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The global medical x-ray market size was valued at USD 13.54 billion in 2022 and is projected to grow from USD 14.24 billion in 2023 to USD 21.10 billion by 2030, exhibiting a CAGR of 5.8% during the forecast period.
In medical x-ray, the image is formed with a screen-film system, CR cassette, and digital detectors. Analog x-ray systems were widely used in the past as these systems were more cost-effective than others. Nowadays, the existing installed analog x-ray systems at hospital facilities are upgraded to the digital x-ray systems via retrofit solutions. The demand of digital x-ray systems is due to the latest advancements in x-ray systems. These include the quick transfer of images, low radiation frequency than analog systems, safety, and high image quality than analog systems.
There are various applications where x-ray systems are used such as oncology, dental, cardiovascular, musculoskeletal, and others. The development of advanced systems by smart technologies, such as Artificial Intelligence (AI) and machine learning, by leading medical device manufacturers has also emerged as a vital growth factor in the market.
The global medical x-ray market growth was negatively impacted during the COVID-19 pandemic. Factors responsible for the decline in the market include delay in the diagnosis and treatment of various chronic diseases such as cardiovascular diseases, oncology, and others, which impacted the diagnosis rate during the forecast period.
Additionally, restrictions imposed by the governments of different countries led to a disruption in the supply of these x-ray systems during the COVID-19 pandemic. Thus, the number of radiology practices across the globe decreased in 2020. For instance, according to a study published by Springer, there was about 5.1% decline in the total interventional radiology procedures performed during the COVID-19 pandemic in the U.S. Also, according to NCBI, in the U.S., there was a 53.4% decrease in x-ray procedures during March to April 2020. Since the World Health Organization (WHO) announcement regarding the extreme nature of the global pandemic, various countries ordered lockdown measures to curtail the spread of the infection. Also, healthcare systems implemented restrictions limiting the number of patients they serve to decrease exposure risk. These restrictions, coupled with stay-at-home orders, resulted in a sharp decline in the demand for imaging services.
The market players witnessed a significant decline in the revenue generated during 2020. For instance, Koninklijke Philips N.V. registered a decline of -3.7% in revenues generated from its diagnostic imaging segment in 2020. In 2021, the company registered a growth of 5.6% in the revenue generated from its diagnostic imaging segment.
However, in 2021, the market observed a post-pandemic shift due to factors such as increased number of elective procedures. Additionally, the increasing penetration of x-ray systems during the period is a key factor responsible for the post-pandemic growth of the market.
Increasing Penetration of Digital X-ray Systems to Drive Market Growth
The healthcare sector has witnessed a gradual shift of preference to digital x-ray systems from analog x-ray systems. The shift of preference is attributed to high potential advantages of the digital systems such as better image quality, lower radiation dose, and better results in less downtime. Thus, hospitals and other healthcare systems are now focusing on the installation of digital x-ray systems rather than analog or CR systems owing to its benefits over others. Moreover, the federal reimbursement changes have supported the shift of analog x-ray systems toward digital x-ray systems across the globe.
Additionally, changing reimbursement policies for x-ray systems is a major factor responsible for the shift of analog x-ray systems to digital x-ray systems. For instance, the Medicare system had started reducing payments for the exams performed on analog x-ray systems for the adoption of digital radiography (DR) in the U.S. Also, the payment reduction was done for the Computed Radiography (CR) equipment examinations in the country.
Thus, the above-mentioned advantages have enabled a rapid shift and the growing preference for digital x-ray equipment. This is expected to boost the market growth during the forecast period.
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Increasing Awareness of Early Diagnosis is Leading to a Rise in the Number of X-ray Examinations
The growing burden of chronic diseases is one of the major factors responsible for the increasing diagnostic imaging tests performed globally. For instance, according to the World Health Organization (WHO), about 65.0 million people globally suffer from Chronic Obstructive Pulmonary Disease (COPD). Additionally, according to the CDC, in 2021, about 18.2 million adults aged 20 and older are suffering from coronary artery disease in the U.S. For the diagnosis of heart diseases, many physicians primarily require chest x-rays of the patients. Thus, the increasing prevalence of these conditions is leading to the demand for cost-effective and efficient diagnostic tools such as x-ray systems.
Additionally, the growing prevalence of age-related disorders such as osteoporosis due to rising number of geriatric population is supporting the demand for diagnostic imaging tests such as x-rays.
This combined with the rising incidences of neurological conditions as well as musculoskeletal conditions is responsible for the increasing number of medical x-ray procedures globally. According to an article published by NHS England, in March 2022, about 1.82 million medical X-ray tests were performed in the U.K. from April 2021 to March 2022. Technological advancements in x-ray systems and its increasing applications in detecting coronary syndrome, abnormal blood flow to the heart muscles, blockages in arteries, and other crucial cardiac conditions are expected to drive the x-ray systems market.
Technological advancements in medical x-ray systems is one of the important factors driving the market growth. Technological developments in the market disrupted the demand for analog x-ray systems and helped to digitize and mobilize the x-ray systems globally.
Digitalization in x-ray systems, mobile x-ray systems, and smaller sizes of the devices are some of the factors leading to the innovation in x-ray systems. These developments have enabled precise and even more accurate x-ray imaging coupled with increasing range of applications and greater patient comforts.
Moreover, incorporation of artificial intelligence and machine learning in x-ray systems has further improvised the capabilities of the x-ray systems. AI-enabled x-ray systems allow users to automate and standardize complex diagnostic procedures, improve patient experience outcomes, and reduce costs. The companies are focusing on the development of AI platforms for end-users to manage medical imaging data, which help clinicians in making quick diagnosis decisions.
Additionally, 5D ultrasounds and digital x-rays with wireless DR detectors are the advancements which facilitate improved image quality and diagnosis. This along with the development of software integrated imaging modalities and other technological advancements in the x-ray technology is supporting new product launches by key players.
Thus, technological advancements in medical x-ray systems and new product launches by the key players are supporting the adoption of these devices in the market.
Increasing Concerns of Radiation Exposure Poised to Hamper Market Growth
Despite various advantages of x-ray diagnostic imaging, x-ray radiations have some harmful risks. The radiation produced by the x-ray may damages the cells of the body. The small-timed exposure to x-rays such as chest x-ray may cause minuscule risks. However, the prolonged period of x-ray exposure may cause the cells to become cancerous.
This is anticipated to hamper the x-ray market during the forecast period.
Dynamic Segment to Grow with Highest CAGR during the Forecast Period Owing to High Demand
Owing to technological advancements in the x-ray system, market players are investing significantly in dynamic or portable medical x-ray systems. One significant benefit of using dynamic systems is their ability to avoid extra movements and transport of patients. Another attractive feature of a dynamic medical x-ray system is its ability to give results in less time as compared to others.
The static segment is expected to grow with a considerable growth rate during the forecast period. Increasing demand for medical x-ray systems by hospitals for imaging and diagnosis procedures along with increased partnerships of the key players is driving the segment growth. Additionally, increasing adoption of static x-rays in busy imaging centers, orthopedic offices, urgent care facilities, and ED workflow due to rising emergency conditions is supporting the growth of this segment.
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Better Image Quality and Lower Radiation Dose by Digital X-ray Systems to Lead to Market Dominance
On the basis of technology, the market is segmented into digital and CR/analog.
The digital segment dominated the market in 2022 due to the growing awareness about digital x-ray imaging benefits among healthcare professionals, which is the major factor for its rising preference and dominance. Additionally, increasing product launches of digital x-ray systems is supporting the segment dominance during the forecast period. For instance, in July 2022, Siemens Healthcare GmbH launched Mobilett Impact, its newest mobile X-ray system, at the European Congress of Radiology (ECR) 2022.
The CR/analog segment share is expected to decline throughout the forecast period due to the increasing adoption of digital x-ray systems. Additionally, the adoption of Computed Radiography (CR) due to its benefits over analog x-ray system, such as improved image quality at reduced radiation dose and faster procedure time by 60%, is driving the segment growth.
Growing Prevalence of Various Disorders to Boost Others Segmental Growth
On the basis of application, the market is segmented into dental, veterinary, cardiovascular, oncology, and others.
The others segment dominated the market with a significant share owing to the growing prevalence of asthma, spinal, and orthopedic injuries, which is increasing the demand for chest x-rays and orthopedic x-rays. Thus, major companies are launching new products in the market to foster the market growth.
The growth of the dental segment is due to the growing prevalence of dental disorders among the geriatric and adult population, rising awareness regarding these disorders, and increased spending capacity for diagnosis purposes. For instance, according to a research article published in May 2021, the prevalence of periodontal disease was reported to range from 20.0% to 50.0% worldwide.
Increasing Adoption of X-ray Equipment in Diagnostic Centers to Support the Market Growth
The diagnostic centers segment held a major market share in 2022. Increasing reliability of these centers for accurate results, wide availability of advanced x-ray equipment, and skilled professionals are the factors primarily responsible for the segment's dominance during the forecast period.
Improving facilities coupled with the presence of technologically advanced and novel X-ray machines in hospitals & clinics contribute to the rapid growth of the segment. Additionally, the increasing demand for the x-ray systems in hospitals and clinics due to its extensive use in diagnostic applications is supporting the market growth.
Asia Pacific Medical X-ray Market Size, 2022 (USD Billion)
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The Asia Pacific market stood at USD 4.97 billion in 2022. The growth is attributed to increasing government initiatives to develop digitally advanced and portable medical x-ray systems. Additionally, there are increased mergers and acquisitions of the leading players to provide AI-powered x-ray systems to cater to the increasing demand for the early diagnosis of diseases.
This combined with rising healthcare expenditure and higher emphasis on development of healthcare and hospital infrastructure in emerging countries, such as China, and India, is projected to lead to Asia Pacific gain a significant medical x-ray market share during the forecast period.
The North America market is projected to grow with a significant CAGR due to rising emergency patient visits across U.S. healthcare centers requiring diagnostic x-rays and favorable reimbursement environment by government healthcare programs in the U.S. for digital x-ray systems. According to an article published by GE Healthcare in 2022, around 35.0% of emergency department patient visits require diagnostic x-ray imaging in the U.S.
In Europe, the market is set to be primarily driven by the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and others. Therefore, the adoption of x-rays is beneficial for the accurate diagnosis and treatment of such disorders. This is anticipated to drive the market growth in the region. For instance, according to the Macmillan Cancer Report in 2022, around 3.0 million of the population was suffering from cancer in the U.K., which will rise to 3.5 million by 2025.
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The market in Latin America is growing due to increasing awareness regarding the treatment & diagnosis options of various diseases and increasing penetration of digital x-ray systems. The Middle East and Africa market will continue to expand with a considerable market share during the forecast period attributable to the lifestyle changes of the people leading to the increasing prevalence of chronic diseases and developing healthcare infrastructure and new hospital developments as hospitals are expanding their radiology departments to offer better diagnostic services to patients.
The market is consolidated with a few key players holding a major share of the market. Industry leader holds a dominating place with a strong portfolio of digital x-ray systems. Additionally, increasing product approvals by the regulatory authorities support the company's growth.
The other market players such as GE Healthcare, Koninklijke Philips N.V., and CANON MEDICAL SYSTEMS CORPORATION mark a strong global presence. Increasing product approvals for x-ray systems and strategic decisions taken by these players are supporting the growth of these companies.
An Infographic Representation of Medical X-ray Market
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The research report provides a detailed market analysis. It focuses on key aspects such as leading companies, technology type, applications, and distribution channels. Besides this, it offers insights into the market trends, impact of COVID-19, and the prevalence of chronic diseases, among other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.
CAGR of 5.8% from 2023-2030
Value (USD Billion)
By Product Type, Technology Type, Application, End-user, and Region
By Product Type
Fortune Business Insights says that the global market stood at USD 13.54 billion in 2022 and is projected to reach USD 21.10 billion by 2030.
In 2022, the market value stood at USD 13.54 billion.
The market will exhibit steady growth at a CAGR of 5.8% during the forecast period (2023-2030).
By technology, the digital segment will lead the market.
The increasing prevalence of chronic diseases to support the demand for x-ray systems, rapidly developing healthcare infrastructure in developing countries to boost the demand for new systems, and growing adoption of digital x-ray systems owing to increasing reimbursement especially in developed countries are the key drivers of the market.
Siemens Healthcare GmbH, GE HealthCare, Carestream Health, and Koninklijke Philips N.V., are the major players in the market.
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