The global digital X-ray equipment market is set to reach a valuation of approximately USD 7,577.5 million in 2024 and is expected to expand significantly, with projections indicating a growth to USD 9,987.5 million by 2034. This expansion corresponds to a compound annual growth rate (CAGR) of 2.8% during the forecast period.
Market Drivers and Trends
Several factors contribute to the growth of the digital imaging systems market, including:
- Technological Advancements: Innovations in digital X-ray technology have enhanced image quality and reduced radiation exposure, making these systems more attractive to healthcare providers and patients alike. Continuous improvements in imaging capabilities are paving the way for better diagnostics and patient care.
- Increasing Prevalence of Chronic Illnesses: The rising incidence of chronic diseases such as cardiovascular conditions, respiratory issues, and cancer is driving the demand for effective diagnostic tools. Digital X-ray equipment plays a crucial role in the early detection and monitoring of these health concerns.
- Growing Patient Awareness: There is an increasing awareness among patients regarding the importance of early diagnostic methods, leading to higher demand for advanced imaging solutions. Patients are more informed and proactive about their healthcare, seeking out facilities that offer cutting-edge technology.
As the healthcare sector evolves, the digital X-ray equipment market is positioned for continued growth, driven by the need for efficient diagnostic solutions and the integration of advanced technologies in clinical practice.
Furthermore, increased product approvals, as well as partnerships and collaborations by key players who are striving to expand their Global Digital X-Ray Equipment Industry share, scale up sales of digital X-ray equipment.
For example, Nanox and SK Telcom agreed to collaborate on the deployment of 2,500 Nanoxdigital X-ray Systems in South Korea and Vietnam.
Rising awareness of the availability of portable systems is one of the major factors driving the demand for digital X-ray equipment.
Low cost and ease of use are the primary benefits associated with digital X-rays that are propelling the sales of digital X-ray equipment.
Demand for digital X-ray equipment also scales up as the images are also instantly available for distribution to clinical services, eliminating the need for time and physical effort to retrieve film packets.
This factor has a significant impact on the sales of digital X-ray equipment.
A major benefit is patients being exposed to 70-80% less radiation than traditional X-rays, thereby ensuring the safety of pregnant women and patients who are already ill, and the same is expected to accelerate the demand for digital X-ray equipment.
Dentists can now easily recognise oral issues with the help of digital X-rays, which is leading to a decrease in the need for an invasive investigation at the diagnosis stage, thereby surging the sales of digital X-ray equipment.
Furthermore, digital radiography securely stores patient X-rays, resulting in no loss on the part of the holders.
The demand for digital X-ray equipment has been significantly influenced by rising healthcare expenditures made by various governments in order to advance technological advancements in the sector.
What Factors are Influencing the Global Digital X-Ray Equipment Industry?
The primary factor that is scaling up the sales of digital X-ray equipment is the efficiency of electromagnetic radiations that represent clear digital images through digital x-ray equipment.
The rise in demand for digital X-ray equipment is also attributable to quick healthcare delivery, improved workflow and the safety associated with the digital X-ray radiations for the living tissues.
The sales of digital X-ray equipment are majorly driven by novel technological advancements, increasing healthcare expenditure, rise in ageing population and disease prevalence.
The digital X-ray equipment market is also witnessing a highly competitive scenario that has led to large number of improved digital x-ray equipment launches where key players are focusing on rising their Global Digital X-Ray Equipment Industry share.
Moreover, digital x-ray equipment is less expensive yet more efficient than other radiography equipment, in turn driving the demand for digital X-ray equipment.
The adoption of digital X-ray is expected to broaden thereby spiking the sales of digital X-ray equipment as digital x-ray equipment is based on transmission of the x-ray beam, which exposes only the surfaces of the human anatomy under observation.
What is the Scope of the Global Digital X-Ray Equipment Industry?
Digital X-ray equipment delivers medical imaging in the standard safety radiation dose and is widely used in the imaging of all human body tissues, which is expected to rise the demand for digital X-ray equipment.
Digital X-ray equipment has become a part of routine check-up, thereby facilitating huge sales of digital X-ray equipment.
One of the most promising areas of health innovation is the use of artificial intelligence (AI), particularly in medical imaging, which is expected to drive the demand for digital X-ray equipment to a large extent.
In this regard, many ongoing research and development programmes have aided various companies to acquire a large Global Digital X-Ray Equipment Industry share.
Various companies are currently conducting R&D activities to provide AI in various imaging modalities, including digital X-ray systems to enlarge digital X-ray equipment market share.
Who are the Key Players Involved in the Global Digital X-Ray Equipment Industry?
Some of the key players in Global Digital X-Ray Equipment Industry are Siemens AG, Philips Healthcare, Canon USA Inc., Shimadzu Corporation, GE Healthcare, Varian Medical Systems, Agfa-Gevaert N.V. Healthcare.
Hitachi Medical Corporation, Toshiba Medical Systems, Fuji Medical Systems, and China Resources Holding Medical Equipment Company Limited are some other major digital X-ray equipment market players.
The competition in digital X-ray equipment market is primarily based on technological advances in digital x-ray equipment and the pricing of the digital x-ray equipment.
The demand for digital X-ray equipment is largely driven by technological advancements and the cost of digital X-ray equipment.
In addition, to secure a major Global Digital X-Ray Equipment Industry share globally, the key players have engaged in various strategic alliances such as acquisitions, collaborations, and the launch of advanced products.
Key companies profiled
Siemens AG, Philips Healthcare, Canon USA Inc., Shimadzu Corporation, GE Healthcare, Varian Medical Systems, Agfa-Gevaert N.V. Healthcare.
Customization scope
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Key Segments:
Applications:
- Orthopaedic
- Cancer
- Dental
- Cardiovascular
- Other Applications
By Technology:
- Computed Radiography
- Direct Radiography
- By Portability:
- Fixed Systems
- Portable Systems
By End User:
- Hospitals
- Diagnostic Centres
- Other End Users
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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