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The global medical x-ray market size is projected to witness strong growth by reaching a valuation of USD 20.12 billion by 2029 with a CAGR of 5.8% during the forecast period. Fortune Business Insights™ in its report titled “Medical X-ray Market Size, Share & COVID-19 Impact Analysis, By Product Type (Static and Dynamic), By Technology Type (Digital and CR/Analog), By Application (Dental, Veterinary, Cardiovascular, Oncology, and Others), By End-user (Hospitals & Clinics and Diagnostic Centers & Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 was valued at USD 12.89 billion and reached USD 13.55 billion in 2022. Various applications of the machine such as cardiovascular, oncology, dental, musculoskeletal, and others are expected to project a positive market pathway. Latest advancements in the medical x-ray machines for quick transfer of images are expected to propel market trajectory. Development of advanced technologies, such as machine learning and artificial intelligence, is propelling the growth for x-ray examinations, which is expected to aid market development.
Technological Innovations by Canon Inc. Led to Market Progress
In March 2021, Canon Inc. launched the CXDI-RF Wireless B1, which is a wireless digital radiography device. The device is used for imaging using various techniques and the imaging of various parts of a patients’ body. Market players have been using 5D ultrasounds and digital x-rays with wireless DR detectors that help in improved image quality and diagnosis. The development of software integrated imaging modalities and other technological advancements in the x-ray technology is supporting new product launches by the key players.
Increasing Number of Examinations to Surge Product Demand
Increasing number of examinations is leading to increase in people’s awareness, which is projected to drive the medical x-ray market growth. Growing number of chronic diseases is one of the factors that is increasing the demand for such x-ray machines. Along with them, rise in neurological and musculoskeletal conditions is also propelling the demand for the product. According to WHO, there are about 65 million people who suffer from Chronic Obstructive Pulmonary Disease (COPD) worldwide.
Decline in the Revenue of Key Market Players During Pandemic Led to Negative Market Growth
The COVID-19 pandemic impacted the market negatively due to disruptions in supply chains. Factors responsible for the decline in the market include delays in the diagnosis and treatment of various chronic diseases such as cardiovascular diseases, oncology, and others, which impacted the diagnosis rate. Market players witnessed a significant decline in revenue. For instance, Koninklijke Philips N.V. registered a decline of -3.7% in revenues generated from its diagnostic imaging segment in 2020. However, in 2021, the market observed a recovery with pre-pandemic shift due to various factors such as increased number of elective procedures. Furthermore, the increasing penetration of x-ray systems during the period is a key factor responsible for the pre-pandemic growth of the market.
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Strong Collaborations Amongst Market Players to Shape Market Trajectory
Primary medical x-ray players have used strategies of collaborations to gain market hold. In April 2022, Carestream Health, a U.S.-based MedTech company that focuses on x-ray imaging systems for medical, industrial, and electronic applications, has collaborated with Gati Diagnostic Centre Pvt. Ltd. for the installation of CARESTREAM DRX-Compass X-ray System with the aim to make the diagnostic center in India a complete fit.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
By Product Type, Technology Type, Application, End-user, and Region
By Product Type
By Technology Type