The X-ray machine manufacturing market is expected to register a CAGR of 6.8% over the forecast period. Advanced digital solutions have revolutionized medical imaging by offering better image quality, faster processing time and dose reduction advantages over the conventional systems. Thus, the increasing patient preference towards x-rays for non-invasive and painless disease diagnosis will favor business growth.
– Further, the increasing incidence of cardiovascular, respiratory, gastrointestinal, genitourinary, and several other disorders, is one of the major driving factors. Additionally, the global aging population and commercialization of new, improved, and technologically-advanced X-ray machines would fuel the demand.
– For instance, in July 2018, New Zealand scientists performed the first 3-D, color X-ray on a human, which would improve the field of medical diagnostics. This color X-ray imaging technique could produce clearer and more accurate pictures and help doctors give their patients more accurate diagnoses. Such innovations are going to supplement the market growth.
– In addition to the above factors, rising security concerns related to consecutive threat and activities, such as illegal arms shipping and drug trafficking, are other key factors driving the X-ray security screening systems, thereby, contributing to the higher adoption rate of X-ray machines.
– However, on the flip side, high equipment cost along with the risk of radiation exposure from the X-ray machines might hinder medical X-ray business growth to some extent in the foreseeable future.
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Scope of the Report
X-rays are a form of electromagnetic radiation, which has higher energy and can pass through most objects. X-ray being the most effective and conventional diagnostic tool and digitization in the x-ray has observed a strong position in diagnostic laboratories worldwide. The demand for X-rays machine is increasing in various verticals like healthcare, security, etc, Compliance with security measures and increasing government regulations to develop better security infrastructure are expected to have a positive impact on the industry. Awareness regarding early disease detection and treatment will augment the medical X-ray industry growth.
Key Market Trends
Healthcare Sector to Witness a Significant Growth
– Healthcare industry is expected to propel in future due to the advancements in technology as x-ray detection has evolved to become more safe, effective and easy to use. Nowadays, the world is moving toward automation and with Artificial Intelligence into the picture, the future of X-ray machines are growing.
– Further, in developing countries like India, rising incomes, easier access to high-quality healthcare facilities and greater awareness of personal health and hygiene are supporting the growth of the healthcare industry.
– Along with that, the greater penetration of health insurance aided the rise in healthcare spending. Along with that, with the increasing demand for affordable and quality healthcare, penetration of health insurance is poised to grow exponentially in the coming years. Increasing healthcare cost and burden of new diseases along with low government funding are raising demand for health insurance coverage.
– Further, the Government of India is planning to increase public health spending to 2.5 percent of the country’s GDP by 2025. In addition, it would also encourage other emerging economies to increase their spending.
– Hence all the factors will help in the growth of healthcare sectors which in return will create an opportunity for x-ray machine manufacturing market.
Asia-Pacific to Execute the Fastest Growth Rate
– Asia-Pacific X-ray machine market will witness lucrative growth during the forecast period. Presence of a large patient pool in densely populated nations such as India and China will act as the primary driver in the regional business growth. The demand for increasing in technology
– According to the India Brand Equity Foundation, the hospital industry in India is forecasted to increase to Rs 8.6 trillion (USD 132.84 billion) by FY22 from Rs 4 trillion (USD 61.79 billion) in FY17 at a CAGR of 16-17 %.
– It is also stated that the cost of surgery in India is about one-tenth of that in the US or Western Europe. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of the population.
– In September 2018, the world’s largest government-funded healthcare scheme was launched by Prime Minister of India “Ayushman Bharat”. Ayushman Bharat is funded with 60 % contribution coming from the Centre and remaining from the states.
– All the above factors will help in increasing healthcare sector in India which in return will supplement the growth of X-ray machines in the health industry which in turn will boost the market for the manufacturers in these regions.
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The X-ray machine manufacturing market is fragmented because of the presence of some major global players which dominates the major market. Some of the key players in this market are GE Healthcare, Philips Healthcare, Canon Inc, Hitachi Medical among others. The market is not only influenced by the price but also influenced by product performance. The leading companies own the advantages on better performance, more abundant product’s types, better technical and impeccable after-sales service.
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