Technological advancements and rising adoption of AI-based digital X-ray systems to augment the market growth

calendar_today 26 January, 2022 person_outline Growth Plus Reports

Digital X-Ray Market by Technology [Direct Radiography and Computed Radiography], Portability [Portable System and Fixed System], Application [Orthopedic, Dental, Cardiology, and Oncology], End User [Hospitals and Diagnostic Centers] – Global Outlook & Forecast 2021-2031

According to the deep-dive market assessment study conducted by Growth+ Reports, the global digital X-ray market was pegged at ~US$ 10.16 billion in 2020. The market is expected to witness a CAGR of ~8.2% from 2021 to 2031. 

Rising geriatric population coupled with the increasing prevalence of chronic diseases globally are among the key drivers of the market. Moreover, the launch of technologically advanced systems, advantages of digital X-ray over traditional x-ray, and are some of the pivotal factors propelling the growth of the digital X-ray market. However, the high installation cost is likely to restrain the market growth to a certain extent.

Government bodies, numerous organizations, and prominent players across the globe are implementing various initiatives. Initiatives such as policy support, spreading awareness through conferences & trade fairs, and installation of digital X-ray in government hospitals, to enhance public healthcare services in emerging countries. For instance, Carestream has increased the footprint of their full room digital radiography equipment the DRX-Evolution Plus, and the DRX-Ascend at various prestigious government hospitals and medical colleges in India. They have installations at key government sites such as Tata Memorial Hospital, Mumbai, Tata Hospital Varanasi (MPMMCC), Indira Gandhi Institute of Medical Science (IGIMS) Patna, South Eastern Railway, Kolkata, All India Institute of Medical Science (AIIMS) Patna, Southern Railway Hospital, Madurai, Ernakulam Medical College, Alleppey Medical College, Sardar Vallabhbhai Patel Institute of Medical Sciences and Research, Ahmedabad and various other institutes.

Advantages provided by digital x-ray systems as compared to traditional X-ray systems are also expected to boost the growth of the market. The digital X-ray system provides benefits such as better image quality, rapid image viewing, high patient throughput, decreased exposure to radiation, high workflow owing to its lesser screening time, among others.

In an effort to maintain their position in the market, prominent players are continuously striving to launch several novel and technologically advanced systems that can be used for a broader range of applications and offer more advantages. For instance, in Mar 2020, Fujifilm Medical Systems added three new digital X-ray suites – FDR Clinica U, FDR Clinica X and D-EVO Suite FSx to its portfolio of imaging technologies. These digital X-ray suites provide the right designs & capabilities for hospitals & outpatient applications and add to their existing line-up of floor-mounted & overhead systems.

However, the high installation cost of digital X-ray systems may restraint the market to a certain extent. The cost of a digital radiography system has a much higher investment cost than the conventional systems. Furthermore, replacing existing radiographic equipment also require greater technical complexity and the need for training for seasoned practitioners with ingrained traditional radiography habits. Most small and medium-sized hospitals cannot afford these systems, as their budgets are low or restricted, thereby hampering the growth of the market.

The Asia Pacific region is projected to be the fastest-growing digital X-ray market. The high growth of the region can mainly be attributed to rising prevalence of diseases like tuberculosis, osteoporosis, and cardiovascular diseases, increasing disposable incomes, and growing initiatives by companies such as organizing various conferences & trade fairs to build awareness regarding technologically advanced radiology and imaging equipment. Countries such as India, China, and Japan in the APAC region are projected to offer significant growth opportunities owing to the rising geriatric population in the region.

The prominent players operating in the global digital X-ray market are Siemens Healthineers, Koninklijke Philips, GE Healthcare, Konica Minolta, Samsung Medison, Fujifilm, Hitachi, Carestream Health, Canon Medical Systems, Shimadzu, among others.

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