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X-ray machines are used to take pictures of the inside of the body. They are used for diagnostic and therapeutic purposes for human and veterinary use. Growing prevalence of chronic diseases & veterinary disorders, technological advancements in diagnostic imaging in developed countries, number of product launches by the key players, and favourable reimbursement policies are the primary factors responsible for the growth of the global market. For instance, in August 2020, Waygate Technologies (formerly GE Inspection Technologies) announced the launch of two new portable X-ray detectors.
The X-ray market is expected to register an astonishing growth during the forecast period due to factors such rising number of cases of chronic and veterinary disorders, escalating health-consciousness, and growing number of product launches by the key players. However, risk of high radiation exposure and high cost of X-ray machines is the major factor projected to decline the growth of X-ray market.
Key Market Driver -
Rising prevalence of chronic diseases, preference for minimally-invasive surgeries
Key Market Restraint -
Risk of high radiation exposure, High cost of X-ray machines
Globally, the X-ray market can be segmented on the basis of the product type, technology, application, end user, and region. Based on the product type, the market can be segmented into stationary/fixed and portable. Based on technology, the market is segmented into analog and digital. Based on application, the market is segmented into cardiovascular, dental, respiratory, mammography, veterinary, and others Based on end user, the market can be segmented into hospitals & clinics, diagnostic centers, ambulatory surgery centers, and others. Geographically, the X-ray Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the X-ray Market are Agfa-Gevaert Group, CANON MEDICAL SYSTEMS CORPORATION, Carestream Health, GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V., PerkinElmer Inc., and other prominent players.
Geographically, the X-ray Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to account for majority of the share of the X-ray market owing to the rising geriatric population and growing burden of chronic diseases, and well-developed healthcare facilities. Europe is expected to hold the second largest market share during the forecast period. Increasing initiatives by the market players for technological advancements in X-ray machines and highly aware population is likely to fuel the market growth in this region. On the other hand, Asia Pacific is expected to grow with the highest growth rate during the forecast period owing to growing geriatric population, rising number of market plyers focusing on the launch of diagnostic equipment, and increasing veterinary disorders in the region. The market in Latin America and the Middle East & Africa are expected to showcase substantial growth during the forecast period.
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