PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1546370
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1546370
The global digital radiography market is projected to reach USD 1.9 billion by 2029 from USD 1.6 Billion in 2024, at a CAGR of 3.5% during the forecast period of 2024 to 2029. Growing prevalence of chronic diseases and high demand for early and more accurate diagnostics have driven the application of digital radiography for all healthcare facilities globally. Further, the digital radiography market is determined to grow with continuous development in the technology and increase in government policy initiatives plus investments in the healthcare infrastructure. Overall, all these factors enter into the expansion of the digital radiography market, as the very nature of medical imaging practice is under constant innovation.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | Product, Type, Application, End User, and Region |
Regions covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
"The fixed digital radiography system segment to hold the largest share and growth over the forecast period of the market by 2029."
The global digital radiography market can be broadly segmented based on product into fixed digital radiography systems and portable digital radiography systems. By 2023, Fixed digital radiography systems are likely to acquire a huge market share as their adoption continues to increase for the assessment of better image quality. Besides, a range of factors, like the growing impetus on value-based healthcare models, also becomes one of the key drivers. In the near future, fixed DR systems are likely to play a very important role in enhancing patient outcomes while containing rising healthcare costs through a combination of high-resolution imaging and fast processing times.
"It is expected that the segment of digital systems would grow at the highest CAGR during the forecast period"
The segmentation of the digital radiography market includes retrofit digital systems and new digital systems. In 2023, the segment for new digital systems held the largest share in the market. Moreover, incorporation of advanced technologies like Al and machine learning in new digital systems will further increase their diagnostic capabilities, thus, driving their adoption among healthcare providers. In addition to this, favorable government regulations and incentives to adopt digital imaging technologies, and increasing demand for advanced healthcare services are the other factors driving the growth of the new digital segment in the digital radiography market.
"In terms of application, the chest imaging segment held the largest share of the market in 2023"
Based on application, the digital radiography market is broadly segmented into chest imaging, cardiovascular imaging, orthopedic imaging, pediatric imaging, and other applications. It is anticipated that chest imaging dominated the largest market share of approximately in 2023. Growth of chest imaging in the digital radiography market is basically fueled by some of the key factors, such as advancements in the field of imaging, rising incidences of respiratory diseases, and an increasing demand for quick and precise diagnostic tools for diagnosis of diseases like lung cancer at an early stage and their treatment.
"The hospitals segment had the most significant market share in 2023 in terms of end-users"
The digital radiography market has been segmented on the basis of end-users, and it includes hospitals, diagnostic imaging centers, orthopedic clinics, and others. The hospitals segment is projected to account for the largest share in 2023. The increasing global population of elderly people is increasing musculoskeletal problems, which drives orthopedic solution demand. Digital radiography systems provide a number of benefits to hospitals, such as fast acquisition and improved image quality, with complete integration into PACS for the effective storage and retrieval of images. It is also integrated with other advanced technologies, such as artificial intelligence, for the betterment of the digital radiography system.
"It is expected that the regional market of Asia Pacific will grow the most during the forecast period."
China is the key market in the Asia Pacific region. First, it stands out as an area that is highly endowed with well-established healthcare infrastructure and a high degree of technological acceptance, which creates an enabling environment for the uptake of advanced medical imaging technologies such as digital radiography systems. That is to say, increasing lifestyle-related chronic diseases and aging populations, coupled with a fast-rising demand for preventive healthcare services, are fueling efficient and accurate diagnostic imaging solutions. Second, there is an increasing prevalence of lifestyle-related chronic diseases, aging populations, and ever-increasing demand for preventive healthcare services, which drives the need for efficient and accurate diagnostic imaging solutions.
The prominent players in the digital radiography market are GE HealthCare (US), Siemens Healthineers AG (Germany), Philips healthcare (Nertherlands), Canon Inc.(Japan), FUJIFILM Holdings Corporation(Japan), Carestream Health.( Canada), Shimadzu Corporation (Japan), Konica Minolta, Inc.( Japan), Agfa-Gevaert Group (Belgium), MinXray, Inc. (US), BPL Medical Technologies. (India), SternMed GmbH. (US), among others.
Research Coverage
This report studies the digital radiography market based on product, type, application, end-user, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will enable established and entrants/smaller firms to gauge the market's pulse, which, in turn, would help them garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their market presence.