not safe, as they causes harmful side effects such as cell mutations, which might lead to cancer. This poses as a major restraint for growth of the X-ray market.
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Market Dynamics
Increasing incidence of fractures and orthopedic disorders are expected to boost growth of the X-ray market. According to the International Osteoporosis Foundation, osteoporosis causes over 8.9 million fractures, annually, worldwide. Increasing in incidence of cancer is also expected to contribute to growth of the market. According to National Cancer Institute, in 2016, around 1,685,210 new cases of cancer are projected to be diagnosed in the U.S. Moreover, companies are developing advanced technologies to improve imaging quality and reduce dose intake, in turn creating a conducive environment for growth of the X-ray market. For instance, in 2015, Carestream Health launched DRX-Evolution Plus. The new device offers great flexibility in high-ceiling rooms via an extended tube column as well as enhanced workflow and improved visualization. In January 2017, GE Healthcare launched new Senographe Pristina mammography system in the U.S. The device is designed in a way to make breast screening more comfortable.
Increase in prevalence of cancer and orthopedic disorders is expected to drive market growth
X-ray equipment is widely used in detection of breast cancer, dental issues, chest imaging, and orthopedic disorder. According to American Cancer Society, as of 2017, around 252,710 new cases of invasive breast cancer are estimated to be diagnosed among women in the U.S. In 2012, Musculoskeletal conditions such as back pain and arthritis affected over 1.7 billion people in 2012, globally, according to a study on the global burden of the disease and its impact. Growing patient pool and increasing demand for diagnosing diseases, in turn, are expected to boost growth of the X-ray market. Furthermore, the aging population are highly susceptible to chronic diseases, orthopedic disorders, and dental issues, considering their weak immune system. According to the World Population Prospects report (2015) by the United Nations (UN), the global population aged 60 years and above is projected to increase by 56% from 901 million in 2015 to 1.4 billion by 2050. Thus, considering the high prevalence of breast cancer and orthopedic disorders, demand for X- ray systems is expected to increase, in turn, expected to fuel growth of the X-ray market over the forecast period.
Advancements in technology and new launches of X-ray devices are expected to boost growth of the X-ray market globally
X-ray is an ancient medical imaging device, which with continuous innovation, is widely being used for diagnosis and treatment purposes. Market players are developing innovative technology that provide enhanced safety, improved image quality, and reduced dose technique for diagnosing various diseases. This in turn, is expected to create high demand for X-ray systems. For instance, in 2015, Carestream Health launched DRX-Evolution Plus. The new device offers great flexibility in high-ceiling rooms via an extended tube column as well as enhanced workflow and improved visualization. In January 2017, GE Healthcare launched new Senographe Pristina mammography system in the U.S. The device is designed to make breast screening more comfortable. In April 2017, Toshiba Medical launched new Aquilion Lightning Computed tomography (CT), which provides high quality images and potentially helps with faster diagnosis. In October 2017, Siemens Healthineers launched new Cios Spin, a mobile C-arm in the U.S. Cios Spin mobile arm provides potential benefits as a design aid intra-operative 3D imaging during demanding procedure. Moreover, with high generative power can scan the solid part of the body such as the hip and can also scan more dense tissues in obese patients. Thus, advanced technology integrated with X-ray systems is expected to boost growth of the X-ray market over the forecast period.
Some of the major players operating in the X-ray market are Siemens AG, Toshiba Medical Systems, Hitachi Medical Corporation, Shimadzu Corporation, Carestream Healthcare, Philips Healthcare, Canon Inc., GE Healthcare, Bracco Imaging S.p.A, and Hologic, Inc
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Key features of the study:
- This report provides in-depth analysis of the X-ray market and provides market size (US$ Million) and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017–2025), considering 2016 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, impact analysis, technology advancements, regional outlook, and competitive strategy adopted by the leading players
- It profiles leading players in the global X-rays market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
- Key companies covered as a part of this study include Siemens AG, Toshiba Medical Systems, Hitachi Medical Corporation, Shimadzu Corporation, Carestream Healthcare, Philips Healthcare, Canon, Inc., GE Healthcare, Bracco Imaging S.p.A, and Hologic, Inc.
- Insights from this report would allow marketers and the management authorities of companies to make informed decisions regarding future product launches, technology up-grades, market expansion, and marketing tactics
- The global X-ray market report caters to various stakeholders in this industry, including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the X-ray market
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