The X-ray Systems Market size is forecast to reach $10.8 billion by 2026, growing at a CAGR of 3.4% during the forecast period 2021-2026. X- Rays are a kind of electromagnetic radiation that pierces structures within the body to generate images on a photographic film and these pictures are called X-Ray diagnostics. They are helpful for identifying defects with the body and to assist diagnose issues such as crushed bones, tumors, and the existence of foreign objects among others. Technological advancements and increase in incidences of cancer and orthopaedic diseases along with the availability of a large number of players are the major factor driving the growth of the market. Increasing dose reduction technologies and favourable regulations with increasing government initiative and investments are set to further enhance the overall market demand for the X-ray Systems Market for the period 2021-2026.
X-ray Systems Market Segment Analysis – By Technology
Digital Radiography held the largest share in the X-ray Systems Market in 2020 and is estimated to grow at a CAGR of 3.0% during the forecast period 2021-2026. Digital radiography produces a digital radiographic image instantly on a computer. The x-ray radiation is converted into an equivalent electric charge and then to a digital image through a detector sensor. Flat-panel detectors provide high-quality digital images and improved dynamic range that in turn provide high sensitivity for radiographic applications. Line scan detectors consist of a single row of x-ray detection pixels rather than a matric and are suited to the inspection of objects moving on a conveyor belt. Computed radiography offers enormous advantages for inspection such as it eliminates the use of consumables and the time to produce an image is drastically shortened and the imaging plates are reusable. Computed Radiography is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
X-ray Systems Market Segment Analysis – By Application
Cancer held the largest share in the X-ray Systems Market in 2020 and is estimated to grow at a CAGR of 3.7% during the forecast period 2021-2026. This is attributed to improvements such as photographic films, and more accurate focusing systems. X-ray is a non-invasive procedure that is used for diagnosing disease, monitoring therapy, and planning surgical treatment. Chest radiographs and mammographs are used for early cancer detection and to check whether cancer has spread to the lungs or other areas in the chest. Computed tomography combines multiple x-ray images into a 3-D model owing to the advances in technology. X-ray systems are used in orthopaedics to diagnose fractured bones or joint dislocation and for the stabilization of bony fragments. Orthopedic is set to be the highest growing segment and is estimated to register the highest CAGR over the period 2021-2026.
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X-ray Systems Market Segment Analysis – By Geography
North America dominated the X-ray Systems Market with a major share of 36.6% in 2020. This is attributed to the increasing adoption of healthcare systems towards sophisticated technology and the growing burden of chronic diseases. Increasing demand for accurate diagnosis and plan of efficient and on-time treatment by the healthcare providers is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the increasing disposable income allowing for greater affordability to advanced technologies and rising prevalence of target diseases.
X-ray Systems Market Drivers
Technological Advancements in Medical X-Ray Devices
Technological advancements in medical x-ray devices are increasing the growth of the X-ray System Market. Technological advancements in medical x-ray systems have enabled it to provide high-quality, high-resolution images without a corresponding increase in radiation dose. Numerous advantages of x-ray include better medical evaluation, effective dynamic range, reduced radiation exposure, and better contrast detectability including accurate and superior image capture, and flexibility in image management with lower operational costs. Thus, increasing the growth of the X-ray Systems Market during the forecast period 2021-2026.
Advantages of Digital X-ray Systems
The advantages of digital x-ray systems are increasing the growth of the X-ray Systems Market. Digital X-ray systems have enormous advantages over other x rays such as high quality of images, reduced image acquisition times, decreased exposure towards the radiation, and easy image interpretation among others. Conventional X-ray systems used to require 15 minutes per examination, while digital X-ray systems need two minutes per screening which saves time and allows a greater number of patients to be screened in the available time. Thus, increasing the growth of the X-ray Systems Market during the forecast period 2021-2026.
X-ray Systems Market Challenges
High Cost of X-Ray Systems
Some of the factors that are set to impede the growth of the X-ray Systems Market are the high cost of x-ray systems and raising issues about the sick effects of long-term exposure to X-ray radiations.
X-ray Systems Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the X-ray Systems Market. In 2020, the X-ray System Market share is consolidated by the top ten players present in the market. X-ray Systems Market, top 10 companies are GE Healthcare, Philips Healthcare, Siemens Healthcare, Hitachi, Toshiba, Canon Medical System Corporation, Biosign, Hologic Inc., and Carestream Health among others.
In Nov 2020, GE Healthcare acquired Prismatic Sensors AB for photon computed tomography.
North America dominated the X-ray Systems Market in 2020 owing to the increasing adoption of healthcare systems and growing burdens of chronic diseases. The X-ray Systems Market scope for different regions will be provided in the final report.
Rising investments in medical technologies and increasing development of AI-based digital X-ray systems are likely to aid the market growth of the X-ray Systems Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the X-ray Systems Market report.
High cost of X-ray stems and raising issues about the sick effects of long-term exposure to X-ray radiations are poised to create hurdles for the X-ray Systems Market.
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