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Wednesday, 27 July 2016
Research Report explores the Global X-Ray Equipment Market 2023, Credence Research
The latest market report published by Credence Research, Inc. “Global X-ray Equipment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2022,” the x-ray equipment market was valued at USD 8,495.9 Mn in 2015, and is expected to reach USD 11,752.2 Mn by 2022, expanding at a CAGR of 4.71% from 2016 to 2022.
The electromagnetic ionizing radiation that possesses diversified applications in several industries is known as X-ray. In healthcare industry, X-ray devices account for the largest share of the diagnostic imaging market due to key market driving factors such as aging population, technological and infrastructural developments, rising prevalence of lifestyle diseases. It was also observed that the demand for portable and mobile X-ray equipments along with other diagnostic imaging devices has increased immensely in the last few years and is expected to show significant growth due to its convenience in use.
The market experts suggest that, the opportunities observed in x-ray market are need of improved diagnosis for aging population, and rising public awareness associated with early disease diagnosis. However, a few market challenges such as achieving competitive advantage in such a mature market are difficult for new market players and high costs of advanced devices could result in lower adoption rates. Moreover, existence of large population with unmet needs in most of the emerging economies of the world would continue to provide future opportunities for the growth of the market during the forecast period 2016 – 2022.
The key market leaders in x-ray equipment market are GE Healthcare, Philips and Siemens. However, globally the x-ray equipment market comprises approximately 40 notable players. Shimazdu Corporation is an Asia-based manufacturer that holds a significant market position in the X-ray devices market in 2015, due to increased adoption of their manual and motorized mobile X-ray systems. Other players involved in the x-ray equipment market are Fujifilm Holdings Corporation, Agfa-Gevaert N.V., MinXRay, Inc., Konica Minolta, Inc., Hologic, Inc., Hitachi Medical Corporation, and Varian Medical Systems, Inc. Thus, the well established companies with huge capital reserves are expected to dominate the market throughout the forecast period.
Key Market Movements:
High prevalence and increasing incidence of cardiovascular, pulmonary, oral (dental) diseases and other diseases across the world
New, improved and technologically advanced x-ray systems are being commercialized globally
Rapidly aging global population accompanied with increased health care needs
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