PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1520625
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1520625
Global X-ray detectors market is projected to witness a CAGR of 5.63% during the forecast period 2024-2031, growing from USD 2.90 billion in 2023 to USD 4.50 billion in 2031. The growth of the market is boosted by the rising prevalence of cancer, increasing awareness about the importance of regular dental X-rays, growing product requirements for security applications, and increasing research and development activities.
Investments in research and development activities are one of the major global X-ray detectors market trends. In November 2022, Carestream Health, Inc. unveiled new X-ray detectors to aid in improving clinical outcomes. Innovations in X-ray systems can aid in removing various barriers faced by healthcare professionals in providing quality care to their patients. Continuous efforts towards research and development are essential for product innovations and ensuring that patients receive enhanced care. X-rays play a crucial role in healthcare and are essential for detecting a wide range of conditions, including fractures, assessing the progression of chronic diseases, and managing and recording the progression of different diseases and disorders.
Due to the rising adoption of pets, the requirement for X-ray detectors is increasing for veterinary applications as well. As per the estimates of the European Pet Food Industry Federation, approximately 166 million European households (50%) have one or more pets. Pet owners are invested in the health and well-being of their pets, ensuring that they receive regular checkups and medical attention in case of an accident, injury, or health issues. Thus, bolstering the requirement for X-rays, as they aid in detecting a wide range of conditions in animals such as lung problems, tumors, joint abnormalities, fractures, and gastrointestinal issues.
Investments Towards the Upgradation of Healthcare Facilities Supports Market Expansion
Healthcare workers rely heavily upon medical devices and diagnostic tools for effective treatment and disease management. Regular upgradation and investments in medical devices allow for higher levels of efficiency and aid healthcare facilities in providing services and procedures that they were incapable of performing previously. This, in turn, allows them to provide enhanced care to their patients by providing early diagnosis and ensuring that the patients receive treatments in a time-efficient manner.
In June 2024, the Australian government announced its plans to invest USD 2.2 billion towards the upgradation of their health facilities and hospitals across New South Wales. A portion of the investment, approximately USD 660 million, will be allocated towards regional and rural health capital work projects. The investment aims to provide support for ongoing redevelopments at Moree, Temora, Cessnock, Nepen, Shellbarbour, and Eurobodalla hospitals as part of the 2024-25 NSW Budget. The government will also be providing funding of USD 31.5 million to the Ryde Hospital and a funding of USD 175 million to the Port Macquire Hospital for upgrading clinical services, including maternity care and emergency.
Increasing Requirement for Early Diagnosis Boosts Market Demand
Early detection of diseases is essential for ensuring that patients receive the required treatment in a time-efficient manner. It aids in preventing the progression of the disease and reduces the risk of complications, improving the health of the patient in the long run. Thus, emphasis is being put on ensuring that diagnosis of diseases is conducted in a timely manner, bolstering the global X-ray detectors market demand. According to the estimates of the National Cancer Institute, in 2022, 20 million new cases of cancer were reported, and 9.7 million deaths occurred because of the disease. They estimate that by 2040, the number of cancer-related deaths per year is expected to rise to 15.3 million and the number of new cases to 29.9 million per year. This, in turn, is propelling the global X-ray detectors market growth as X-rays play a crucial role in early diagnosis and detection of cancer and are also essential for treatment planning and monitoring the progression of the disease.
North America Accounts for Significant Market Share
The growth of the market in the region is propelled by the rapid expansion of the healthcare sector, strong presence of key market players, increasing prevalence of cancer, and rising number of accidents, among others. The rising number of road accidents in the United States is propelling the requirement for X-ray detectors as they aid in visualizing different organs and identifying the severity and nature of the injury. According to the estimates of the Insurance Institute for Highway Safety, Highway Loss Data Institute (IIHS HLDI) approximately 42,514 deaths occurred in the United States in 2022 from motor vehicle crashes.
Additionally, various key market players are also investing in boosting their presence in the region. In November 2022, Canon Inc. announced that the company is establishing a new subsidiary called Canon Healthcare USA, INC. to accelerate the growth of its medical business and strengthen its position in the medical market in America. The company is striving to bolster its presence in the different verticals of the medical industry, such as in diagnostics with diagnostic ultrasound systems, CTs, and MRIs, and in medical component businesses that include X-ray detectors and X-ray tubes.
Furthermore, rising collaborations between different academic medical centers and key market players to advance innovations in medical imaging solutions is also providing lucrative growth opportunities to the market in North America. In November 2023, Canon Inc. and Cleaveland Clinic announced intentions to form a research partnership for developing innovative healthcare IT and imaging technologies for enhancing patient outcomes.
Medical Applications Hold Significant X-Ray Detectors Market Share
Due to the increasing prevalence of different chronic diseases and disorders and growing geriatric population, the requirement for X-ray detectors is rising for effectively diagnosing various conditions. As per the estimates of the World Health Organization (WHO), in 2050, approximately 2.1 billion individuals will be 60 or older. This rise is bolstering the requirement for X-ray detectors for medical applications as the older population is more prone to getting sick and injured and may require frequent X-rays in order to maintain their health.
Furthermore, the rising prevalence of dental issues is another major factor bolstering the expansion of the segment. According to the estimates of the WHO, approximately 514 million children suffer from carries of primary teeth, and 2 billion individuals suffer from carries of permanent teeth. Dental practitioners can interpret different dental x-ray imaging modalities to identify changes in teeth structure and tooth-related problems, among other abnormalities. Regular dental X-rays also aid individuals in maintaining oral health by revealing conditions that might remain unnoticed during oral examination or routine cleaning.
Future Market Scenario (2024-2031F)
As per the global X-ray detectors market analysis, advancements in material sciences are anticipated to boost the growth of the market. The increasing utilization of flexible X-ray detectors is expected to offer lucrative growth opportunities to the market in the coming years. Flexible X-ray detectors offer improved accuracy during screening along with reduced risk while administrating radiotherapy and imaging tumors, as the detectors can be shaped around the object that is to be scanned and are also cost-efficient. Scientists at the Advanced Technology Institute at the University of Surrey created devices by adding elements with high atomic numbers in low quantities to an organic semiconductor. According to the researchers, the new technology can find applications in a wide range of settings, including scanning of historical artifacts and radiotherapy. The development of this new generation of cost-efficient flexible X-ray detectors is also expected to have potential applications in improving airport scanners and in cancer treatment.
Key Players Landscape and Outlook
Increasing investments of the key market players in research and development activities to support the availability of technologically advanced devices and solutions bolstered the global X-ray detectors market size. In November 2023, Konica Minolta Business Technologies, Inc. announced the availability of the dynamic digital radiography (DDR) technology on their four X-ray systems, namely mKDR Xpress Mobile, KDR Flex Overhead, Chiro Straight Arm, and KDR Advanced U-Arm. The company, in collaboration with the orthopedics department at the Emory University Hospital, has also been evaluating the effectiveness of novel machine learning algorithms for the evaluation of DDR images in an automated manner.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work