Medical X-ray Market Size, Share and Segmentation, By Modality (Radiography, Fluoroscopy, Mammography), By Technology (Digital radiography, Computed radiography), By Mobility (Stationary, Mobile), By End-use (Hospitals, Diagnostic imaging centres), By Regions and Global Forecast 2023-2030

Medical X-ray Market Report Scope & Overview:

The Medical X-ray Market was estimated at USD 13.7 billion in 2022 and is poised to reach 21.8 billion in 2030 anticipated to expand at a compound annual growth rate approx. CAGR of 6.0% for the forecast period of 2023-2030.

The market is being driven primarily by the rise in demand for early diagnosis of chronic illnesses. Additional factors that are anticipated to support market expansion include ongoing technical developments, an increase in product creation, better finance, and government initiatives, particularly in developing nations like China and India. For instance, the Indian government introduced X-Ray Setu in June 2021 as a free Artificial Intelligence (AI) platform to help physicians with early COVID treatments. Digital radiology technologies have played a significant role in the dramatic evolution of medical imaging over the past several years. The foundation of the healthcare sector is diagnostic accuracy, and digital X-ray imaging significantly contributes to enhancing diagnostic accuracy. Additionally, the development of the industry has been aided by the inclusion of AI in these systems. For instance, in August 2021, GE Healthcare announced a collaboration with Amazon Web Services (AWS) to provide hospitals and healthcare organisations with AI and cloud-based imaging solutions. Major market participants are also working to create cutting-edge modalities like multimodal and hybrid imaging systems. For instance, Siemens Healthiness will introduce Luminoso Impulse in October 2021. This 2-in-1 remote-controlled imaging system combines radiography and fluoroscopy for increased clinical productivity. Market expansion is anticipated to be fuelled by rising awareness and uptake of preventive healthcare and illness screening programmes. It is anticipated that an improvement in picture output quality would increase the accuracy of early illness diagnosis. This can aid in the quicker detection and treatment of a number of ailments that are life-threatening, including cancer and a number of cardiovascular diseases. So, it is anticipated that increasing x-ray system use for illness diagnosis will support market expansion.

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MARKET DYNAMICS

 DRIVERS

• Technological Developments and growing Incidence of Chronic Diseases.

• Growing Ageing Population and Governmental Initiatives and Funding.

The medical X-ray market is expanding as a result of ongoing developments in X-ray technology, including digital imaging and portable X-ray equipment. These developments provide better picture quality, quicker outcomes, and more patient comfort. The growing prevalence of chronic diseases, including cancer, respiratory disorders, and cardiovascular diseases, has boosted the need for diagnostic imaging treatments, including X-rays, and as a result, has led to market expansion. As the world's population ages, more medical imaging operations are needed since older people are more likely to develop different illnesses and need regular diagnostic tests. Governments all around the world are putting up plans to upgrade the healthcare system and widen access to cutting-edge medical equipment like X-ray machines.

RESTRAIN

• High Initial Cost of X-ray Systems.

• Regulatory Requirements That are strict.

The purchase of X-ray systems may be rather expensive, particularly for sophisticated and high-resolution equipment. Adoption may be hampered by this, especially in underdeveloped areas with constrained healthcare expenditures. Despite the fact that X-rays are typically regarded as harmless, prolonged radiation exposure has the potential to cause health problems. The use of X-rays could be restricted in particular circumstances due to worries about radiation exposure and its cumulative effects.

In order to guarantee both patient safety and gadget effectiveness, the medical X-ray industry is subject to stringent laws and standards. For market participants, complying with these requirements may be difficult and expensive.

OPPORTUNITY

• Emerging Markets and Artificial Intelligence (AI) and Machine Learning (ML) Integration.

Because of their developing healthcare infrastructure, rising healthcare spending, and expanding patient populations, developing areas like Asia-Pacific and Latin America offer the medical X-ray market considerable potential. The need for point-of-care X-ray systems is growing. The necessity for quick diagnostic capabilities in emergency circumstances, distant locations, and home healthcare settings is driving an increase in demand for portable and point-of-care X-ray devices. The combination of AI and ML technologies with X-ray equipment enables quicker and more precise picture interpretation, supporting medical personnel in making diagnoses and formulating treatment plans. Market expansion prospects are provided by this combination.

CHALLENGES

• Alternative imagine modalities and Access to healthcare facilities and diagnostic services.

• Ethical and legal issues.

Alternative imaging modalities are in direct competition with X-rays in a number of applications. Examples include MRIs, CT scans, and ultrasounds. These alternative imaging technologies are a rival to medical X-rays in the market, which might restrain their expansion in some sectors. Access to healthcare facilities and diagnostic imaging services may be restricted in distant or underdeveloped areas, which can impede the uptake of X-ray equipment and have an adverse effect on market expansion.Radiation safety, patient privacy, and informed consent are among the ethical and legal issues raised by the use of X-ray imaging. For market participants, addressing these issues and maintaining compliance with the rules may be difficult.

IMPACT OF RUSSIAN UKRAINE WAR

Economic instability can result from armed conflict in the conflicted areas as well as in neighbouring nations. Because of this volatility, expenditures on healthcare infrastructure, such as the purchase of medical X-ray equipment, might be reduced, which could have an effect on total healthcare spending and budgets. The war may put a burden on the region's healthcare system and cause less attention to be paid to non-emergency medical treatment. Investments in cutting-edge medical technology, such as medical X-ray equipment, may be constrained due to the allocation of resources, including human and financial resources, to urgent healthcare requirements.

Due to the higher prevalence of injuries and trauma, there may be a greater need for diagnostic imaging services, such as X-rays, in conflict zones. Medical X-ray systems may experience a brief spike in demand as a result, especially in hospitals and other institutions that handle.

IMPACT OF ONGOING RECESSION

Healthcare institutions may postpone capital expenditures, such as the purchase of new medical equipment like X-ray systems, during a recession. They can put vital services first and concentrate on effectively using the resources already available. As healthcare providers put off making big expenditures, this might cause the market to halt. Impact on Insurance and Reimbursement procedures and insurance coverage may be impacted by economic downturns. Governments and insurance companies may implement cost-cutting initiatives like lowered reimbursement rates or more stringent coverage requirements. This may have an impact on the capacity of healthcare organisations to invest in medical X-ray technology and their financial sustainability. Change in Purchase Patterns During economic downturns, there could be a change in how frequently medical X-ray equipment is purchased. To reduce expenses, healthcare practitioners could choose to acquire refurbished or used equipment instead of new systems.

KEY MARKET SEGMENTATION

By Modality

• Radiography

• Fluoroscopy

• Mammography

By Technology

• Digital radiography

• Computed radiography

By Mobility

• Stationary

• Mobile

By End-use

• Hospitals

• Diagnostic imaging centres

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REGIONAL COVERAGE:

North America

• USA

• Canada

• Mexico

Europe

• Germany

• UK

• France

• Italy

• Spain

• The Netherlands

• Rest of Europe

Asia-Pacific

• Japan

• South Korea

• China

• India

• Australia

• Rest of Asia-Pacific

The Middle East & Africa

• Israel

• UAE

• South Africa

• Rest of the Middle East & Africa

Latin America

• Brazil

• Argentina

• Rest of Latin American

Key Players

The Major Players are Koninklijke Philips N.V., Siemens Healthineers AG, GE Healthcare, Canon Medical Systems, Shimadzu Corporation, FUJIFILM SonoSite, Inc., Carestream, Mindray Medical International Limited, Hologic, Inc, New Medical Imaging, AGFA and others.

Siemens Healthineers AG-Company Financial Analysis

RECENT DEVELOPMENTS

North America

In 2021, North America led the market and contributed 30% of total sales. Strong buying power, an equitable reimbursement system, the growing acceptance of contemporary technologies, and enhanced healthcare infrastructure are some of the factors influencing the industry. For instance, Shimadzu Medical Systems USA announced in August 2021 that Benefits Orthopaedic will house the first installation of their RADspeed Pro style version with GLIDE Technology, DR system in North America.

Asia Pacific

The market for x-ray systems is anticipated to grow at the quickest CAGR in Asia Pacific during the projected period as a result of the region's booming need for improved imaging tools and encouraging government measures to upgrade its healthcare infrastructure. Growth is anticipated to be fueled by the rapidly expanding economies and better healthcare systems in Southeast Asian nations like China, Japan, and India. For instance, according to Sam Radwan of ENHANCE International, China's projected healthcare spending in 2050 may be higher than the whole GDP of Germany in 2020. In addition, it is anticipated that the ageing population and rising frequency of chronic diseases will boost market expansion in the Asia-Pacific region.    

RECENT DEVELOPMENTS

CANON Medical System:

Canon Medical Systems Corporation bought NRT X-RAY A/S in March 2022 to improve and develop its X-ray operations across Europe.

Siemens Healthcare:

In order to increase the quality of healthcare through pricey pharmaceutical and digital health solutions, Siemens Healthcare Gmbh partnered with Penta Hospital International to give its services to a private project for a next-generation hospital building in Bratislava. Computed tomography, advanced treatments, MRI, X-ray, molecular imaging, and nuclear medicine equipment are among the services offered.