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Press Release: X-ray Market to Surpass US$ 16.0 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
X-rays make up X-radiation, a form of electromagnetic radiation that has wide application in medical imaging tools. They are used to view, monitor, and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infection. Some of the X-ray technologies include X-ray radiography, mammography, computed tomography (CT), and fluoroscopy. X-ray radiography is used to detect bone fractures, injuries, foreign objects, and dental problems. Mammography is used for creating detailed images of the breast, whereas Computed Tomography (CT) produces detailed images of the body. Moreover, CT can provide high quality images of bones, internal organs, soft tissue, and blood vessels with greater details compared to conventional technologies. Live X-ray images on monitors are offered through Fluoroscopy. However, stringent U.S. FDA regulations and high manufacturing cost of X-ray systems is expected to hinder growth of the X-Rays market.
The global X-ray market is estimated to be valued at US$ 9,370.3 million in 2020 and is expected to exhibit a CAGR of 7.8% over the forecast period (2020-2027).
Figure 1. Global X-ray Market Value, By Region, 2020 (US$ Mn)
The increasing prevalence of cancer and orthopedic disorders is expected to boost growth of the X-ray market
X-ray equipment is widely used in detection of breast cancer, dental issues, chest imaging, and orthopedic disorder. The recent advancements in X-ray technology and the rising prevalence of cancer are major factors that are expected to drive growth of the X-ray market. For instance, according to data published by the World Cancer Research Fund International in 2018, lung cancer is the most common type of cancer worldwide which accounts for around 12.3% of the total number of new cases diagnosed in 2018. In 2018, around 2,093,876 people were diagnosed with lung cancer across the globe. According to the National Cancer Institute, the number of new cancer cases per year is expected to increase to 23.6 million by 2030, worldwide. Moreover, according to the National Cancer Institute, in 2016, an estimated 16.8 million new cases of cancer were diagnosed in the U.S., and around 595,690 people died from the disease. The number of people with cancer across the globe is expected to rise to 19 million by 2024.
The rising number of product launches by market players is expected to bolster the X-ray market growth over the forecast period. For instance, in April 2017, Toshiba Medical launched Aquilion Lightning Computed tomography (CT) which provides high quality images and potentially helps with faster diagnosis. In October 2017, Siemens Healthineers launched 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. Moreover, 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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | USD 9,370.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.8% | 2027 Value Projection: | USD 16,038.0 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Siemens AG, Toshiba Medical System, Hitachi Medical Corporation, Shimadzu Corporation, Carestream Healthcare, Philips Healthcare, Canon, Inc., GE Healthcare, Bracco Imaging S.p.A, and Hologic, Inc. |
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Figure 2. Global X-ray Market Value, 2020 & 2027 (US$ Mn)
X-ray Market - Regional Analysis
North America held dominant position in the global X-ray market in 2018 owing to increasing prevalence of cancer such as prostate, lung and breast cancer; and product launches by the market players. For instance, according to the American Cancer Society, apart from skin cancer, prostate cancer is the most common cancer in the U.S. In 2019, it was estimated that around 174,650 new cases of prostate cancer will be diagnosed in the U.S. and around 31,620 people will die due to prostate cancer in the U.S. In January 2017, GE Healthcare launched the Senographe Pristina mammography system in the U.S. The device is designed to make breast screening more comfortable.
Key Players
Major players operating in the global X-ray market are Siemens AG, Toshiba Medical System, Hitachi Medical Corporation, Shimadzu Corporation, Carestream Healthcare, Philips Healthcare, Canon, Inc., GE Healthcare, Bracco Imaging S.p.A, and Hologic, Inc.
An X-ray system is a medical imaging tool which is used to view, monitor, and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infections and thus has wide applications in the healthcare industry. Considering its wide areas of application, the X-ray market is expected to gain significant traction in the near future. X-ray technology which is used for diagnosis include X-ray radiography, mammography, computed tomography (CT), and fluoroscopy. X-ray radiography detects bone fractures, dental problems, certain tumors, and other abnormal masses. Digital films are convenient and form electronic images that can be viewed faster than conventional medical X-ray films, which require processing and occupy ample space in hospitals. The X-ray technology is also used for therapeutic applications. For example, radiation therapy is used in cancer treatment. In radiation therapy, the X-ray and other types of high energy is used to destroy the cancerous tumors by damaging the genetic makeup i.e. DNA. The radiation dose used in such treatments is much higher compared to that used in diagnostic treatment.
Market Dynamics
The factors impacting growth of the X-ray market include the rising number of cancer cases and accidents, bone injuries, and fractures. For instance, according to the World Health Organization’s 2017 data, road accidents account for around 20 and 50 million injuries every year, and are the leading cause of death among people in the age group of 15-29.
Moreover, companies are developing advanced technologies to improve imaging quality and reduce dose intake, which is creating a conducive environment for growth of the X-ray market. For instance, in 2015, Carestream Health launched DRX-Evolution Plus. The new device offers great flexibility in high-ceiling rooms through an extended tube column as well as enhanced workflow and improved visualization. In January 2017, GE Healthcare launched its Senographe Pristina mammography system in the U.S. The device is designed in a way to make breast screening more comfortable.
However, X-rays are not safe, as they cause harmful side effects such as cell mutations which can lead to cancer which can restrain growth of the X-ray market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
Table of Contents
*Browse 35 market data tables and 21 figures on "X-ray Market - Global forecast to 2027”
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