PUBLISHER: The Business Research Company | PRODUCT CODE: 1425402
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425402
Digital Radiography Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital radiography market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital radiography? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital radiography market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Digital radiography is an x-ray inspection method that generates a digital radiographic image on a computer instantly. This technique involves capturing data during object examination using x-ray sensitive plates, which are then promptly transferred to a computer without the need for an intermediate cassette.
The main product types of digital radiography are computed radiography (CR) and direct radiography. Computed radiography is the digital replacement for conventional X-ray film radiography, offering significant advantages for inspection tasks. Various equipment involved in digital radiography includes detectors, sensors, photoconductors, retrofit radiography systems, scintillators, phosphor imaging plates (IP), and other portable, fixed, and mobile equipment. Digital radiography is used in diverse medical applications such as dentistry, orthopedics, oncology, general surgery, mammography, pulmonary imaging, cardiology, gynecology, and others. It serves different end-users, including hospitals, clinics, ambulatory surgical centers, medical research institutes, and various industries.
The digital radiography market research report is one of a series of new reports from The Business Research Company that provides digital radiography market statistics, including digital radiography industry global market size, regional shares, competitors with a digital radiography market share, detailed digital radiography market segments, market trends and opportunities, and any further data you may need to thrive in the digital radiography industry. This digital radiography market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The digital radiography market size has grown strongly in recent years. It will grow from $7.38 billion in 2023 to $8.04 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth observed in the historical period can be attributed to factors such as improvements in image quality, a reduction in radiation exposure, increased efficiency in workflow, enhanced diagnostic capabilities, a rise in chronic diseases, the cost-effectiveness of long-term solutions, and an increase in the geriatric population.
The digital radiography market size is expected to see strong growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period can be attributed to advancements in portable digital radiography (DR) systems, the growth of point-of-care imaging, the adoption of hybrid imaging solutions, a specific focus on pediatric imaging, the expansion of veterinary imaging, trends in personalized medicine, and ongoing efforts for dose optimization. Major trends in the forecast period encompass the transition from analog to digital imaging, advancements in detector technologies, the rise of wireless and portable digital radiography systems, the integration of artificial intelligence (AI), efforts towards standardization and interoperability, and the increasing use of mobile X-ray units.
The anticipated growth of the digital radiography market is closely tied to the increasing digitization within the healthcare sector. The shift toward digital enablement in healthcare, allowing the conversion of information into digital formats, brings forth various advantages such as real-time health information access, collaborative research opportunities, streamlined doctor-patient coordination, and automated administrative tasks. Accenture reported a notable increase in individuals using digital technologies to manage their health records, with 31% adopting electronic health records (EHR) and 39% of patients with chronic diseases engaging in virtual consultations in 2020. This surge in healthcare sector digitization is a significant driver for the demand in digital radiography.
The digital radiography market is poised for growth due to the increasing incidence of chronic diseases globally. Chronic diseases, characterized by long-term health conditions, necessitate effective diagnostic tools for management. Digital radiography emerges as a valuable solution, providing non-invasive, real-time visualization of anatomical structures, facilitating early detection, disease progression monitoring, and fracture assessment. According to the World Health Organization, approximately 74% of the 41 million annual deaths worldwide are attributed to non-communicable diseases, including cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes. The role of digital radiography in managing chronic diseases propels its market growth.
Technological advancements stand out as a prominent trend shaping the digital radiography market. Leading companies are dedicating efforts to develop innovative solutions that enhance efficiency and diagnostic capabilities. Carestream, a key player in the digital radiography market, launched DRX Compass in February 2022. This advanced digital radiology solution emphasizes accuracy, convenience, and customization, offering radiologists enhanced efficiency and phenomenal diagnostic quality. The solution focuses on minimizing patient dosage while ensuring ease of operation for technicians, contributing to improved diagnostic capabilities and overall facility productivity.
The integration of artificial intelligence (AI) technologies is a notable development in the digital radiography market, aimed at enhancing patient care and safety. Companies like Mireye Imaging Inc. are pioneering AI-based software for X-ray patient positioning. This innovative technology automates the patient positioning process, eliminating the need for manual measurements and body part alignment. The AI-based solution offers real-time image analysis, precise patient positioning, automated positioning guides, and seamless integration with existing X-ray systems. By leveraging AI, digital radiography continues to evolve, providing healthcare professionals with enhanced diagnostic capabilities and workflow efficiency.
In March 2022, Canon Medical Systems Corporation, a Japan-based medical systems company, successfully acquired Nordisk Røntgen Teknik (NRT) for an undisclosed amount. This strategic acquisition is intended to enhance Canon Medical Systems Corporation's motorized, automatic digital radiographic imaging solution by incorporating NRT's unique technology. Nordisk Røntgen Teknik (NRT), the acquired company, is based in Denmark and operates in the digital radiography market. The acquisition aligns with Canon Medical Systems Corporation's commitment to advancing its medical imaging solutions and incorporating innovative technologies to provide state-of-the-art healthcare solutions.
Major companies operating in the digital radiography market report are Agfa-Gevaert Group, Carestream Health Inc., Canon Inc., Fujifilm Holdings Corporation, Koninklijke Philips N.V., Siemens Aktiengesellschaft, GE Healthcare, Hitachi Ltd., Konica Minolta Inc., Varian Medical Systems Inc., North Star Imaging Inc., Fresenius SE & Co. KGaA, Shimadzu Corporation, Toshiba Medical Systems Corporation, Bosello High Technology SRL, Detection Technology Oyj, COMET Group, Nikon Corporation, Hologic Inc., Samsung Medison Co. Ltd., Esaote SpA, Mindray Medical International Limited, Analogic Corporation, PerkinElmer Inc., Varex Imaging Corporation, Ziehm Imaging GmbH, Planmeca Oy, Dentsply Sirona Inc., Villa Sistemi Medicali S.p.A., and Agilent Technologies Inc.
North America was the largest region in the digital radiography market in 2023. Asia-Pacific is expected to be the fastest-growing region in the digital radiography market report during the forecast period. The regions covered in the digital radiography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital radiography market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital radiography market consists of revenues earned by entities by providing digital radiography technologies such as X-ray computed radiography and digital detector array radiography. The market value includes the value of related goods sold by the service provider or included within the service offering. The digital radiography market also includes sales of charged couple devices and flat panel detectors which are used in digital radiography imaging. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.