Medical X-ray Market Worth USD 16.86 Billion at 4.4% CAGR by 2028 Owing to Presence of Established Players in North Amer

The global “medical x-ray“ market size is expected to reach USD 16.86 billion by 2028. This information is published by Fortune Business Insights in its latest report, titled, “Medical X-ray Market, 2021-2028.” The report further observes that the market stood at USD 12.14 billion in 2020 and is projected to exhibit a CAGR of 4.4% between 2021 and 2028. The increasing demand for digital medical x-rays and the supportive government initiatives to create awareness among people are the factors attributed to the growth of the market in the forthcoming years.

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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.

Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.

Market to Exhibit a Year-on-Year Growth of 2.8% in 2021 amid COVID-19

According to an article published by the ScienceDirect, overall medical imaging volume in 2020 declined by about 12.2% compared to 2019 in the United States. The declining numbers are due to the either cancelled or postponed non-COVID procedures as per the guidelines of the government agencies in 2020. However, once the situation returns to normalcy and the resumption of medical procedures across several healthcare institutions, the global market will exhibit a positive growth during the forecast period.

An Overview of the Impact of COVID-19 on this Market :

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.

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Market Segmentation:

We have categorized the market on the basis of product type, technology type, application, end-user, and region. On the basis of type, the market is bifurcated into static and dynamic. Based on technology, the market is divided into analog and digital. Furthermore, based on application, the market is segregated into dental, veterinary, cardiovascular, oncology, others. Lastly, on the basis of region, the market is segmented into North America, Latin America. Europe, The Middle East and Africa, and Asia-Pacific.

What does the Report Include?

The global medical x-ray market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

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DRIVING FACTORS:

Increasing Demand for Digital Medical X-rays to Augment Growth

In January 2021, European photonics scientists announced the development of a new autocorrect algorithm for image processing that reduces x-ray scatter to provide safe and low dose x-rays for children. In recent years, the healthcare sector has seen a gradual shift from analog to digital x-rays globally. The increasing adoption of digital x-rays owing to their faster and safer image processing response is expected to bode well for the global medical x-ray market growth in the forthcoming years. Additionally, supportive government initiatives to create awareness regarding early diagnosis of chronic diseases to reduce its fatality is expected to contribute to the growth of the market between 2021 and 2028.

Further Report Findings:

North America stood at USD 4.52 billion in 2020 and is expected to hold the highest position in the global market during the forecast period. This is attributable to the presence of several players in the region that are investing in the development of technologically advanced medical x-ray systems. For instance, in September 2020, Carestream Health, the U.S.-based company, announced the launch of an advanced DRX-Compass x-ray System to provide accurate and efficient x-rays for medical imaging centers and mid-tier hospitals globally.
The market in Europe is expected to showcase considerable growth backed by the increasing incidence of chronic ailments such as cardiovascular diseases, cancer, and respiratory disorders in the region between 2021 and 2028.
Based on the end-user, the diagnostic centers segment is expected to experience exponential growth and hold a significant medical x-ray market share during the forecast period. This is ascribable to factors such as increasing reliability on these types of centers that provide accurate and efficient results and the presence of skilled healthcare professionals globally.

COMPETITIVE LANDSCAPE

Market Players Focus on Merger and Acquisition to Intensify Industry Competition

The global market for medical x-ray is consolidated by the presence of major companies striving to maintain their presence. These companies are strategically acquiring other smaller companies to expand their product portfolio and gain a competitive edge over their rivals. Other key players in the market are striving to maintain a stronghold by adopting strategies such as partnerships and collaboration during the forecast period.

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Industry Development:

June 2020 – Siemens Healthineers unveiled the world’s first-ever intelligent x-ray system with integrated AI. According to the company, the system can be adopted for efficiently optimizing the daily routine of image acquisition in radiography.

List of the Companies Profiled in the Global Market for Medical X-ray: