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Digital X-ray Devices Market Is Expected To Grow 10.9% CAGR till 2023
The global digital X-ray devices market is expected to witness a CAGR of 10.9% during the forecast period. The growing healthcare budget would positively impact the digital X-ray market in the emerging nations. Thus, manufacturers, such as Siemens Healthcare, GE Healthcare, Philips Healthcare, and Toshiba Medical Systems Corporation, can find significant growth opportunity in the emerging markets.
Technological Advancements in X-Rays
The digital X-rays have come up with the new advancements which use sensors instead of the films. The use of digital X-rays has caused the patient’s exposure levels to radiation to decrease and the clarity of the images produced has increased. The images produced can be enhanced and quickly sent for the diagnosis. The digital imaging is also environment-friendly as it lightens the need for the chemicals and disposal of film paper. Digital X-rays save the time for both the patient and the physician, and therefore, are highly preferred. All the abovementioned factors are boosting the growth of the market.
The other factors which are driving the market include the increase in geriatric population, growing occurrences of orthopedic & cancer diseases, and development of technology.
Major Players: Canon Inc., Fujifilm Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic Corporation, Koninklijke Philips N.V, Shimadzu Corporation, Siemens AG, and Toshiba Medical Systems Corporation, among others.
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New Sales Affected By Increasing Use of Refurbished Devices
The digital X-ray devices are quite expensive and hence, the sale of new digital X-ray equipment is limited. It is further being affected by the increasing use of refurbished devices by the people. Since refurbished devices cost much lesser, they are preferred more by people and is used in most of the emerging markets. Therefore, the sales of refurbished devices are more which is affecting the market of the digital X-ray devices which is leading to lesser sales of these devices.
Other factors, like the high initial cost of installation, are also restraining the market.
North America is leading the Market
Geographically, North America is the largest revenue contributor to the global digital X-ray devices market and is expected to grow in the coming future. The growth in this region is majorly driven by the factors such as an increase in the aging population and rising number of research activities to develop new as well as advanced digital X-ray products in North America. Germany, being a developed market, holds the largest market share in Europe.
Regions Covered in this report are as Follows:
United States, North America (Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).
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