The spectacular expansion of medical imaging and diagnostics sector over the recent past has augured well for the sales of medical X-ray detectors at a global level. The global medical X-ray detectors market, surpassing a billion-dollar revenues in 2022, is set for a promising CAGR of 5.7% during 2022 – 2029.
The medical devices industry is observing a growth in number of imaging and diagnostic tests performed every year, owing to numerous factors such as increasing focus on radiological diagnostic tests, increasing chronic diseases burden, and introduction of efficient X-ray devices through consolidation and mergers in the medical devices market. Growing incidence of sports injuries, trauma and cancer represents a significant patient pool opting diagnostic imaging tests annually, particularly in emerging countries.
The Centers for Disease Control & Prevention (CDC) estimates that around 80 million Computed Tomography (CT) tests were performed in 2015 in the U.S. alone. Rise in number of patients undergoing CT and radiography tests globally and increase in number of tests performed each year have led to significant demand for digital radiography detectors such as a-Si detectors. These factors have boosted the demand for a-Si X-ray flat panel detectors, directly fueling growth of the medical X-ray detectors market.
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Key Takeaways – Medical X-ray Detectors Market Study
- Adoption of flat panel X-ray detectors in the global medical X-ray detectors market has increased significantly owing to distinct benefits over computed radiography (CR), charged couple detectors (CCD), and analog detectors (film based).
- Introduction of new technology such as Veradius X–ray system by manufacturers is expected to boost demand for thin flat detector devices and computed radiography (CR) detectors among end users.
- Direct flat-panel medical X-ray detectors with comparatively higher technical advantage over indirect flat-panel medical X-ray detectors are expected to generate significant revenue.
- Increasing adoption of digital X-ray systems for radiological imaging as compared to retrofit X-ray systems marks high revenue potential for the medical X-ray detectors market.
Strategic Acquisitions Remains Favored Competition Strategy
Leading players in the medical X-ray detectors market such as GE Healthcare, Canon, Philips, and Hitachi, are focusing on business expansions by entering into partnership, merger, sales agreement and acquisition with local manufacturers from emerging economies. The aim behind these mergers and acquisitions is to reduce the product development cost, streamline the distribution channel, and strengthen the market position.
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In December 2016, Canon Inc. acquired Toshiba Corp. medical unit. With the acquisition, Canon Inc. entered into diagnostics imaging devices market and leverage the core strength of Toshiba Medicals in diagnostic imaging. This acquisition would further strengthen Canon’s biomedical business.
Additionally, key players are focusing on research and development and launch of new products based on exclusive developmental technologies, with emphasis on product difference. In November 2017, at the Radiological Society of North America (RSNA) tradeshow. Carestream Health showcased a mobile X-ray system with carbon nanotube. The system entered the medical X-ray detectors market in May 2018 and is compatible with every DRX a-Si detector device providers by Carestream Health.
Know More About FMI’s Report on Medical X-ray Detectors Market
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the segments from 2014 to 2029. The global medical X-ray detectors market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on medical X-ray detectors market on basis of product, panel size, modality, and end user.
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