Sellbyville, DE -- (SBWIRE) -- 10/29/2018 -- Medical X-ray Market size is set to exceed USD 15 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rising prevalence of chronic diseases, favorable reimbursement scenario in developed nations, growing number of diagnostic imaging procedures and increased funding on research and development activities by the government will serve as major driving factors for the medical x-ray market growth over the forecast period.
Technological advancement in medical imaging, particularly in computed tomography (CT), has led to the rapid growth in performance of x-ray examinations. Demand for imaging procedure is high among females as compared to males. Owing to increasing number of breast cancer. However, high risk associated with exposure to radiation among patients and high installation cost of medical imaging modalities may restrain industry growth.
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Line scan detectors market should contribute for significant growth over the forecast timeframe, owing to factors such as ideal for in-line x-ray photography and enables high resolution capture for x-ray. It provides imaging function within a single scan which will further drive industry growth.
Direct radiography should witness lucrative growth over the forecast period. The growth is attributed due to availability of mobile digital x-ray systems. It is used in various application such as chest imaging, dental, mammography, and orthopaedic. Moreover, increased demand for portable systems from geriatric population will drive medical x-ray market growth.
Dental application contributed for substantial revenue share in 2016. Rising prevalence of dental diseases such as, gingival disease, periodontitis, dental plaque and caries should drive industry growth. Dental x-rays are obtained with techniques such as intraoral and extraoral imaging. Technological advancement in imaging devices to detect these diseases should increase demand for the products in the coming years.
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Hospitals should witness significant growth rate over the forecast period. Most of the procedures performed in hospitals with mobile C-arm x-ray equipment, that require flat panel technology. Hospitals can afford expensive equipment as they have budget allocated. Such factors will drive business growth.
U.S. medical x-ray market will grow at significant rate over the forecast timeframe. Increasing healthcare expenditure, advancement in detector based techniques, presence of well-established reimbursement for imaging procedure and rising demand for digital x-ray systems should drive industry growth.
Growing geriatric population, increasing focus on research and development activities to advance medical technologies by German government will propel industry growth in Germany. Furthermore, rising need for sophisticated healthcare, homecare services and recent health reforms for accident or illness will propel business growth.
Brazil medical x-ray market size should witness lucrative growth over the forecast period. Increasing incidence of cardiovascular diseases in the country coupled with growing adoption of diagnostic imaging procedure should fuel industry growth. According to Federal University of Rio de Janeiro, in 2015 CVD mortality accounted for nearly 28% of deaths in Brazil.
Some of the companies operating in medical x-ray market includes Siemens Healthcare, GE Healthcare, Canon, Philips Healthcare, Hitachi Medical and Shimadzu. Industry players are focusing on new product launch, investment in R&D activities, mergers and acquisition to gain revenue share.