Medical X-ray Market to Reach USD 24.50 Billion by 2032 Driven by the Rising Demand for Advanced Diagnostic Tools

The Increasing Prevalence of Chronic Diseases, Advancements in Imaging Technologies, and Rising Importance of Early Disease Diagnosis are Presently Driving the Growth of the Medical X-ray Market.

Austin, Oct. 23, 2024 (GLOBE NEWSWIRE) — The S&S Insider report indicates that, “The Medical X-ray Market was valued at USD 14.25 billion in 2023 and is anticipated to be valued at USD 24.50 billion by 2032, registering a compound annual growth rate (CAGR) of 6.22% throughout the forecast period from 2024 to 2032.” The growing demand for high-tech diagnostic instruments, and more so against the rising prevalence of chronic illnesses, marks an important spot for X-ray technology in health sectors. Further, the trend of emerging technologies in digital imaging and artificial intelligence upgrades the productivity of diagnosis and quality. An aging population coupled with an increasing desire to prevent future healthcare problems through frequent image studies boosts the demand in this market. Strengthened radiology departments and the use of advanced technologies in healthcare facilities are sure to propel the medical X-ray market forward.

Market Overview

The medical X-ray market is characterized by stable levels of demand-supply balance due to the ongoing technical progress and enhancement of the need to diagnose diseases accurately. The growing incidence of chronic diseases such as cardiovascular diseases and cancers has been a major driving factor for X-ray imaging systems in hospitals and diagnostic centers. It enhances the accuracy of diagnostics and comfort for a patient, therefore, pushing the growth curve of the market. Rising healthcare costs and the government’s efforts to modernize and strengthen the health infrastructure in emerging markets are likely to drive demand for X-ray systems. Overall, the Medical X-ray market is set to grow exponentially, riding the wave of innovation and increased focus on patient care.

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Key Players:

• GE Healthcare
• Siemens Healthcare GmbH
• CANON MEDICAL SYSTEMS CORPORATION
• FUJIFILM Holdings Corporation
• Shimadzu Corporation
• Koninklijke Philips N.V.
• SAMSUNG ELECTRONICS CO., LTD.
• Carestream Health
• Mindray Medical International Limited
• FUJIFILM SonoSite, Inc.
• Hologic, Inc.
• New Medical Imaging
• AGFA
• Siemens Healthineers AG
• Canon Medical Systems
• Carestream

Medical X-ray Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 14.25 Billion
Market Size by 2032	USD 24.50 Billion
CAGR	CAGR of 6.22% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Report Scope & Coverage	Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments	• By Drug Type (Benzodiazepines, Nonbenzodiazepines, Antidepressants, Orexin Antagonists, Melatonin Antagonists, Other Drug Types) • By Application (Insomnia, Sleep Apnea, Narcolepsy, Circadian Disorders, Other Applications)
Key Drivers	• The rising prevalence of sleep disorders poses significant challenges to health and the economy.

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Segment Analysis

By Product Type

The static segment dominated the Medical X-ray market in the year 2023, with a market share of around 60.0%. Reliability and efficiency for almost all medical applications – from routine diagnostics to very specialized imaging – are the reasons why static X-ray systems are widely used in hospitals and clinics. This also makes the established technology very user-friendly, making it a preferred one in the healthcare sector.

On the other hand, the dynamic component would more likely be the one with the fastest growth, and it is foreseen to increase by about 10% in the next couple of years. Growth comes indirectly from the increased number of interventional procedures requiring constant monitoring and from the rising technology that improves the efficiency and accuracy of dynamic imaging systems.

By Application

The cardiovascular application segment comprised around 35.0% of the Medical X-ray market share in 2023, primarily due to the increasing prevalence of diseases of the cardiovascular system and the demand for improved diagnostic equipment. Medical X-rays are vital for detecting several heart diseases, and hence, they often find more applications in hospitals and diagnostic centers.

The oncology application segment is expected to grow at the fastest rate with about a CAGR of 12% in the coming years. The sharply increasing cancer incidence rates in the global arena, along with the need for early diagnosis for optimal planning of treatment, are fueling these segments. The enhancements in imaging technologies significantly enhance the accuracy of diagnostics in cancerous conditions and form one of the most promising fields of investment for the future.

Regional Analysis

Asia Pacific

Asia Pacific stood as the market leader in 2023 in the Medical X-ray market, taking a high percentage of the market share with increased investments in the health sector and superior imaging technologies. Fast growth is going on in the healthcare infrastructure of countries like China and India, hence demanding X-ray systems there. In addition, welfare schemes initiated by governments to improve the health scenario and quality are fueling further expansion of the market. Some of the major players in the market, such as Siemens Healthineers and GE Healthcare, are focusing on local manufacturing and partnerships to have a major foothold in this region.

North America

North America will again be the biggest market for medical X-rays due to an enormous volume of emergency patient visits and a relatively favorable reimbursement environment for diagnosis imaging. Significantly, most demand for digital X-ray systems across the United States originates in emergency departments where 35.0% of all visits result in diagnostic imaging. Significant players, such as Canon Medical Systems and Fujifilm Holdings Corporation, are engaged in launching new products and technologies that will satisfy the increasing demand for this region.

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Recent Development

February 2024: DeepTek.ai released an AI-driven chest X-ray solution, named Augmento X-Ray, at the Radiology Society of North America’s 109th Annual Meeting.

April 2023: Shimadzu Corporation released the EZy-Rad Pro radiography system specifically designed for clinics with increased ease of operation for healthcare personnel and thus reduced burden on the patient.

January 2024: Canon Medical Systems and Olympus collaborated to create Endoscopic Ultrasound Systems for better diagnosis of the patient.

August 2023: Union Minister Dr. Jitendra Singh launched India’s first low-cost, lightweight, and ultrafast High Field (1.5 Tesla) MRI Scanner manufactured domestically here in New Delhi.

Dec 2023: Siemens Healthineers announced further “Make in India” expansion with local manufacturing of the Multix Impact E Digital Radiography X-ray System.

Mar 2024: GE Healthcare launched its new Revolution Apex CT scanner, offering advanced AI capabilities that improve diagnosis accuracy and efficiency.

Table of Contents – Major Key Points

1. Introduction

• Market Definition
• Scope (Inclusion and Exclusions)
• Research Assumptions

2. Executive Summary

• Market Overview
• Regional Synopsis
• Competitive Summary

3. Research Methodology

• Top-Down Approach
• Bottom-up Approach
• Data Validation
• Primary Interviews

4. Market Dynamics Impact Analysis

• Market Driving Factors Analysis
• PESTLE Analysis
• Porter’s Five Forces Model

5. Statistical Insights and Trends Reporting

• Incidence and Prevalence (2023)
• Prescription Trends, (2023), by Region
• Device Volume, by Region (2020-2032)
• Healthcare Spending, by Region, (Government, Commercial, Private, Out-of-Pocket), 2023

6. Competitive Landscape

• List of Major Companies, By Region
• Market Share Analysis, By Region
• Product Benchmarking
• Strategic Initiatives
• Technological Advancements
• Market Positioning and Branding

7. Medical X-ray Market Segmentation, by Product Type

8. Medical X-ray Market Segmentation, By Application

9. Medical X-ray Market Segmentation, by Technology

10. Medical X-ray Market Segmentation, By End User

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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