X-ray Market – Prevention is better than cure
X-ray is a type of electromagnetic ionizing radiation with wide application in medical imaging tools, as they are used to view, monitor, and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infection. X-ray technology used for diagnosis include X-ray radiography, mammography, computed tomography (CT), and fluoroscopy. X-ray radiography detects bone fractures, injuries, foreign objects, and dental problems. Mammography is used to create detailed images of the breast. Computed tomography (CT) produces detailed images of the body. It also produces high quality images and provides medical images of bones, internal organs, soft tissue and blood vessels with greater details as compared to conventional technologies. Whereas, fluoroscopy produces live X-ray images on a monitor. However, stringent U.S. FDA regulations and high manufacturing cost of X-ray system is expected to hinder the growth of the X-Rays market.
Increase in prevalence of cancer and orthopedic disorders is expected to drive market growth
X-ray equipment is widely used in detection of breast cancer, dental issues, chest imaging, and orthopedic disorder. According to American Cancer Society, as of 2017, around 252,710 new cases of invasive breast cancer are estimated to be diagnosed among women in the U.S. In 2012, Musculoskeletal conditions such as back pain and arthritis affected over 1.7 billion people in 2012, globally, according to a study on the global burden of the disease and its impact. Growing patient pool and increasing demand for diagnosing diseases, in turn, are expected to boost growth of the X-ray market. Furthermore, the aging population are highly susceptible to chronic diseases, orthopedic disorders, and dental issues, considering their weak immune system. According to the World Population Prospects report (2015) by the United Nations (UN), the global population aged 60 years and above is projected to increase by 56% from 901 million in 2015 to 1.4 billion by 2050. Thus, considering the high prevalence of breast cancer and orthopedic disorders, demand for X- ray systems is expected to increase, in turn, expected to fuel growth of the X-ray market over the forecast period.
The global X-ray market is estimated to be valued at US$ 7,869.4 million in 2017 and is expected to witness a robust CAGR of 7.8% over the forecast period (2017 – 2025).
Advancements in technology and new launches of X-ray devices are expected to boost growth of the X-ray market globally
X-ray is an ancient medical imaging device, which with continuous innovation, is widely being used for diagnosis and treatment purposes. Market players are developing innovative technology that provide enhanced safety, improved image quality, and reduced dose technique for diagnosing various diseases. This in turn, is expected to create high demand for X-ray systems. For instance, in 2015, Carestream Health launched DRX-Evolution Plus. The new device offers great flexibility in high-ceiling rooms via an extended tube column as well as enhanced workflow and improved visualization. In January 2017, GE Healthcare launched new Senographe Pristina mammography system in the U.S. The device is designed to make breast screening more comfortable. In April 2017, Toshiba Medical launched new Aquilion Lightning Computed tomography (CT), which provides high quality images and potentially helps with faster diagnosis. In October 2017, Siemens Healthineers launched new Cios Spin, a mobile C-arm in the U.S. Cios Spin mobile arm provides potential benefits as a design aid intra-operative 3D imaging during demanding procedure. Moreover, with high generative power can scan the solid part of the body such as the hip and can also scan more dense tissues in obese patients. Thus, advanced technology integrated with X-ray systems is expected to boost growth of the X-ray market over the forecast period.
Some of the major players operating in the X-ray market are Siemens AG, Toshiba Medical Systems, Hitachi Medical Corporation, Shimadzu Corporation, Carestream Healthcare, Philips Healthcare, Canon Inc., GE Healthcare, Bracco Imaging S.p.A, and Hologic, Inc