New Medical Imaging Technologies Create Opportunities for Companies in X-ray Market
The advantages of 3D color X-rays are grabbing the attention of stakeholders in the healthcare industry. This novel technique has been built by scientists of Mars Bioimaging-a manufacturer of small bore spectral CT (Computed Tomography) scanners for pre-clinical medical research at the University of Canterbury, New Zealand, in order to facilitate taking pictures of the internal tissues that interact with bones. This explains why the X-ray market stood at ~US$ 11 Bn in 2019.
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The concept of digital X-ray is engulfing the market landscape. As such, the revenue of digital technology is projected for aggressive growth during the forecast period and dictates the highest revenue among all technologies in the market. Hence, world-class high-technology corporation ADANI is increasing its production capabilities to develop a product line of low-dose digital X-ray imaging systems for chest and breast screening. As such, the revenue of mammography is predicted for exponential growth during the forecast period.
Cost-efficiency of CT Scanners with Single Chip-photosensor Array and ADC Gain Recognition
There is a growing demand for low-cost CT medical imaging. Hence, companies in the X-ray market are aiming to make CT scanners more affordable and readily available all over the world. For instance, ams AG, formerly known as austriamicrosystems AG-an innovator in advanced sensor solutions, has announced the launch of AS5950, a unique CMOS (Complementary Metal Oxide Semiconductor) device that combines photosensor array with ADC (Analog-to-Digital Converter) to reduce complexity and deploy low-cost CT medical imaging.
Companies in the X-ray market are increasing their R&D activities to fuel the availability of CT scanners that are sustainably more affordable. They are delving into opportunities to develop improved CT detectors that facilitate more detailed images at low system cost. New-age CT scanners are developed to overcome the hurdles in assembly and manufacturing of an X-ray detector. As such, the medical imaging sector for 8- and 16-slice CT scanners is projected for robust growth during the forecast period. Hence, companies are integrating photodiodes and ADCs in a single chip to make CT scanners more financially viable.
Companies Extend Radiographic Support Solutions amidst COVID-19 Crisis
In support of the global medical community’s ever-evolving COVID-19 (Coronavirus) crisis, companies are increasing their efficacy in radiographic support solutions. For instance, on March 24, 2020, Dexcowin— a supplier of cutting-edge portable handheld X-ray systems, announced the launch of its COVID-19 radiographic support solutions that help to overcome ergonomic limitations of conventional, fixed x-ray imaging systems. As such, the market share of portable X-ray products is anticipated to take a leap from ~46% in 2018 to ~49% by 2027 in the X-ray market.
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Manufacturers are channelizing their concentrated attention toward increasing their production capabilities to develop advanced portable and battery-operated handheld X-ray technologies that meet the needs of clinicians. They are increasing their focus in dental and forensics communities to generate revenue streams. As such, the revenue of dental application segment is estimated for exponential growth in the X-ray market.
Analysts’ Viewpoint
The X-ray market is estimated to progress at a modest CAGR of 5.5% throughout the forecast period. Companies are increasing their efficacy in services to customize the optimum pixel size for specific needs of OEMs within a reasonable short lead time. Sharper medical images and reduced self-heating are some of the key focus points that are driving R&D activities among companies.
AI algorithms offer accurate detection of pneumonia in chest X-rays. However, achieving reliable generalisability in new populations and settings poses as a limitation for healthcare companies. In order to overcome these issues, companies should increase awareness about site-specific training that helps practitioners to adapt to an existing system for new populations. Such training plays a pivotal role in complex tasks such as Electronic Health Records (EHR) predictions.
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X-ray Market: Overview
- X-ray can be used for various applications such as cardiovascular, respiratory, dental, mammography, and others. Presently, the global market for X-ray systems and technologies is experiencing steady growth due to high prevalence and increase in incidence of cardiovascular, respiratory, gastrointestinal, and genitourinary, and other disorders.
- Demand for advanced systems is rapidly rising due to the need for early diagnosis to ensure effective treatment and/or management of the disease. Recent technological advancements in the diagnostics industry has led to introduction of advanced X-ray systems such as mobile & handheld digital systems, direct digital radiography systems, direct & indirect flat panel detection based systems, and CMOS & CCD based digital systems.
X-ray Market: Drivers
- A large number of individuals suffer from infectious as well as chronic diseases across the world. Cardiovascular and respiratory diseases have affected a large number of individuals globally and are the leading cause of death among the global population. People are often prescribed a chest X-ray in case of breathing problems or a respiratory disorder. Tuberculosis is a leading respiratory disorder that affects millions across the world. According to the WHO, in 2018,an estimated 10 million people fell ill with tuberculosis (TB) globally. Among these,7 million were men, 3.2 million were women, and 1.1 million were children.
- High prevalence and increase in incidence of TB along with rise in mortality have resulted in higher acceptance of various preventive and control measures. X-ray technologies have been highly preferred diagnostic techniques among healthcare professionals as well as hospitals for effective diagnosis and treatment of the disease.
Rapidly Aging Global Population with Augmented Healthcare Needs
- Aging increases the need of health care, as it renders people prone to cardiovascular diseases such as coronary heart disease, respiratory diseases such as TB and pneumonia, dental caries & oral cancer, and orthopedic conditions such as osteoporosis. According to WHO estimates, the global geriatric population is projected reach around 2 billion (22% of global population) by 2050as against 524 million in
- Most developed countries have high a geriatric population. Around 82%of the people who succumb to coronary artery diseases are aged 65 years and above. According to WHO estimates, the geriatric population is anticipated to increase at a rapid pace in developed countries such as the U.S., the U.K., and Japan. Access to various diagnostic and treatment services has improved due to favorable healthcare policies and advancements in healthcare facilities in countries such as the U.S., Japan, the U.K. and other countries in Western Europe, which in turn has increased life expectancy of the population.
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Market Segmentation: X-ray Market
- Based on product type, the global X-ray market has been bifurcated into stationary/fixed and portable. The portable segment has been split into mobile and handheld.
- In terms of technology, the global X-ray market has been classified into analog and digital. The digital segment has been segregated into computed radiography and direct digital radiography.
- Based on application, the global X-ray market has been categorized into cardiovascular, respiratory, dental, mammography, and others
- In terms of end user, the global X-ray market has been divided into hospitals & clinics, diagnostic centers, ambulatory surgical centers, and research centers
- Each of the segments has been analyzed in detail for market trends, recent trends & developments, drivers, restraints, opportunities, and useful insights. The report provides current and future revenue (US$ Mn) for each of these segments for the period from2017 to 2027, considering 2018 as the base year. The compound annual growth rate (% CAGR) has been provided for each segment and market from 2019 to 2027, along with market size estimations.
Regional Overview: X-ray Market
- In terms of region, the global X-ray market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- The current and future market sizes in terms of revenue (US$ Mn) of these regional markets and their major countries have been provided in the report for the period from 2017to 2027, along with their CAGRs for the period from 2019 to 2027
- The study also offers a list of recommendations, highlights, and useful insights of the market, which will help new companies willing to enter the market and existing companies to increase market share, and help in the decision-making process
