Impact Analysis of Covid-19
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.
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.
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.