Digital X-ray Market Continues to Climb

Radiology Market Analysis

Digital X-ray continues to grow in popularity, especially amid motivating factors such as reimbursement rates.

According to Technavio’s analysts, the global market for digital X-ray systems will grow impressively at a CAGR of over 13 percent by 2020. Digital X-ray systems comprise the same basic parts as analog X-ray systems including X-ray sensors, amplifiers, image processing computers and displays. The demand for digital X-ray systems is growing at a significant rate since the procedure forms the basis of diagnosis and also the treatment of various medical conditions.

MarketsandMarkets, a research firm, predicts the digital X-ray market will reach new heights in coming years.

“The global digital X-ray market is expected to reach $10.46 billion by 2020 from $6.15 billion in 2015, at a compound annual growth rate (CAGR) of 11.2 percent from 2015 to 2020,” according to a MarketsandMarkets report.

“Among the various applications, the general radiography segment is expected to account for the largest share of the market,” according to MarketsandMarkets. “The general radiography market includes chest imaging, orthopedic applications, cardiovascular imaging and other applications. Chest imaging segment is projected to grow at the highest CAGR from 2015 to 2020. The high growth of chest imaging segment can be attributed to the increasing incidence of lung diseases.”

“The global digital X-ray market is estimated to be worth $5.9 billion in 2016 and is expected to reach $11.1 billion by 2021.”

Mordor Intelligence also forecasts growth for the digital X-ray market in coming years.

“The global digital X-ray market is estimated to be worth $5.9 billion in 2016 and is expected to reach $11.1 billion by 2021, at a CAGR of 13.2 percent,” according to Mordor Intelligence. “The global X-ray market is dominated by computer radiography X-ray systems as they are relatively less expensive than digital radiography X-ray systems and entail less retraining of medical practitioners.”

Transparency Market Research forecasts continued growth in the flat panel X-ray detector market.

“The global flat panel X-ray detectors market is being projected at a CAGR of 5.9 percent in terms of value from 2016 to 2024. The market’s revenue at the end of 2016 was calculated to reach $1.08 billion and is expected to reach $1.72 billion by the end of 2024,” according to Transparency Market Research.

The market for mobile digital X-ray systems is projected to grow at a 7.1 percent CAGR during the next nine years, with North America continuing to be the dominant market, according to the market research firm Future Market Insights.

MarketsandMarkets says the key players in the digital X-ray market include Carestream Health Inc., Fujifilm Medical Systems, GE Healthcare, Hitachi Medical Corp., Philips Healthcare, Siemens Healthineers and Toshiba Medical Systems Corp.

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