Medical X-ray Market Top Trends, COVID-19 Impact Analysis 2021-2027

Medical X-ray Market Top Trends, COVID-19 Impact Analysis 2021-2027

Researchers at Northwestern University have designed a new AI-based platform that analyses lung X-rays and detects COVID-19. The machine-learning (ML) algorithm, named DeepCOVID-XR, was able to outperform a team of expert thoracic radiologists in identifying the Sars COV-2 virus in lung X-rays with an accuracy of 5% over its human counterparts. This breakthrough research will help physicians use this system for rapid screenings for non-COVID patients and for detecting the harmful virus in healthcare workers and possible COVID-19 patients to accelerate the isolation process. Such advancements are anticipated to spur the demand for medical x-ray devices and in turn, complement the industry expansion.

According to a research report published by GMI Inc., the medical X-ray market size is predicted to surpass USD 19.5 billion by the end of 2027. The growth can be attributed to increased benefits of medical x-rays over other imaging diagnosis devices.

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There is a significant rise in the number of patients suffering from dental diseases, neurological diseases, musculoskeletal disorders and medical x-rays play an important role in the diagnosis of these disorders which increases their consumption. Furthermore, increased road accidents have resulted in the rise of ortho disorders, thus accelerating the usage of medical x-rays.

Governments of developed nations are investing heavily in the healthcare sector. Also, there has been a significant rise in the disposable income of the population across the world. Patients are increasingly getting aware of diagnosing diseases at earlier stages and are preferring x-rays for non-invasive diagnosis, thus increasing the demand of the medical x-ray market.

Technologically, the market is categorized into direct radiography, computed radiography and film-based radiography. The direct radiography segment held a market share of around 42% in 2020. This revenue share can be credited to many benefits it offers over traditional technologies. Direct radiology electronically saves and shares images without using films and chemicals, increasing its preference in the healthcare sector. Flexible image management, reduced exposure to radiation, excellent data evaluation and effective dynamic range are some other benefits of using DR technology, thus stimulating the market growth.

The portable medical x-ray devices segment registered a revenue of over USD 5.4 billion in 2020 and will witness a substantial rise in demand through the forecasted timeframe. The growth is attributed to the increased necessity for point-of-care diagnostics. Moreover, soaring research & development activities for developing portable devices will propel the segment growth. Growing geriatric population has also contributed to the increased usage of medical x-rays for radiological tests in nursing homes, further boosting the industry growth.

In case of applications, the orthopedic segment is likely to showcase a CAGR of over 5.5% over the forecast period. Incidences of osteoporosis are on a rise amongst females as their bones weaken with age. According to the International Osteoporosis Foundation, Asia is one of the places where osteoporosis is undertreated and underdiagnosed. With changing lifestyles, there is a rising prevalence of orthopedic disorders, thus creating lucrative growth opportunities for the medical x-ray market in Asia.

Speaking of which, the Asia Pacific market is predicted to exhibit a CAGR of over 7% through 2027. With growing population, there is a significant rise in the number of patients diagnosed with chronic diseases. Medical x-rays play an important role in getting an appropriate diagnosis for such disorders. With increasing disposable income, the population of the region can afford these treatments resulting in the stimulation of industry growth.

Inclination towards hospitals is increasing among the patients as they have the provision of advanced diagnostics and treatment facilities. Along with this, there is a significant rise in the number of skilled healthcare professionals in hospital settings. Driven by such factors, medical x-ray market recorded a revenue of USD 5.6 billion from hospital segment in 2020

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The competitive landscape of the medical x-ray market consists of Carestream Health, Siemens Healthcare, Hologic, Canon Medical Systems, Neusoft Medical Systems, Konika Minolta, Hitachi Medical, GE Healthcare. Many key players are merging and acquiring other players to strengthen their market position. For instance, Fujifilm, in December 2019, bought the medical imaging business of Hitachi for a value of around USD 1.56 billion. This move has given Fujifilm some competitive edge over other major players in the market. Such strategic decisions prove beneficial for key players in expanding their business operations across the world.

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