Increasing health consciousness and growing awareness about the same are leading to higher footfalls in diagnostic laboratories. This is contributing towards overall growth of diagnostics market. Furthermore, digitization in healthcare sector is easing patient diagnosis, providing accurate and faster test results. X-ray being the most conventional and effective diagnostic tool, digitization in the X-ray system has gained a strong foothold in diagnostic laboratories across the globe. Also, with more research in this field, introduction of mobile digital x-ray systems have further improved the global digital radiography market outlook. Digital radiography finds application in dental, chest imaging, orthopedic, and mammography. Ease of operating with mobile systems, increasing demand for portable and mobile equipment is growing rapidly in digital x-ray market. The rapidly declining user base of analog systems would further contribute towards growth of digital radiography market.
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The global digital radiography market was valued at US$ 7,538.8 million in 2015 and is expected to witness a moderate CAGR of 5.9% during the forecast period (2016 – 2024).
Figure 1. Global Digital Radiography Market Size and Forecast, US$ Million (2015, 2020 & 2024)
Source: Coherent Market Insights Analysis (2017)
Rising aging population to increase consumer base of digital radiography market
Aging results in weakening of the immune system. Thus, the elderly population is at a major risk of chronic diseases such as chronic respiratory disease, cardiovascular disorders, dental issues, and orthopedic disorders. According to the World Population Prospects report (2015) by the United Nations (UN), the global population aged 60 years and above is projected to increase by 56% from 901 million in 2015 to 1.4 billion by 2050. This growth rate is faster than the growth of population in other age groups. The report mentions that Japan is home to world’s most aged population (33% in 2015). Aging population exerts pressure on the health budget of the nation leading to increase in demand for cost-effective solutions. This in turn, would generate a more positive digital radiography market outlook.
Emergence of portable digital radiography systems
Fixed radiography systems occupy more space as compared to portable systems. Also, screening of patients at the given place is mandated by fixed or mounted digital radiography systems. Portable digital radiography systems on the other hand, allows easy mobility and operability. Moreover, with portable digital radiography system, images can be sent to the recipient from any location in the hospital, thus saving time and resources. Moreover, handheld digital radiography systems can be effectively utilized in emergency medical situations. Increasing cost pressure and focus on providing point-of-care services would propel the growth of digital radiography market.
Future outlook of the global digital radiography market
Advancements in technology of digital radiography systems is contributing significantly to the growth of digital radiography market. However, emerging nations in Asia Pacific, Latin America and Africa are still lacking adequate healthcare infrastructure to cater to burgeoning demand of its rapidly increasing population. Growing healthcare budget would positively impact the digital x-ray market in these regions. For instance, the annual budget of the Indian government for 2017, lays emphasis on improving the healthcare infrastructure in one of the world’s fastest growing and second-most populous economy. Among the many plans laid out as part of the same is a roadmap to convert over 150 thousand health sub-centres into health wellness centres, which in turn creates a highly conducive environment for growth of the digital radiology market in the region. Thus, manufacturers such as Siemens Healthcare, GE Healthcare, Philips Healthcare and Toshiba Medical Systems Corporation can find tremendous opportunity in these regions. Furthermore, as the large user base of analog systems shift towards digital radiography system, offering the most apt and advance technology sufficing the health and economic needs of consumers in these regions would be work in favor of the manufacturers. With digitization, demand for portable digital radiography system would surge rapidly, especially in the emerging economies.
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