The medical x-ray inspection equipment and imaging software market is expected to register a CAGR of 6.04%, over the forecast period (2018-2023). The shift from analog to digital technology has created many opportunities for the medical radiography market in medical diagnostics, broadening the scope beyond traditional applications.
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Increase in demand for systems used for angiography, largely due to increasing incidences of cardiovascular diseases, is leading to innovation in the medical x-ray inspection equipment and imaging software market. Hospitals and diagnostic center are increasing their targets in the cardiovascular diseases segment, which is creating significant opportunities for players operating in the medical x-ray inspection equipment and imaging software market. Increasing geriatric population and spending in presymptomatic stage is expected to increase the adoption of equipment and imaging solutions.
Innovations in the medical x-ray inspection equipment and imaging software market in the past five years have been with respect to integration of advanced computing and imaging capacities, for advanced manipulation systems and automatic defect recognition software. These features have been incorporated through the use of Graphics Processing Units (GPU) and high-performance computing techniques. However, intense competition from ultrasonic systems, high risk of radiation, lack of skilled personnel, especially, in digital radiography, and relatively high deployment costs are expected to hinder the growth of the medical x-ray inspection equipment and imaging software market.
Growing Geriatric Population to Drive the Market
Growing geriatric population has increased the incidences of cardiovascular and respiratory diseases and check-ups in medical institutions. According to a survey, about 63% of deaths in the geriatric age group are caused by heart diseases or respiratory diseases, in the European Union. These factors have increased the health consciousness in public and resulted in an increased demand for X-ray machines and imaging software. Thus, increasing incidences of cardiovascular and respiratory diseases in the geriatric population, may create a demand for high-resolution imaging systems
Major Players: PHILIPS HEALTHCARE, HITACHI MEDICAL CORPORATION, SHIMADZU CORPORATION, SIEMENS HEALTHCARE AND GE HEALTHCARE, amongst others
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GE Healthcare, Fonar Corporation, Amirsys Inc., Philips Healthcare, Hitachi Medical Corporation, Canon Inc., Shimadzu Corporation, Agfa-Gevaert NV (AGFA) , Hologic Inc., Siemens Healthcare, Medviso AB , Carestream Health Inc., Mim Software Inc., QI Imaging LLC, Varex Imaging Corporation
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