The X-ray devices market is estimated to grow at a CAGR of 5.14% from a market size of USDX10.793 billion in 2019 to a market size of USD14.580 billion by 2025.
An X-ray device is used for creating 2D X-ray images of the 3D internal body organs or bones.
The growing number of chronic diseases is providing an impetus in fueling market growth in the forecast period. The growing trend of early diagnosis and detection of a disease is further providing an opportunity for the market to proliferate in the forecast period.
The X-ray system emits small amounts of X-rays in the human body and captures an image of the area of interest onto a device.
The growing number of non-fatal road accidents are propagating the market demand, as X-ray provides an immediate snapshot of the injury.
Also, with innovations, the X-ray devices market has been bifurcated into portable and stationary systems, further propelling the market demand.
The growing digitization has segregated the market on the basis of analog and digital technologies, fueling the market share of the digital X-ray systems with a rapid rise in adoptions due to the ongoing improvements in providing better healthcare facilities on the global level.
The growing global elderly population is driving the market growth in the forecast period with the emergence and prevalence of age-associated diseases like osteoporosis and the detection of bone degeneration due to the aging process.
The global geriatric population (above 65 years or older) rose from 551,217,090 in 2012 to 673,618,927 in 2018 (source: The World Bank).
The growing elderly population requires better healthcare facilities which include preventative measures as many people under this category are either suffering from age-associated chronic diseases or are suffering from diseases due to the adoption of an unhealthy lifestyle when younger.
Thus, this population is in the requirement of better healthcare facilities where better diagnostic and treatment measures need to be taken in order to prevent further spreading of the age-associated or degenerative diseases.
Furthermore, with the declining fertility rates and increasing life expectancy at birth, global aging is poised to accelerate due to an overall improvement in the survival leading to longevity, further burgeoning the market growth during the forecast period.
On the basis of geography, North America followed by the European region is estimated to hold a significant market share in the forecast period.
The Asia Pacific region is predicted to be the fastest-growing with a significant CAGR over the next five years.
There has been a loss of lives of more than one million people due to road crash or accidents. Around 20 to 50 million people suffer due to non-fatal road injuries which lead to disability due to the accident every year.
Causes of non-fatal road injuries include speeding, drink-driving, and drug-driving, not using safety restraints like helmets, car seat belts, and child restraints, distraction while driving because of mobile phones, poor and unsafe road infrastructure, and not following traffic laws.
This has given rise to huge economic losses to the individual, his/her family, and the nation as a whole.
However, sophisticated equipment like an X-ray provides assistance in the treatment processes following the diagnosis and further helps in the monitoring of the treatment as well.
The rising number of road accident cases is creating a market demand owing to the improvement of the lives of the patients and helping them to cope up with their disabilities, mentally and physically.
There is a presence of other medical imaging modalities apart from X-ray systems which include magnetic resonance imaging systems (MRI), CT, and ultrasound among others.
These are also widely available, are quite efficient with state-of-the-art technologies, and are used for various diagnostic and therapeutic purposes.
Additionally, ultrasound is considered the safest form of imaging as this does not make use of any ionizing radiation and makes use of sound waves instead.
It is the first choice among people for pregnancy, emergency diagnosis, cardiac, spine, and imaging of other internal organs. Also, a CT scan is widely used during an emergency in emergency rooms, this is because it takes less than five minutes in scanning.
While the MRI scans take a longer time, a minimum of 30 minutes but provide an in-depth analysis of a particular diagnosis, which is considered better than an X-ray system.
Hence, the presence of these imaging systems will impose a threat in hampering the market growth in the forecast period.
Fujifilm Holdings Corporation
General Electric Company
Siemens Healthcare Private Limited
Koninklijke Philips N.V.
Canon Medical Systems Corporation
Vision Medicaid Equipments Pvt. Ltd.
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