X-ray Market to Gain Revenue Worth US$11.79 Billion by 2022, Says TMR

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Mar 14, 2019, 07:00 ET

ALBANY, New York, March 14, 2019 /PRNewswire/ -- According to experts from TMR, the global X-ray market is expected to gain revenue worth US$11.79 bn by the end of 2022, elevating up from a valuation of US$7.89 bn in 2013. Experts project this growth to occur at a promising CAGR of 4.50% during the forecast period from 2014 to 2022.

Among various products, growing demand for portable X-ray technologies is expected to boost the global X-ray market. This is because of their wide range of applications in the home healthcare segment, coupled with their use since ages in both developing and mature market. Region wise, North America is expected to account for a leading share in the global X-ray market in the coming years. This is attributed to flourishing healthcare industries and growing population suffering from various orthopedic disorders in the region.

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Rising Use of X-ray Machines in Hospitals to Fuel Market Growth

X-rays are mainly an electromagnetic ionizing radiation, which is widely adopted in various hospitals and healthcare industry. Incorporation of advanced technologies in X-ray machines has enabled the integration of portability and various analytical procedures. With such implementation of technologies, X-ray detection has evolved to become more effective, safe, and easy to handle. X-ray machines enables medical professionals in detecting various somatic issues and trauma. Such machines also helps in diagnosis and treatment of cancer, bone-related problems, neurological problems, and cardiac diseases. Such USPs are majorly driving the global X-ray market.

Furthermore, various other factors also fueling growth in the global X-ray market includes rapidly changing lifestyles, and rising occurrences of several vertebral diseases. Along with these, due to rapid technological advancements, the demand for mobile and portable X-ray devices are also rising day by day. Such factors are also propelling growth in the global X-ray market.

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With a few leading players acquiring most of the shares, the global market for addiction treatment demonstrates a consolidated and a competitive business landscape, states a new research report by Transparency Market Research (TMR). The market is majorly led by Cipla Ltd., Alkermes plc, Allergan plc, Pfizer Inc., GlaxoSmithKiline plc, Orexo AB, Mallinckrodt, Purdue Pharma L.P, and Reckitt Benckiser. These market participants are likely to focus on innovation and technological advancements in their offerings in order to gain a competitive edge over their peers, notes the market study.

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Poor Quality of X-rays May Hinder Market Growth

A few challenges hindering the growth of the global X-ray market mainly include the presence of poor x-ray quality. This could lead to flawed diagnosis, weak machinery, and bad printing quality of X-ray machines. Nonetheless, growing incidences of genitourinary and gastrointestinal disorders is believed to help industry players overcome these challenges in the near future.

The global X-ray market holds a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is because of a large number of small- and large-scale companies operating in the X-ray market. Hitachi Medical Corporation, GE Healthcare, Agfa-Gevaert, Canon, and Toshiba Corporation are the leading players in the global X-ray market.

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A key strategy adopted by players in the global X-ray market to retain their dominance over the market includes constant product improvement along with providing quality services for satisfying consumer preferences. The leading vendors in the market have taken various initiatives on the marketing front to enhance their growth prospects. The rivalry among players is getting intensified due to the entry of several small and medium sized firms who are looking for fundamental policies and strategies to strengthen their foothold in the market. Moreover, many new and emerging market vendors are bidding on local markets to sustain themselves amidst hard competition.

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