Medical X-ray Market Study by Regional Outlook and Competitive Landscape to 2027

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Medical X-ray Market Trends Information and
Competitive Landscape Scenario to 2027

• Researchers at Northwestern University have
  designed a new AI-based platform that analyses
  lung X-rays and detects COVID-19. The
  machine-learning (ML) algorithm, named
  DeepCOVID-XR, was able to outperform a team of
  expert thoracic radiologists in identifying the
  Sars COV-2 virus in lung X-rays with an accuracy
  of 5 over its human counterparts. This
  breakthrough research will help physicians use
  this system for rapid screenings for non-COVID
  patients and for detecting the harmful virus in
  healthcare workers and possible COVID-19 patients
  to accelerate the isolation process. Such
  advancements are anticipated to spur the demand
  for medical x-ray devices and in turn, complement
  the industry expansion.
• According to a research report published by
  Global Market Insights Inc., the medical X-ray
  market size is predicted to surpass USD 19.5
  billion by the end of 2027. The growth can be
  attributed to increased benefits of medical
  x-rays over other imaging diagnosis devices.

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• Governments of developed nations are investing
  heavily in the healthcare sector. Also, there has
  been a significant rise in the disposable income
  of the population across the world. Patients are
  increasingly getting aware of diagnosing diseases
  at earlier stages and are preferring x-rays for
  non-invasive diagnosis, thus increasing the
  demand of the medical x-ray market.

• Technologically, the market is categorized into
  direct radiography, computed radiography and
  film-based radiography. The direct radiography
  segment held a market share of around 42 in
  2020. This revenue share can be credited to many
  benefits it offers over traditional technologies.
  Direct radiology electronically saves and shares
  images without using films and chemicals,
  increasing its preference in the healthcare
  sector.

• The portable medical x-ray devices segment
  registered a revenue of over USD 5.4 billion in
  2020 and will witness a substantial rise in
  demand through the forecasted timeframe. The
  growth is attributed to the increased necessity
  for point-of-care diagnostics. Soaring research
  development activities for developing portable
  devices will propel the segment growth.

• In case of applications, the orthopedic segment
  is likely to showcase a CAGR of over 5.5 over
  the forecast period. Incidences of osteoporosis
  are on a rise amongst females as their bones
  weaken with age.

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• Regional Analysis

• Asia Pacific market is predicted to exhibit a
  CAGR of over 7 through 2027. With growing
  population, there is a significant rise in the
  number of patients diagnosed with chronic
  diseases. Medical x-rays play an important role
  in getting an appropriate diagnosis for such
  disorders. With increasing disposable income, the
  population of the region can afford these
  treatments resulting in the stimulation of
  industry growth.

• Competitive Analysis

• The competitive landscape of the medical x-ray
  market consists of Carestream Health, Siemens
  Healthcare, Hologic, Canon Medical Systems,
  Neusoft Medical Systems, Konika Minolta, Hitachi
  Medical, GE Healthcare. Many key players are
  merging and acquiring other players to strengthen
  their market position. For instance, Fujifilm, in
  December 2019, bought the medical imaging
  business of Hitachi for a value of around USD
  1.56 billion. This move has given Fujifilm some
  competitive edge over other major players in the
  market. Such strategic decisions prove beneficial
  for key players in expanding their business
  operations across the world.

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