A rise in the demand for multi-modal imaging systems, increased adoption of healthcare X-ray detectors with growing aging population, and increase in the number of chronic disorders are driving the market. Despite the high cost and unfavorable reimbursement, it is expected to witness moderate revenue growth by advancements in next-generation healthcare X-ray detectors and integration of hybrid photodetectors. The demand for healthcare X-ray detectors in developed & developing regions is expected to increase because of raising awareness about the safe and accurate diagnosis for early prevention. The demand for portable detectors and increasing government initiatives will have a significant impact on the market growth.
BANGALORE, India – June 14, 2018 Infoholic Research LLP, a global market research and consulting company, has published a study titled “Global Healthcare X-ray Detectors Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (June 2018).
According to Infoholic Research, the healthcare X-ray detectors market is witnessing a steady growth rate and is projected to expand its reach in several untapped and underpenetrated regions during the forecast period. The market is primarily activated by the development of advanced imaging technologies, which is gaining huge attraction from healthcare facilities. The development and advancements in healthcare X-ray detectors have enabled end-users to assure high accuracy and efficacy in healthcare diagnosis with proper awareness about the medical condition.
The sales of X-ray detectors are expected to increase through advancements and technological adoption of multi-modality imaging systems in hospitals. Technological advancements and focus toward innovative workflow models have enabled healthcare facilities to bring high significance in the integration of medical devices with technology, improve the operational efficiency, and create a smooth environment for both patients and radiologists. The competition among vendors has increased due to advancements in technology that have supported by integrating medical devices to a new level. They are focusing on developing innovative products, and most of them are trying to implement technology with high investments in R&D. The growing importance of improving patient care, focus on hospital infrastructure, and wireless X-ray detectors are driving the market growth. Further, the market is driven by several Tier II and Tier III companies that offer medium- to low-quality X-ray detectors with basic features. This will encourage the top vendors to be creative and adopt strategies to ensure product differentiation in the market. The emerging economies of EMEA and APAC regions are expected to witness high growth during the forecast period.
According to Infoholic Research, the global healthcare X-ray detectors market is expected to grow at a CAGR of 6.14% during the forecast period 2018–2024 to reach revenue of $5 billion by 2024.
The market is analyzed based on five segments, namely product types, portability, size, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are set to be the leading countries owing to the highest number of diagnostic cases in 2017. This region dominates the overall presence of medical imaging (healthcare X-ray detectors usage) and has the most diversified X-ray detectors available. It has the highest percentage of the elderly population with many individuals suffering from chronic diseases such as CVD, diabetes, obesity, high blood pressure, and other urology-related disorders. This has attracted most of the customers to sustain and grow over the period and maintain their product presence in the market.
Europe is set to be the second leading region and held more than 28% of the market share in 2017. The market in Europe is largely driven by advancements in medical imaging technologies. An increase in the prevalence of diseases, continuous adaption of advanced technologies, and increase in the aging population are driving the market. The countries such as Germany, France, UK, and Italy are the major contributor to the market growth in the region.
The APAC region accounted for a share of 19.15% in 2017. This is because of the high demand for imaging equipment due to a fast increase in the number of hospitals and diagnostic laboratories, especially in India and China. Emerging countries such as Japan, China, South Korea, India, and Malaysia are expected to grow significantly during the forecast period. Further, the implementation of IT with medical imaging systems across the region is making a substantial contribution to the growth. The Rest of the World healthcare X-ray detectors market revenue is expected to reach more than $300 million by 2024, growing at a CAGR of 5.4% during the forecast period.
“Healthcare X-ray detectors are the basic need for any imaging system and the availability of advanced X-ray detectors have increased the quality and analysis with 3D and 4D images. The need for X-ray detectors in specific radiological procedures has increased the demand for various types of X-ray detectors in the market. Currently, these medical X-ray detectors are priced in the range of $25,000–$47,000. The portable X-ray detectors are widely adopted as they are user-friendly, adjustable, and have got easy access according to an embodiment of the medical application.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report aims to cover the below-mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals.
- Provides complete details about the various types of healthcare X-ray detectors.
- Provides complete details of trending healthcare X-ray detectors.
- Provides complete details about the analysis of top players.
Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.
Ms. Sunanda Ganguli
Infoholic Research LLP