Market Analysis: X-ray Tubes

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Medical imaging devices do not last forever. The ability to replace a tube and other parts often extend the life of the imaging equipment. According to recent reports, the X-ray tube market will see continued growth in coming years.

“The X-ray tubes market is growing tremendously over the past decade. (The) X-ray tube market is expected to grow to $2.89 billion by 2020 growing at a CAGR of 5.32 percent during the forecast period (2016-2020),” according to a report from Mordor Intelligence, a market research and consulting firm. “The growth is fueled by factors such as rapid technological advancements in X-ray tube technologies over the past few years, changes in lifestyle, and rise in cancer and other disease incidences. The presence of many manufacturers in the market has lead to the evolution of technologies for better image quality.”

The North American market is expected to reach almost $1 billion by 2020 growing at a CAGR of 3.97 percent during the forecast period (2016-2020), Mordor Intelligence reports.

A report from P&S Market Research looks at the future of the global X-ray market.

The global X-ray imaging market was valued at $8.9 billion in 2016, and it is expected to grow at a CAGR (compound annual growth rate) of 4.9 percent from 2016-2022, according to P&S Market Research.

“The global X-ray imaging market is growing at a significant rate, due to increasing health care expenditure, and growing geriatric population. The increasing prevalence of chronic diseases and improving health care infrastructure in developing countries are also driving the growth of the global X-ray imaging market,” according to the report.

Grand View Research, a market research and consulting firm, also predicts continued growth.

The global medical imaging systems market was valued at $25.7 billion in 2016 and is expected to grow at a CAGR of 5.7 percent over the next six years, according to a report by Grand View Research.

Key product segments analyzed in the Grand View Research study include X-ray, MRI (magnetic resonance imaging), CT (computed tomography), nuclear imaging and ultrasound.

“X-ray dominated the overall market in terms of share in 2016 at 31.4 percent,” according to the report. “This segment is further segmented into portable, handheld and stationary systems. High market penetration of these products in emerging and underdeveloped markets coupled with the presence of a relatively larger application base is one of the factors accounting for its large share.”

“Furthermore, the introduction of filmless X-ray systems as a cost effective and environment friendly option and the growing demand for retrofitted systems are expected to further boost demand during the forecast period,” according to the report. “Nuclear imaging including PET (positron emission tomography) and SPECT (single photo emission computed tomography) on the other hand is expected to grow at the highest CAGR of 6.7 percent during the forecast period. Increasing use of nuclear imaging in combination with MRI and CT scan systems in minimally and non-invasive interventional medical procedures is expected to drive market growth of this segment during the forecast period.”

   

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