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ALBANY, New York – According to a new market report* published by Transparency Market Research, the market for x-rays was valued at USD7.5 billion in 2011 and it is expected to reach an estimated value of USD9.8 billion in 2018, growing at a CAGR of 4.0% from 2012 to 2018.
Changing buyer preferences induced by the rise in demand for bedside imaging, need for high quality medical images and the rise in the number of patients catered via emergency medical services have increased the demand for technologically advanced x-ray systems. The introduction of digital x-ray systems, implementation of PACS (picture archiving and communication systems) and portable x-ray systems have catered to this demand and have served the global x-ray market as a major driver. Some of the other drivers for this market include rapidly aging global population and rising incidences of target diseases such as cardiovascular diseases and growing patient awareness levels. Emerging economies in the Asian and Latin American regions inducing a rise in the disposable incomes of customers, and government initiatives to build sophisticated medical infrastructure, coupled with the presence of large unmet medical needs will serve the market as future growth opportunities.
Stationary x-ray systems held majority of the market share in 2011. However, the advent of portable x-ray systems perfectly suiting the changing preferences of customers will help the global portable x-ray systems market grow at a relatively faster CAGR during the forecast period.
The global x-ray market by technology is dominated by computed radiography x-ray systems owing to the fact that they are relatively less expensive than digital radiography x-ray systems and entail less re-training of medical practitioners. However, the advent of cost effective digital radiography systems and the increasing implementation rate of PACS, makes the global digital radiography x-ray systems the fastest growing technology market.
The North America x-ray market held majority of the market share in 2011 and is expected to maintain its market position till 2018. The Latin-America x-ray market follows the Asia-Pacific market in terms of CAGR and is expected to grow at a CAGR of over 5% from 2012 to 2018 due to emerging economies such as Brazil and Mexico and the presence of a large target patient population in these countries.
Philips Healthcare led the market in terms of market share in 2011 on account of its extensive presence across all x-ray product segments and the introduction of innovative x-ray systems such as Practix360. Some of the other key players of the market include GE Healthcare, Siemens Healthcare, Toshiba Medical Systems, Hitachi Medical Systems, Shimazdu Corporation, Fujifilm Holdings, Varian Medical Systems and others.
