The global geriatric population is estimated to increase by nearly 60% in the next 15 years. By 2030, the total number of people above the age of 65 is expected to be more than a billion, i.e. the geriatric population is expected to represent 12% of the global population. Additionally, by 2050, this number is likely to cross 1.6 billion or 16.7% of the total population.
According to the WHO, life expectancy is increasing for the human race. By 2050, the world’s population, aged 60 years and older, is expected to reach a total of 2 billion. As of 2018, 125 million people were aged 80 years or older. By 2050, 80% of the total geriatric population is expected to live in low- and middle-income countries.
The aging process is commonly associated with the onset of increased risks of chronic diseases and weakness in the bones and muscles.
Elderly patients face high risks of developing various disorders, such as orthopedic disorders, lung problems, and abdominal disorders.
Due to a rapid increase in the geriatric population, the prevalence of age-associated disorders has witnessed an increase, which, in turn, has resulted in the expansion of the market.
Key Market Trends
Digital X-ray is Expected to Hold the Largest Share of the Market in the Technology Segment
In the present scenario, the adoption rate of digital x-ray systems is not (or close to) 100%, in spite of their advantages over the analog systems. However, this scenario is expected to change soon, and the x-ray devices market is likely to be almost completely dominated by digital x-ray systems in the future. Although the cost-benefit ratio of a digital x-ray system may not work well in the emerging markets, manufacturers are making efforts to bring down the prices, keeping in view the resistance of users to switch from analog to digital, due to high cost.
Digital X-ray has the largest share in the market, owing to factors, such as its high patient throughput rates, fast image acquisition rates, good image quality, and low radiation risks. Furthermore, rise in government focus on high-quality diagnostic imaging, combined with efforts of manufacturers, in order to release a low-cost variant or to ensure price reduction of existing digital products, is also driving the growth of digital x-ray systems.
North America Dominates the Market and Expected to do the Same in the Forecast Period
North America is the largest market for portable x-ray devices, owing to the presence of leading medical device manufacturers and growing awareness regarding preventive care and early diagnosis, which are augmenting the demand for portable x-ray devices in the region. The market growth in North America can be attributed to the use of portable x-ray devices in multiple fields of medicine. These devices can be used in emergency medicine, in-patient services, musculoskeletal, and cardiology.
The competition in the market is set to intensify, as several key players are focusing on the expansion of their portable x-ray devices portfolios through acquisitions of and collaborations with other companies. The market is expected to open up several opportunities for new players, as well as the currently established market leaders. The key players in the market include Canon Medical Systems, General Electric Company, Koninklijke Philips NV, and Shimadzu Corporations, among others.
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