The digital X-ray devices market is projected to register a CAGR of 10.9% during the forecast period. Market growth can largely be attributed to factors, such as the increasing occurrence of orthopedic diseases and cancers, increasing spectrum of applications, the advantages of digital X-ray systems over conventional X-rays, technological advancements, and product development.
The major advantages of digital imaging are cost-effectiveness and easy accessibility. The hospitals are able to cut the cost by lowering the film price, reducing the requirement of storage space, and decreasing the number of people required to run the services and archive sections. The images are also instantly available for distribution to the clinical services without the time and physical effort needed to retrieve film packets, and reviewing previous imaging on a patient is much easier.
Digital X-rays expose approximately 70-80% less radiation than conventional X-rays. This is hugely beneficial for the long-term health of patients, especially pregnant women or patients who are already suffering from illness, thus ensuring safety. With the help of digital X-rays, dentists can now easily recognize oral issues, which is leading to a declining need for an invasive investigation at the diagnosis stage. Additionally, digital radiography safely stores patient X-rays, resulting in no loss from the holders. All the aforementioned factors are currently augmenting the growth of the digital X-ray devices market.
Key Market Trends
Portable Systems is Expected to Witness a High CAGR During the Forecast Period
Portable X-ray has been a useful tool for the diagnosis and monitoring of patients in the healthcare setting, where the transfer of patients to the radiology department is difficult. The major benefits associated with these systems are the ease of use and versatility. These X-ray systems can be operational with little to no construction costs.
The portable X-ray machine has potential to overcome location barriers and benefit patients who are in life-threatening situations and require immediate treatment wherever they are, possibly needing an on-the-spot diagnosis.
Asia-Pacific is Expected to Register a High CAGR During the Forecast Period
In Asia-Pacific, the market is mainly driven by a growing geriatric population, particularly in Japan, increasing disposable incomes, allowing for greater affordability to advanced technologies, the rising prevalence of target diseases, and favorable government initiatives. Various conferences have been organized in Asia-Pacific to build awareness regarding radiology and imaging equipment, which also help in driving the market for digital X-ray devices in the region.
The Asia Pacific region also contributes favorably to the medical tourism, as well as to the digital X-ray devices market.
The digital X-ray devices market is consolidated, and a few companies are currently dominating the market. These companies include GE Healthcare, Koninklijke Philips NV, Fujifilm Holdings Corporation, Siemens Healthineers, and Canon Medical System Corporation (Toshiba). The competition in the market is majorly based on technological advances and the pricing of digital X-ray equipment.
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