CHICAGO, May 9, 2024 /PRNewswire/ -- Digital X-ray Market in terms of revenue was estimated to be worth $5.4 billion in 2024 and is poised to reach $6.6 billion by 2029, growing at a CAGR of 4.0% from 2024 to 2029 according to a new report by MarketsandMarkets.
The major factors driving the growth of this market include digital X-ray systems offering numerous advantages over traditional film-based methods, including faster image acquisition, lower radiation exposure, and enhanced image quality. Additionally, the integration of advanced technologies such as artificial intelligence (AI) and machine learning in digital X-ray systems has enabled automation of tasks like image analysis and interpretation, improving diagnostic accuracy and efficiency.
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Digital X-ray Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $5.4 billion |
Estimated Value by 2029 | $6.6 billion |
Growth Rate | Poised to grow at a CAGR of 4.0% |
Market Size Available for | 2022-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Technology, systems, portability, price range, type, application, end user, and region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Development of AI-based digital X-ray systems |
Key Market Drivers | Growing geriatric population and subsequent growth in disease incidence |
Direct radiography technology segment to register a significant growth rate over the forecast period of 2024-2029.
Based on the technology, the global digital X-ray market is segmented into direct and computed radiography. The direct radiography segment is anticipated to register the highest growth rate over the forecast period. DR systems offer superior image quality to traditional film-based systems, leading to better diagnostic accuracy and patient outcomes. Moreover, technological advancements, decreased radiation dose, workflow efficiency coupled with rising patient population to drive the segment growth.
The orthopedic imaging application segment is to register a second-highest growth rate over the forecast period of 2024-2029.
Based on application, the global digital X-ray market is segmented into chest, cardiovascular, diagnostic, dental, cancer, and other applications. The growth in orthopedic application segment can be attributed to several factors. Firstly, there is a growing incidence of orthopedic conditions, such as fractures, osteoarthritis, and musculoskeletal injuries, driven by factors like an aging population and increasing sports-related injuries. Digital X-ray systems offer high-resolution imaging capabilities, enabling precise diagnosis of orthopedic conditions and guiding treatment planning effectively.
The new digital segment accounted for the largest share of the digital X-ray market by system in 2023.
Based on system, the digital X-ray market is segmented into retrofit and new digital x-ray systems. The hospitals and surgical segment accounts for the largest share of the market in 2022. Healthcare facilities worldwide are increasingly investing in new digital X-ray systems to upgrade their imaging capabilities and replace outdated analog and film-based systems. New digital X-ray systems offer enhanced imaging features, such as higher resolution, faster image acquisition, and advanced image processing algorithms, improving diagnostic accuracy and efficiency.
The Asia Pacific market will register significant growth in the market during the forecast period.
The Asia Pacific will witness rapid growth in the digital X-ray market from 2024 to 2029 due to several key factors. Firstly, the region's large and rapidly expanding population, rising healthcare expenditures, and increasing access to healthcare services are driving the demand for advanced diagnostic imaging solutions like digital X-ray systems. Secondly, there is a growing prevalence of chronic diseases and a shift towards preventive healthcare practices in many countries across Asia Pacific, necessitating the use of digital X-ray technology for early detection and management of these conditions.
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Digital X-ray Market Dynamics:
Drivers:
- Growing geriatric population and subsequent growth in disease incidence
Restraints:
- High cost of digital X-ray systems
Opportunities:
- Development of AI-based digital X-ray systems
Challenge:
- Hospital budget cuts
Key Market Players of Digital X-ray Industry:
Prominent players in the Digital X-ray market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan), and Canon, Inc. (Japan).
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1-48%, Tier 2-36%, and Tier 3- 16%
- By Designation: Director-level-14%, C-level-10%, and Others-76%
- By Region: North America-40%, Europe-32%, Asia Pacific-20%, Latin America-5%, and the Middle East & Africa-3%
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Recent Developments of Digital X-ray Industry:
- In March 2021, Koninklijke Philips N.V. (Netherlands)'s CombiDiagnost R90 received US FDA 510(k) clearance for CombiDiagnost R90, a high-end digital radiography-based fluoroscopy system.
- In May 2021, Royal Philips (Netherlands) and Viamed (Spain) entered into an agreement with Viamed to install Philips' diagnostic imaging solutions in clinical centers throughout Viamed's network, including 11 hospitals and 15 healthcare centers, in the Andalusia, Aragon, Catalonia, La Rioja, Murcia, and Madrid regions of Spain.
Digital X-ray Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall digital X-ray market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on the following pointers:
- Analysis of key drivers (rising target patient population, growing adoption of digital X-ray imaging devices, technological advancement, and increasing investment, funds, and grants by public-private organizations), restraints (high capital and operational cost, unfavorable regulatory guidelines), opportunities (improving healthcare infrastructure across emerging countries, digital X-ray utilization for breast imaging, promising product pipeline), and challenges (availability of alternate imaging technologies) influencing the growth of the digital X-ray market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the digital X-ray market.
- Market Development: Comprehensive information about lucrative markets-the report analyses the digital X-ray market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the digital X-ray market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Canon, Inc. (Japan), Carestream Health (US), FUJIFILM Holdings Corporation (Japan), and Shimadzu Corporation (Japan), among others.
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