Medical X-ray Market Size, Share & Covid-19 Impact Analysis, By Product Type (Static and Dynamic), By Technology Type (Analog and Digital), By Application (Dental, Veterinary, Cardiovascular Oncology, and Others), By End-User (Hospitals & Clinics, Diagnostic Centers, and Others), and Regional Forecast, 2021-2028

The global medical x-ray market size was USD 12.14 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with medical x-ray equipment witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market will exhibit a lower growth of 2.8% in 2021 than the average year-on-year growth during 2017-2020. The market is projected to grow from USD 12.48 billion in 2021 to USD 16.86 billion in 2028 at a CAGR of 4.4% during the 2021-2028 period. The rise in the CAGR is attributable to this market’s demand and growth returning to pre-pandemic levels once the pandemic is over.

The growing prevalence of chronic disorders, increasing awareness among the developing countries, and the rising geriatric population are some of the growth-driving factors. Moreover, the rising technological advancement such as computed radiography systems is propelling the market growth. For instance, in August 2020, Canon Medical Systems launched Soltus 500 Mobile Digital x-ray, equipped with enhancements to streamline bedside exams to improve workflow and productivity. This is anticipated to drive the global market growth during the forecast period.

The invention of x-rays and computed tomography represent major advances in medicine. X-ray imaging is recognized as a valuable medical tool for a wide variety of examinations and procedures. Moreover, they non-invasively and painlessly help in the diagnosis of various chronic disorders.

Fewer Hospital Visits During COVID-19 Pandemic to Affect Market Growth

The COVID-19 pandemic has negatively impacted radiology practices worldwide. Since the World Health Organization (WHO) announcement regarding the extreme nature of the global pandemic, various countries have 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 demand for imaging services.

Various key players and diagnostic centers witnessed a decline in the revenue owing to the restrictions due to the pandemic. For instance, according to an article published by ScienceDirect, total medical imaging volume in 2020 declined by 12.2% compared to 2019 volumes. X-ray modality witnessed a decline of 22% across a diagnostic center in the U.S.

LATEST TRENDS

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Rapid Adoption of Digital X-ray Systems to Spur Market Growth

The healthcare sector is witnessing a gradual shift of preference from analog x-ray systems to digital x-ray systems to receive better results in less downtime. Many diagnostic centers and clinics prefer digital systems over analog ones to better care of the x-ray images and faster response. Moreover, digital radiography reduces radiation exposure by 75% or more. Hence, the patient notices a high level of care while being diagnosed using digital medical x-ray equipment. Also, they eliminate the need for automatic film processors, taking with it the odor, waiting period, and space.

All the above-mentioned advantages have enabled a rapid shift and the growing preference for digital x-ray equipment. This is expected to bode well for the global medical x-ray market growth during the forecast period.

DRIVING FACTORS

Increasing Prevalence of Chronic Diseases to Propel Market Growth

The growing burden of chronic diseases has become a matter of concern for everyone around the globe. For instance, according to the World Health Organisation (WHO), about 65 million people suffer from the chronic obstructive pulmonary disease (COPD) globally. However, an early diagnosis using various imaging modalities can prevent the severity of that particular disease. x-ray is the most common, widely available, and cost-effective diagnostic imaging technique is preferred among the population. Hence, the surge in the prevalence of chronic diseases has enabled the market players to invest in medical x-ray equipment research and development.

For instance, in January 2020, Trivitron Healthcare launched the advanced, digital x-ray for breast imaging at Arab Health, 2020. This is projected to drive the growth of this market during the forecast period.

RESTRAINING FACTORS

Harmful Effects of X-ray Radiations to Impede Market Growth

Despite various advantages of x-ray diagnostic imaging, x-ray radiations have some harmful risks to consider. The radiations produced by the x-ray may cause damage to 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. For instance, according to an article published by the National Center of Biotechnology Information (NCBI), diagnostic x-rays cumulative risk of cancer for people aged 75 years is estimated at 0.6% in the U.K., equivalent to approximately 700 cases. This is anticipated to hamper this market during the forecast period.

SEGMENTATION

By Product Type Analysis

Dynamic Segment to Grow with Highest CAGR Owing to High Demand

The global medical x-ray market is categorized into static and dynamic based on the product type.

Owing to the technological advancements in radiography, market players invest significantly in dynamic or portable medical x-ray systems. One significant benefit of using portable systems is their ability to avoid extra movements and transports of patients. Another attractive feature of a dynamic medical x-ray system is its ability to give results in less than 20 minutes.

The static segment is expected to showcase considerable growth during the forecast period. The availability of many static x-ray systems in the market is one of the primary reasons for this segment's dominance during the forecast period.

By Technology Type Analysis

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Better Image Quality by Digital x-rays to Lead to Market Dominance

The global market is categorized into analog and digital-based on technology type.

Among them, the digital segment held the lion’s share in the year 2020. The growing awareness about digital x-ray imaging benefits among healthcare professionals is the major factor for its rising preference and dominance. This has led the market players to increase emphasis on the R&D of digital x-ray systems. For instance, in September 2020, Carestream Health launched DRX-Compass x-ray System for medical imaging centers and mid-tier hospitals globally. The system offers a scalable and flexible approach to digital imaging.

Analog x-ray systems are still available in many dental clinics of the developing regions due to their low cost. However, due to the numerous benefits and advancements of digital x-ray systems, they emphasize interchanging analog systems with digital ones.

By Application Analysis

Growing Prevalence of Dental Disorders to Boost Segmental Growth

In terms of application, the dental segment held a majority of the Medical X-ray market share in 2020. This is mainly 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 2020, the prevalence of periodontal disease was reported to range from 20% to 50% worldwide.

The rising prevalence of cancer worldwide is responsible for the remarkable growth rate of the oncology segment during the forecast period.

By End-User Analysis

Diagnostic Centers to Lead Global Market

In terms of end-users, the global market is categorized into hospitals & clinics, diagnostic centers, and others.

The diagnostic centers segment held a major market share in 2020. The increasing reliability of these centers for accurate results, wide availability of advanced equipment, and skilled professionals are the factors primarily responsible for the segment's dominance during the forecast period.

The 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.

REGIONAL INSIGHTS

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North America market stood at USD 4.52 billion in 2020. The rising geriatric population and the increasing prevalence of chronic diseases is the primary factor for the region's dominance during the forecast period. For instance, according to a research article, the population aged 65 and over has increased from 37.2 million in 2006 to 49.2 million in 2016 (33% increase) and is projected to almost double to 98 million in 2060. Moreover, numerous market players investing in technologically advanced medical x-ray systems are boosting the market growth in the region.

Europe is projected to be the second-largest region in terms of market share. This is attributable to the factors such as the growing occurrences of chronic disorders such as cancer, respiratory disorders, cardiovascular disorders, etc. Therefore, the adoption of x-rays is beneficial for the accurate diagnosis and treatment of such disorders. This is anticipated to drive market growth in the region.

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The market in Asia Pacific is likely to experience the highest growth rate. This is primarily due to the increasing government initiatives to develop digitally advanced and portable medical x-ray systems. For instance, in August 2018, Kiran Medical Systems, the Radiology Division of Trivitron Healthcare, introduced an advanced digital x-ray system at Traumacon 2018, Mumbai. This is projected to propel market growth in the region.

The increasing awareness and rising penetration by market players in Latin America are the factors expected to boost the market growth in the region. The growing prevalence of chronic disorders with more focus of the market players on developing the products and diagnosis are the factors contributing to the market growth in the region.

KEY INDUSTRY PLAYERS

Strong Product Portfolios by Key Market Players to Boost the Global Market

The increasing demand for medical x-ray systems has propelled the key players to invest in expanding their product offerings. The strong emphasis of the players on the strategic collaborations and acquisitions to diversify their product portfolio is another reason for their growing dominance in the global market. For instance, in November 2020, GE Healthcare acquired the Swedish Startup Prismatic Sensors AB to bolster its medical imaging business.

Other key players such as Philips Healthcare, Shimadzu Corporation, and Carestream Health are constantly engaged in developing novel products and maintaining their market position.

LIST OF KEY MARKET PLAYERS PROFILED:

• Siemens Healthcare Private Limited (Erlangen, Germany)


• GENERAL ELECTRIC COMPANY (Illinois, United States)


• Carestream Health (New York, United States)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Shimadzu Corporation (Kyoto, Japan)


• CANON MEDICAL SYSTEMS CORPORATION (Tokyo, Japan)


• FUJIFILM Corporation (Stamford, Connecticut, United States)


• Varian Medical Systems, Inc.  (California, United States)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• May 2021 – CANNON MEDICAL SYSTEMS USA, INC. announced the launch of SOLTUS 500 mobile digital x-ray, this system enhances and streamlines bedside exams to improve workflow and productivity of the healthcare professionals. The device recently received 510(k) clearance from U.S. FDA


• August 2020 – Carestream Health announced a new X-Ray device, DRX-Compass X-ray system. This device was launched for medical imaging centers and hospitals globally. This new X-ray system provides auto-centering and vertical auto-tracking. It also has an optional tilting wall stand to preform wide range of exams.


• December 2020 - Aroma AB launched the new x-ray system Omnera 500A in the U.S. The system includes new intelligent features to help improve the workflow and efficiency of the healthcare setting.


• September 2019 – GE Healthcare announced that they received FDA’s 510(k) clearance for their critical care suit, an artificial intelligence algorithm embedded in a mobile x-ray device. The device was built with the collaboration of UC San Francisco and GE Healthcare’s Edison platform reducing the turnaround time taken by radiologists.

REPORT COVERAGE

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The global Medical X-ray market research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, product type, technology type, application, and end user. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the developed market's growth over recent years.

Report Scope & Segmentation