Global Medical X-ray Market: Future Demand, Analysis & Outlook to 2027

Global Medical X-ray Market: Future Demand, Analysis & Outlook to 2027

Given the mounting prevalence of fractures in bone or other bone-related disorders across the globe, the demand for X-rays procedure has drastically increased worldwide over a while now. It has been estimated that every year, about 1.5 million individuals suffer a fracture due to bone disease. In line with the rising cases of bone related disorders and fractures, surging cases of chronic ailments, aligned with development in healthcare infrastructure are also likely to spur the demand for X-rays globally.

It has been estimated that medical X-ray market would account for an annual valuation of USD 19.5 billion over the span of 2021 to 2027, driven by the advancements and innovations in the field, in an attempt to offer better treatment and diagnosis.

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Innovation is currently the need of the hour for almost all industries, be it construction, medical, or others. And in this case, it would be pivotal to note that the healthcare and medical industry is undergoing massive transformation lately with AI and digitization being the core trends. Such advancements in the field are expected to provide proper patient care and treatment for the people in the healthcare settings. One such advancement has to be the technological innovation spur in X-ray devices and equipment.

Recently, a leading medical imaging technology company- Nanox, had in early 2020 announced unveiling a digital X-ray device along with the Startrek inspired AI Biobed for early detection of anomalies. As per news reports, the company has secured funds of USD 26 million from Foxconn for the development of these devices and the software. In fact, the Nanox System would promote early detection of medical conditions that are discoverable by the X-ray.

Digital X-rays are observing massive momentum lately, majorly due to the umpteen benefits offered by these including enhanced images, time efficiency, and digital transfer of images. In line with these merits, digital X-rays also enable accurate and precise diagnosis and deliver real-time imagery, which has been touted to expand the growth profile of these in the upcoming years. Estimates claim that the digital x-ray segment would depict a CAGR of 6% through 2027.

Considering its expanding popularity and demand, the US-based Canon Medical had in 2020 announced the launch of a digital X-ray system for improved versatility and performance. Known as SOLTUS 500, the newly launched system boasts easy access to a system that is equipped with improvements that can be used to streamline bedside examinations to support the development in workflow and productivity.

The use of portable X-rays has soared to all new heights, subjected to the rising need for point of care diagnostics. It has been observed that the portable X-ray segment across medical X-ray market has acquired a business share of USD 5.4 billion in 2020. This can predominantly be driven by the expanding geriatric patient pool raising complaints regarding mobility issues, in tandem with the rising investment in R&D activities for designing advanced portable technologies.

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That said, the demand for portable X-rays is largely felt in nursing homes given its increased need for treating and diagnosing disorders in elderly patients. Meanwhile, some of the other advantages offered by these include increased specificity and augmented diagnosis efficiency.

Given that X-Rays are generally preferred for diagnosing the abnormalities or fractures in bone, it would be rather overt to state that the product comes in handy in orthopedic applications. It has been estimated that the application segment would exhibit potential gains of around 5.5% over the stipulated time frame due to the surging prevalence of osteoporosis mainly in the female population owing to the low bone density and weaker bones. Besides, according to the International Osteoporosis Foundation, the condition is majorly undertreated and underdiagnosed in Asia, creating a huge trail of opportunity for the market players to raise the availability of medical X-ray systems in the region.

Speaking on these lines, Asia Pacific is anticipated to emerge as a growth generating ground for medical X-ray industry, looking forward to registering a growth rate of 7% through 2027. This growth is likely to come from the presence of a large patient pool in the region, needing medical X-rays for appropriate diagnosis.

Partial Chapter of the Table of Content

Chapter 2.  Executive Summary

2.1. Medical X-ray industry 3600 synopsis, 2016 - 2027

2.1.1.  Business trends

2.1.2.  Type trends

2.1.3.  Technology trends

2.1.4.  Portability trends

2.1.5.  Application trends

2.1.6.  End-use trends

2.1.7.  Regional trends

Chapter 3.  Medical X-ray Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2016 - 2027

3.3. Industry impact forces

3.3.1.  Growth drivers

3.3.1.1.    Technological advancements in diagnostic imaging in developed countries

3.3.1.2.    Rising prevalence of chronic diseases worldwide

3.3.1.3.    Growing number of diagnostic imaging procedures

3.3.1.4.    Presence of reimbursement for medical x-ray

3.3.2.  Industry pitfalls and challenges

3.3.2.1.    Risk of high radiation exposure

3.3.2.2.    High cost associated with installation of medical imaging modalities

3.4. Growth potential analysis

3.4.1.  By type

3.4.2.  By technology

3.4.3.  By portability

3.4.4.  By application

3.4.5.  By end-use

3.5. COVID-19 impact analysis

3.6. Porter’s analysis

3.7. Competitive landscape, 2020

3.8. PESTEL Analysis

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