X-Ray Devices Market Definition
The X-ray devices market consists of the sales of X-ray devices by entities (organizations, sole traders and partnerships) that manufacture X-ray devices for use in the healthcare industry. An X-ray device is an X-ray imaging device for healthcare providers used for the diagnosis and imaging of patients suffering from various diseases. These devices are used in hospitals, medically oriented aid organizations, home care, old age homes, ships and offshore platforms. These devices have a wide range of life span for each product, for instance, x-ray tube which converts electrical energy to x-rays has a lifecycle between 5-7 years.
X-Ray Devices Market Size
The global portable X-ray devices market reached a value of nearly $12,628.1 million in 2019, having grown at a compound annual growth rate (CAGR) of 3.8% since 2015, and is expected to grow at a CAGR of 5.3% to nearly $15,507.6 million by 2023.
Growth in the historic period resulted from the population aging, growth of the home healthcare services market, and economic growth in emerging markets. Factors that negatively affected growth in the historic period were privacy and security concerns about data transfer in portable X-ray devices, and high prices of portable X-ray devices.
Going forward, advances in technologies, increasing number of patients with chronic diseases and rising awareness about portable medical devices will drive growth. Factors that could hinder the growth of the X-ray devices market in the future include increasing interest rates and continued ethical and privacy concerns about data transfer in portable X-ray devices.
X-Ray Devices Market Drivers
The key drivers of the X-ray devices market include:
Growing Number Of Patients With Chronic Diseases
The expected increase in the number of patients with chronic diseases will drive the X-ray devices market. The rise in the incidences of chronic diseases such as cardiovascular diseases (CVD), neurodegenerative diseases, autoimmune diseases, respiratory diseases and cancer among the population will lead to an increase in the number of patients who require advanced diagnostic and treatment options on a regular basis. It is forecast that the number of patients with diabetes will increase to 642 million by 2040 from 415 million in 2015 , and the number of death cases from CVD will increase to more than 23.6 million by 2030 from 17.6 million in 2016 . Emerging markets will see the fastest growth in the prevalence of chronic diseases as the population growth is anticipated to be the most significant in developing nations. Following the chronic disease prevalence growth, advances in accurate detection and diagnosis of diseases will try to minimize the cost of treating chronic conditions that will positively impact the growth of the X-ray devices market. The increase in the number of patients with chronic diseases will drive the use of X-ray devices and support the market’s growth.
X-Ray Devices Market Restraints
The key restraints on the X-ray devices market include:
Disruption In The Supply Chain Of X-Ray Devices Due To The Impact Of COVID-19
The disruption in the supply chain caused due to the impact of COVID-19 could affect the x-ray devices market in the forecast period. With the spread of the coronavirus originating in China, major components are expected to be in shortage. China and India manufacture and sell many parts used in x-ray devices, along with a-ray devices, and are facing challenges in moving final products to end users, due to disruption in supply chains. This is expected to severely impact the x-ray devices market in the forecast period. Though X-ray examinations are prescribed by major hospitals to gauge COVID impact on the body, this is unlikely support sales in the immediate term.
X-Ray Devices Market Trends
Major trends influencing the X-ray devices market include:
Increasing Demand For Portable X-Ray Devices
Hospitals and diagnostic service providers are increasingly using portable x-ray devices due to the convenience it offers. Portable diagnostic equipment is easy to use and offers mobility capabilities. This is steadily increasing adoption rates for emergency and intensive care units in hospitals and homecare organizations. This equipment allows faster interventions for acute events, and better monitoring. Major portable x-ray devices include Siemens Healthcare’s Mobilett mira max portable X-ray systems .
Hybrid Imaging Technology
Diagnostic equipment manufacturers are combining multiple imaging technologies for better localization, improved detection rate and various other advantages. Hybrid imaging includes fusion of two or more imaging modalities for developing a new technology. Hydrid imaging technologies include single-photon emission computed tomography (SPECT)/CT, positron emission tomography/computed tomography (PET/CT), ultrasound and MR, and ultrasound and CT. These technologies aid healthcare organizations in decreasing time for surgical procedures and anesthesia, resulting in reduced morbidity and costs . Major companies manufacturing hybrid imaging diagnostic equipment include Siemens Healthcare, Philips Healthcare and Mediso .
Opportunities And Recommendations In The X-Ray Devices Market
Opportunities – The top opportunities in the portable X-ray devices market by type of technology will arise in the digital X-ray devices segment, which will gain $1,363.2million of global annual sales by 2023. The X-ray devices market size will gain the most in the Asia-Pacific at $1,148.5 million. Player-adopted strategies in the X-ray devices industry include focusing on technology innovations, expanding portfolios through acquisitions, and creating innovative solutions with superior image quality equipment.
Market-trend-based strategies for the X-Ray Devices market include offering portable x-ray devices to healthcare services organizations to capitalize on the growing demand for these products, developing low radiation devices to limit the radiation exposure to patients as well as technicians and adopting hybrid imaging technology to improve devices’ operational efficiency and also to capitalize on the growing demand for this equipment.
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the X-ray devices manufacturing companies to consider focusing on manufacturing digital X-ray devices, expanding in emerging markets, offering competitive pricing, increasing visibility through a high-performance website, and targeting geriatric populations.
X-Ray Devices Market Segmentation
The X-ray devices market is segmented by type of product, by technology, and by geography.
By Type Of Product-
The X-ray devices market can be segmented by type of product
The stationary X-ray devices market was the largest segment of the X-ray devices market by type of product in 2019 at 59.2%. The handheld X-ray devices market is expected to be the fastest-growing segment going forward at a CAGR from 2019-23 of 14.0%.
- a) Stationary X-Ray Devices
- b) Mobile X-Ray Devices
- c) Handheld X-Ray Devices
By Technology –
The X-ray devices market can be segmented by technology
The computed radiography X-ray devices market was the largest segment of the portable X-ray devices market by type of technology in 2019 at 46.3%. The analog X-ray devices market is expected to be the fastest-growing segment going forward at a CAGR of 14.2% to 2023.
- a) Computed Radiography X-Ray Devices
- b) Digital X-Ray Devices
- c) Analog X-Ray Devices
The X-ray devices market is segmented into
The Americas region was the largest market for the X-ray devices, accounting for 37.0% of the global market. It was followed by Asia-Pacific, Europe, and the Middle East and Africa (MEA). Going forward, the fastest growing regions in the X-ray devices market will be Asia-Pacific and Europe, where growth will be at CAGRs of 7.8% and 5.7% respectively. These will be followed by the Middle East and Africa (MEA) and the Americas, where the markets are expected to grow at CAGRs of 4.2% and 3.4% respectively.
- o Americas
- North America
- South America
- o Asia Pacific
- o Europe
- o Middle East And Africa (MEA)
X-Ray Devices Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Siemens Healthineers AG
- • Fujifilm Holdings Corporation
- • Koninklijke Philips N.V.
- • General Electric Company
- • Onex Corporation
- • Canon Inc.
- • Envista Holdings Corporation
- • Hitachi, Ltd.
- • Varian Medical Systems, Inc.
- • Shimadzu Corporation
- • Aribex Inc.
- • MinXray, Inc.
- • Toshiba Medical Systems Corporation
- • Varian Medical Systems Inc
- • Danaher Corporation
- • Hologic, Inc.