Global digital X-ray devices market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Increasing Demand for Electronics Diagnostic Reports Underpins Digital X-ray Devices Market Growth
Advanced X-ray machines called digital X-ray machines create digital radiographic images directly on computers. These machines use X-ray sensitive detectors and plates to immediately capture an image during screening and transfer it without using a cassette to a computer screen. Shorter radiation exposure times, greater detail detectability, improved signal-to-noise ratio (SNR) and linearity, and simple electronic information delivery to consumers are just a few of the benefits of digital X-ray. By establishing new safety and accuracy requirements in the identification of tiny peripheral lung wounds, Philips reported in October 2021 that a clinical trial study led by Radboudumc had reached a significant milestone and produced promising findings. The study serves as a brand-new, cutting-edge clinical diagnostic benchmark for early-stage lung cancer. The need for electronic diagnostic reports is rising, along with the number of chronic diseases like cancer, diabetes, and orthopedic problems. These factors collectively, coupled with significant innovations in diagnostic technologies, are propelling the global digital X-ray devices market.
During the projected period, increased product development will also contribute to the industry's growth. Rising government initiatives supporting X-ray device R&D and expanding partnerships between medical device and IT firms are boosting the market. To improve the performance and adaptability of the image, Canon Medical released a new mobile digital X-ray system in August 2020. The features of this system can simplify bedside examination to improve productivity and workflow. Although digital X-ray systems provide multiple benefits, the main thing that could slow the digital X-ray devices market expansion for these devices is the high upfront cost of putting the required infrastructure into place. On the other hand, it has a stellar reputation for long-term return on investment. As a result, upgrading to digital radiography calls for a large upfront cost. Additionally, if the clinic or hospital lacks an X-ray source, the cost of installing new equipment will be significantly impacted because it necessitates new wiring, shielding, and other infrastructure upgrades. Therefore, these obstacles inhibit market growth.
Digital X-ray Devices Market: COVID-19 Impact
The use of digital X-ray technology has been significantly impacted by Covid-19. Lung screening methods increased as a result of the COVID-19 outbreak. The unexpected surge of patients who were infected with COVID increased the need for X-ray diagnosis techniques all over the world. The research and production of modern technology-based X-ray devices in the digital X-ray devices market caught the attention of medical device businesses due to the rising need for sensitive and effective X-ray diagnostic processes. The COVID-19 outbreak significantly increased the need of diagnostic imaging since patients who were critically ill needed X-ray lung diagnosis. For instance, Agfa Healthcare introduced its new SmartXR product in December 2020. This artificial intelligence-based digital radiography portfolio solution will offer precise help throughout common radiology procedures. Significant market participants now have the chance to produce digital X-ray devices.
Growing Incidence of Cancers, and Orthopedic Conditions Fuels Digital X-ray Devices Market Growth
More than 91 million persons in the United States were predicted to have arthritis in 2019, according to a report from the Arthritis Foundation. Living with arthritis in 2017; by 2040, this number is expected to rise by 49%. The same study also found that over 80% of Americans had experienced low back pain at least once, and that between 40 and 85 percent of patients with chronic low back pain have lumbar spine osteoarthritis. X-rays are the primary diagnostic tool used by orthopedic surgeons to identify these orthopedic illnesses. Bones can be seen on X-rays, which are always used to identify fractures and joint dislocations. Therefore, the rise in these illnesses will raise the use of digital X-ray equipment and spur digital X-ray devices market expansion. As part of radiation therapy to eliminate the tumour, X-ray therapies are also used to treat a variety of cancers. In the early stages of cancer, X-ray machines are also regarded as a crucial diagnostic tool.
Climbing Rate of Sport Injuries Accelerates Digital X-ray Devices Market Growth
Due to growing sports participation or transportation, severe injuries are continuously rising throughout the world. These injuries are frequently identified using a variety of imaging technologies, including X-ray, ultrasound, and MRI. One of the most used diagnostic methods for injuries to the bones, hands, and joints is an X-ray. According to a February 2020 article by Sarah Megginson, 62% of Australian adults (89% of the population) play sports at least three times per week. Additionally, according to the Australian Institute of Health and Welfare's 2017 report, nearly 60,000 Australians were hospitalised due to injuries sustained while participating in sports. Another study conducted by Cary Orthopedics and released in June 2018 found that sports-related injuries to high school athletes result in 500,000 medical visits and 30,000 hospitalizations each year. The demand for internal extremity diagnosis is increasing along with the amount of serious injuries, which will propel digital X-ray devices market expansion.
High Costs of Installation Remain a Major Restraint Facing Digital X-ray Devices Market
Although digital X-ray systems provide multiple benefits, the main thing that could slow the market expansion for these devices is the high upfront cost of putting the required infrastructure into place. On the other hand, it has a stellar reputation for long-term return on investment. As a result, upgrading to digital radiography calls for a large upfront cost. Additionally, if the clinic or hospital lacks an X-ray source, the cost of installing new equipment will be significantly impacted because it necessitates new wiring, shielding, and other infrastructure upgrades. Therefore, these obstacles inhibit digital X-ray devices market growth.
Hospitals Dominate Global Digital X-ray Devices Market
Hospitals controlled the digital X-ray devices market and made up the largest portion of revenue. A significant source of income in outpatient settings is the X-ray system, and there is a growth in the number of patients visiting hospitals with various chronic illnesses. As a result, hospitals constantly install and update these systems. In addition, the growing collaborations between hospitals and industry actors will probably increase demand for new installations in the years to come. For instance, in February 2021, Swiss hospital Kantonsspital Baden and Siemens Healthineers established a cooperation for the purchase and upkeep of imaging systems, training initiatives, and research support. During the forecast period, the diagnostic imaging centre segment is anticipated to expand significantly. A wide variety of diagnostic and preventative healthcare treatments are offered by imaging centres. Most hospitals don't have the room needed for specialised imaging equipment rooms, which also cost a lot of money and need regular upkeep.
Computed Radiography Dominates Digital X-ray Devices Market Based on Lower Initial Costs
The digital X-ray devices market was dominated by the Computed Radiography (CR) sector, which also represented the biggest revenue share. Due to its cheaper startup expenses, in 2021. With cassette-based Phosphor Storage Plates (PSP), CR is the first digital radiography system to replace conventional X-ray film radiography. This system offers a number of advantages, including the elimination of consumables and a significant reduction in image production time. Computed radiography has been shown to be in great demand in underdeveloped nations, where the uptake of new technologies is sluggish. Over the projection period, the Digital Radiography (DR) category is anticipated to develop at the fastest rate. Since this system uses flat panel detectors to provide high contrast resolution images with less ionising radiation, the demand for DR is increasing (FPD). Additionally, this technology is smaller, more effective, and capable of quick image viewing. Increasing end-user adoption of DR technology to improve workflow is anticipated to fuel the segment's growth over the course of the forecast period.
North America Dominates Digital X-ray Devices Market on Account of Higher Adoption of Modern Technologies
In 2021, North America held control over the global market and generated the biggest revenue share. Some of the elements affecting the digital X-ray devices market are strong purchasing power, a fair reimbursement system, the growing acceptance of modern technologies, and improved healthcare infrastructure. For instance, Shimadzu Medical Systems USA announced in August 2021 that Benefis Orthopedic would house the first installation of its RADspeed Pro style version with GLIDE Technology, DR system in North America. The market is anticipated to grow at the quickest CAGR in Asia Pacific during the projected period because of the region's booming need for enhanced imaging tools and enticing government action to modernise its healthcare system. The rapidly growing economies and improved healthcare systems in Southeast Asian countries, China, Japan, and India are expected to boost growth. For instance, according to Sam Radwan of ENHANCE International, China's projected healthcare spending in 2050 may be higher than the entire GDP of Germany in 2020. In addition, it is anticipated that the ageing population and rising frequency of chronic diseases will boost market expansion in the Asian Pacific region.
Global Digital X-ray Devices Market: Competitive Landscape
Fujifilm India Private Limited announced the introduction of their mobile digital radiology system, the FDR nano, in March 2021. This device is around 80% lighter than conventional mobile X-rays. The FDR nano mobile digital radiology system, which weighs around 80% less than conventional mobile X-rays, was introduced by Fujifilm India Private Limited in March 2021.
A few of the players in the digital X-ray devices market include Carestream Health, Fujifilm Holdings Corporation, Samsung Electronics Co. Ltd (Samsung Healthcare), General Electric Company (GE Healthcare), Hologic, Inc, Koninklijke Philips N.V., Hitachi, Ltd., Shimadzu Corporation, Siemens Healthcare GmbH, Canon Medical Systems Corporation (Toshiba Corporation), and Agfa-Gevaert Group.
Global Digital X-ray Devices Market is Segmented as Below
By End Users
By Price Range
Key Elements Included In The Study: Global Digital X-ray Devices Market
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