Segments and Competitive Analysis of the X-Ray Market
Published On : Jul 28, 2014
Introduction to X-Ray
Rising aging population and patients with chronic diseases are the two major drivers of the X-ray market growth. An X-ray is a form of electromagnetic ionizing radiation which is produced using x-ray machines. It is one of the best diagnostic imaging techniques with the help of which high-resolution images detailing the internal structures of a human body, particularly highlighting the bones are obtained. X-ray facilitates in early diagnosis of a disease or serious medical injury. Their extremely short wavelength properties give them the viability to penetrate materials that reflect or absorb ordinary light. X-ray radiation with applications are found in a diversified range of industries for medical diagnosis and interventional (for instance, catheter placement) purposes.
In medical industry, X-ray devices constitute the largest market share in the key equipment of diagnostic imaging market. The diagnostic imaging market is comprised of ultrasound, CT, MRI, and nuclear imaging.
X-Rays and Radiography Market
Radiographic technique is a key element in x-ray imaging. It involves the use of films to seize x-ray images of different objects. These films are then chemically processed to produce a clear, visible image which the physicians or doctors use for diagnosing a patient’s condition. Such a possibility has its existence owing to x-ray’s functional utility and high- image quality because of which diagnoses based on x-ray films becomes standard for medical imaging.
X-ray is consumed orally or by injection to detect bone conditions or changes in tissue at their earliest stages. The revenue for radiography X-ray market is expected to rise to $3.8 billion in 2017, pacing up by 5 percent from $2.9 billion in 2012.
Global Market Drivers of the X-Ray Market
The market is expected to shape is growth due to some of the key factors such as, the need for high quality medical images, changing consumer preferences caused by the rise in demand for bedside imaging, and increase in the number of patients provided via emergency medical services. Also, factors like implementation of PACS (picture archiving and communication systems), introduction of digital x-ray systems, and portable x-ray systems have served the
global x-ray market as a key driver.
The X-ray market is also richly growing due to the rising incidences of target diseases such as cardiovascular diseases, rapidly aging population, and growing patient awareness levels among different sectors of the global society.
Market Segmentation Analysis of the X-Ray Market
The overall x-ray market is segmented into three parts which are based on the product type, application, and technology. The x-ray product market is divided into two types stationary and portable x-ray market, whereby the portable x-ray market is further divided into mobile and handheld x-ray market. Thanks to the growing demand for retrofit upgrade kits, mobile X-ray and handheld x-ray market, the global X-ray market is expected to witness strong growth over the next few years.
Similarly, considering the analysis of the x-ray market by applications, this sector is ramified into mammography, dental x-ray, cardiovascular x-ray, respiratory (chest) x-ray, and other applications (including, orthopedic, urology, and abdominal).
However, considering the segmentation on a global front, the global x-market is divided into three sub-segments – on the basis of technology. They are analog, computed radiography systems, and digital radiography. The overall digital x-ray systems market consists of two major trends – flat panel detection based digital x-ray systems and high-density line-scan solid state detection based digital x-ray systems. The flat panel detection based digital x-ray systems market is further divided into direct (a-Se) and indirect (a-Si) based digital x-ray systems.
Since 2011, North America has dominated the x-ray market with majority of the market share, and the growth is still expected to retain its value till 2018. In terms of value, the global x-ray market was valued at USD 7.5 billion in 2011. Over the forecast period 2012 to 2018, the market is predicted to reach an estimated value of USD 9.8 billion in 2018, growing at a CAGR of 4.0%.