X-RAY MARKET ANALYSIS

An X-ray system is a medical imaging tool which is used to view, monitor, and diagnose bone fractures, cancer, abdominal pain, joint injuries, and infections and thus has wide applications in the healthcare industry. Considering its wide areas of application, the X-ray market is expected to gain significant traction in the near future. X-ray technology which is used for diagnosis include X-ray radiography, mammography, computed tomography (CT), and fluoroscopy. X-ray radiography detects bone fractures, dental problems, certain tumors, and other abnormal masses. Digital films are convenient and form electronic images that can be viewed faster than conventional medical X-ray films, which require processing and occupy ample space in hospitals. The X-ray technology is also used for therapeutic applications. For example, radiation therapy is used in cancer treatment. In radiation therapy, the X-ray and other types of high energy is used to destroy the cancerous tumors by damaging the genetic makeup i.e. deoxyribonucleic acid (DNA). The radiation dose used in such treatments is much higher compared to that used in diagnostic treatment.

Market Dynamics

 Global X-Ray market is estimated to be valued at US$ 11,641.3 million in 2022 and is expected to exhibit a CAGR of 7.8% during the forecast period (2022-2030).

Figure 1. Global X-Ray Market Share (%), by Modality, 2022

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Global X-Ray Market - Drivers

Increasing product launch by the key players is expected to propel growth of the global X-ray market during the forecast period. For instance, in July 2022, Siemens Healthcare Private Limited, a medical device company, announced the launch Multix Impact is a floor-mounted digital X-ray machine featuring modular X-ray components such as an X-ray tube, a Bucky wall stand, a Bucky table, an X-ray generator and a wireless detector.

Furthermore, increasing demand for x-ray products is expected to propel growth of the global X-ray market during the forecast period.  For instance, in April 2020, Shimadzu Corporation, one of the leading manufacturer of medical equipment, provided a data that stated the demand for mobile X-ray systems that can be used to diagnose pneumonia in the isolated patient rooms or intensive care units (ICUs) is increasing, in Japan. Shimadzu Corporation is making every effort to increase production of mobile X-ray systems.

Figure 2. Global X-Ray Market Share (%), by Region, 2022

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Global X-Ray Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, manifestation of coronavirus (COVID-19) has resulted in more than 634,522,052 confirmed cases infected by COVID-19 worldwide as of 21 November, 2022.

Furthermore, COVID-19 pandemic has a significance impact on X-ray market due to crucial need of imaging procedures during COVID-19 pandemic for assessing suspected cases and the course of the disease. For instance, in May, 2020, a data was published by Siemens Healthcare Private Limited, a medical device company, according to which X-ray imaging often reveals changes in the lungs, while the European Society of Radiology (ESR) and the European Society of Thoracic Imaging (ESTI) recommend the use of X-ray imaging primarily for COVID-19 patients in intensive care who are not stable enough to be taken for a CT scan.

Global X-Ray Market: Key Developments

In August 2021, Shimadzu Corporation, one of the leading manufacturer of medical equipment, launched the mobile X-ray system “MobileArt Evolution MX8 Version”. The MobileArt Evolution MX8 Version supports using a flat panel X-ray detector (FPD) for digital imaging workflow and applications.

In September 2021, Shimadzu Corporation announce the release of Xslicer SMX-1010 and Xslicer SMX-1020 microfocus X-ray inspection systems in Japan. X-ray inspection systems contain vertical emission X-ray configuration, a 90 kV microfocus X-ray generator, and a high-resolution flat panel detector.

Global X-Ray Market: Restraint

The major factors that hinder growth of the global X-ray market include the risks associated with the use of X-ray imaging. For instance, in September 2020, a data was provided by the U.S. Food and Drug Administration, a federal agency of the Department of Health and Human Services, according to which there are risks associated with the use of X-ray imaging, which uses ionizing radiation to generate images of the body a small increase in the possibility that a person exposed to X-rays will develop cancer later in life while, tissue effects such as cataracts, skin reddening, and hair loss, which occur at relatively high levels of radiation exposure due to X-ray imaging.

Global X-Ray market- Key Players

Major players operating in the global X-ray market include Siemens Healthcare Private Limited, Shimadzu Corporation, Carestream Health, Koninklijke Philips N.V., Hitachi, Ltd, Canon Medical Systems, USA, General Electric Company, Bracco Imaging S.p.A., Hologic, Inc., FUJIFILM Corporation, Agfa-Gevaert Group, Konica Minolta, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Varex Imaging, MinXray, Inc., Varian Medical Systems, Inc. Source-Ray, Inc., Recorders & Medicare Systems P Ltd and other prominent players