Global X-ray Detectors Market to Garner a Revenue of $7,426.5 Million, Growing at a CAGR of 4.60% during 2021-2028 - Exclusive Report [194 Pages] By Research Dive

The global x-ray detectors market is predicted to undergo huge growth in the coming years. The Asia-Pacific market for x-ray detectors is projected to dominate the global industry. Computed radiography type sub-segment for x-ray detectors market anticipated to have a dominant market share.

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Aug 26, 2021, 08:00 ET

NEW YORK, Aug. 26, 2021 /PRNewswire/ -- Research Dive has published a report titled "Global X-ray Detectors Market by Type (Flat Panel Detectors, Line-Scan Detectors, CCD Detectors and Computed Radiography), Application (Medical Application, Security Application, Dental application, Industrial application and Veterinary application), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".

The Global X-ray Detectors Market is projected to garner $7,426.5 million in the 2021-2028 timeframe, growing from $5,222.6 million in 2020 at a healthy CAGR of 4.60%.

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Regional Analysis: X-ray Detectors Market

Asia-Pacific X-ray Detectors Market held a significant position in the x-ray detectors market in 2020 and it is expected to grow at a notable CAGR of 5.40% during the forecast period. The significant growth of the market can be mainly attributed to an increase in the number of individuals in Asian countries including China, India, and Japan suffering from various ailments such as cardiovascular disease, cancer, and pneumonia. In addition, increased medical tourism and healthcare spending are anticipated to boost the Asia-Pacific x-ray detectors market in the upcoming years.

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Key Segments of the Market

The report has divided the market into type, application, and region.

In the type segment, the computed radiography type sub-segment of the global x-ray detectors market is anticipated to be most lucrative and surpass $2,115.10 million by 2028. Instead of using traditional photographic film to capture digital illnesses, computed radiography uses a flexible phosphor Imaging Plate (IP). Additionally, computed radiography provides a safer working environment, a simpler workflow, and is a chemical-free technique. All of these factors are projected to benefit computed radiography x-ray detectors, and eventually fuel the growth of the market.
In the application segment, the medical application sub-segment of the global x-ray detectors market is anticipated to be the most profitable and garner $3,045.90 million by 2028. The growth of the market can be majorly attributed to the increase in the number of people suffering from various ailments, such as oncology, cardiovascular disease, and other disorders. Furthermore, x-rays are commonly used to diagnose a variety of diseases, including blocked blood arteries, breast tumors, an enlarged heart, fractures, bone cancer, digestive issues, and lung ailments. All of these factors are projected to propel the demand for retail stores and eventually fuel the growth of the market.

Impact Analysis of COVID-19 on the Global X-ray detectors Market

Despite the fact that the novel coronavirus epidemic devastated various businesses, the x-ray detectors market has experienced significant growth during this time due to their application in diagnostic imaging centers. Furthermore, doctors are employing chest x-rays to treat individuals who are at a higher risk of developing sickness during the pandemic. As a result, the value of x-ray detectors has increased dramatically. This factor is projected to fuel the growth of the market.

Furthermore, several studies are being conducted during the pandemic to assist society in recovering from the chaotic situation through strategic plans and steps. For example, Louisiana State University Health Sciences Center New Orleans declared in September 2020 that they had conducted a study on roughly 400 people to study the effects of COVID-19. They examined RT-PCR and chest x-rays and discovered that during the pandemic, chest x-rays were 96.6 percent accurate for SARS-CoV-2. The aforementioned factors indicate that the pandemic is estimated to generate significant investment opportunities in the market in the analysis period.

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Dynamics of the Market

The global x-ray detectors market is booming, owing to an increase in the use of x-ray detectors for orthopedic and other disorders. X-ray detectors are frequently used by orthopedists to obtain clear images in order to diagnose a disease or damage. Moreover, according to a research article by Dominic Carreira, MD, X-ray imaging plays a critical function in orthopedic examinations in determining disease diagnoses for their patients, thereby boosting the adoption of x-ray detectors.

The introduction of x-ray detectors into industrial applications is already driving market players to develop new marketing techniques to attract clients. Varex, a major player in the x-ray inspection business, for example, announced in May 2019 that two new x-ray detectors, the 3020DXV-I and 3030DXV-I, will be available. They are designed in such a way that they can provide application inspection services and industries. These types of initiatives from market leaders are expected to drive the market growth.

One of the major limitations to the growth of the global x-ray detectors is the high cost of the x-ray detectors. Furthermore, prolonged x-ray exposure can result in a variety of side effects such as fainting, hair loss, vomiting, and bleeding. As a result, such factors are estimated to have a negative impact on market growth during the projected timeframe.

Top 10 Key Players of X-Ray Detectors Market and their Strategies Development:

The most significant players of the global x-ray detectors market include –

Koninklijke Philips N.V
Siemens AG
Thales Group
General Electric, Inc.
Rayence Inc.
Orvee Medical Solutions
Varex Imaging Nederland B.V.
Carestream Health
Trixell
Toshiba

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For instance, in March 2021, Canon Inc. has introduced "Built-in AEC1 assistance" technology for digital radiography (DR) 2. The device's X-ray image sensor employs identical elements capable of performing either image generation or real-time detection of the pixel value3 corresponding to emitted X-rays, alerting the X-ray generator when the pixel value reaches a preset value.

These industry players are focusing on developing several strategies such as mergers & acquisitions, partnerships, and product launches to promote to the expansion of the market.

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