Computed Radiography Market

Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global computed radiography market was valued at US$ 4.40 billion in 2022 and is expected to register a revenue CAGR of 4.9% to reach US$ 6.45 billion by 2031.

Market Fundamentals

The market for computed radiography is growing swiftly due to a number of factors such as the increased prevalence of chronic diseases, the need for quicker and more accurate diagnosis, and the rising demand for digital radiography technologies, particularly in the healthcare industry. The adoption of computed radiography technology is also being fueled by the rising elderly population and the growing emphasis on lowering radiation exposure during medical imaging operations. The development of portable and wireless devices, as well as improvements in computed radiography hardware and software, are also anticipated to promote market growth. The introduction of computed radiography technology is also being driven by the growing emphasis on lowering radiation exposures for patients during medical imaging procedures.

The Asia Pacific region is likely to grow at high growth rate in the computed radiography market during the forecast period, owing to the increased acceptance of computed radiography technology in emerging economies. Growth in the market is also anticipated to be fueled by the region's large and expanding population, rising healthcare spending, and expanding healthcare infrastructure.

Computed radiography is a type of digital imaging technology used in radiology that makes use of a unique image plate made of photostimulable phosphor material. When exposed to X-rays, the plate absorbs and retains the energy. Following that, the plate is scanned with a laser, which releases the stored energy in the form of visible light, which is detected by a photodetector. The light is subsequently transformed by the photodetector into a digital signal, which a computer processes to create a digital image. High-resolution images of soft tissues, bones, and organs can be produced using computed radiography technology, which is frequently utilized in medical imaging. As compared to conventional film-based radiography, it offers a number of advantages, including as the capacity to electronically store and transfer digital images, quicker image capture times, and reduced radiation doses for patients.

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Market Dynamics

The increasing prevalence of orthopedic disorders and chronic diseases worldwide is boosting demand for medical imaging services, especially computed radiography. According to the WHO, over 1.71 billion individuals worldwide suffer from musculoskeletal problems. The growing incorporation of advanced technology in computed radiography, such as the development of high-resolution imaging systems, improved software for image analysis and processing, and the integration of artificial intelligence and machine learning algorithms to improve diagnostic accuracy is driving the growth of the computed radiography market. Furthermore, there is a growing demand for non-invasive diagnostic methods, with computed radiography serving as an excellent non-invasive diagnostic technology that allows medical practitioners to investigate internal organs and tissues without resorting to surgical intervention. Governments and private organizations globally are investing heavily in healthcare infrastructure, including hospitals, clinics, and diagnostic centers, to provide better healthcare services to the population. This is expected to boost the demand for computed radiography systems. Portable computed radiography systems are gaining popularity due to their ease of use, portability, and cost-effectiveness. 

These systems are particularly useful in remote and rural areas where access to medical imaging services is limited which is fueling the growth of the computed radiography market. However, the installation and maintenance of computed radiography systems require a significant upfront investment which is restricting the growth of the computed radiography market. Computed radiography involves exposure to ionizing radiation, which can pose health risks to patients and healthcare workers which is also hampering the growth of the global computed radiography market.

Market Ecosystem

The global computed radiography market is analyzed from four perspectives: Application, End User, and Region. 

Computed Radiography Market by Application 

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Based on the application, the global computed radiography market is segmented into orthopedic, cancer, dental, cardiovascular, and other applications. 

The orthopaedic segment accounted for a significant revenue share of the global computed radiography market. Orthopedic conditions such as fractures, osteoporosis, and arthritis are among the most common medical conditions, particularly among the elderly population. As a result, there is a high demand for orthopedic imaging techniques, including computed radiography. According to the International Osteoporosis Foundation osteoporosis causes more than 8.9 million fractures worldwide every year. Computed radiography is a non-invasive and cost-effective imaging technique that is particularly useful for orthopedic applications, such as bone fractures and joint replacements. The trend towards digitalization in healthcare has led to a shift from traditional X-rays to computed radiography and other digital imaging techniques. This trend has been particularly pronounced in the orthopedic segment, where the need for high-quality images and accurate measurements is critical. Technological advancements in computed radiography have improved image quality, reduced radiation exposure, and increased workflow efficiency which is also increasing the demand for computed radiography in orthopedic diagnosis.

The cancer segment is expected to experience a lucrative growth rate in the forecasting years. The growing prevalence of cancer globally this has led to an increase in demand for diagnostic tools such as computed radiography, which can help detect cancer at an early stage. According to GLOBOCAN 2020 report approximately 10 million deaths were cases by cancer in 2020. The body's cancerous tumors can now be more easily identified because to modern computed radiography technology. Radiologists may now accurately and speedily identify cancerous growths owing to the improved features of more recent computed radiography systems, such as better image quality, higher resolution, and faster image processing. Computed radiography is a cost-effective imaging solution compared to other imaging techniques like MRI and CT scans which is increasing the demand for computed radiography in cancer diagnosis. 

Computed Radiography Market by End User 

Based on end user, the global computed radiography market is segmented intohospitals, diagnostic centers, and other end users.

The hospitals segment dominated the global computed radiography market with the largest revenue share owing to hospitals being the primary healthcare facilities that use radiography for diagnostic and therapeutic purposes. Hospitals frequently employ computed radiography systems for a variety of procedures, including mammography, dentistry, chest, and bone radiography. In addition, hospitals see a bigger volume of patients, which raises the need for radiography services. Computed radiography technology developments have resulted in increased image quality, higher resolution, and faster image processing, making it easier for radiologists to detect and treat a variety of medical diseases. Being at the forefront of healthcare delivery, hospitals are more inclined to invest in the most recent computed radiography technology to give their patients the finest care possible. Governments all around the world are highlighting the need of early disease identification and treatment, particularly cancer, which has increased the demand for computed radiography systems in hospitals. The need for computed radiography technology is anticipated to increase in the future due to the increased prevalence of chronic diseases and an ageing population, which will support the dominance of the hospital sector in the computed radiography market.

The diagnostic centers segment is expected to experience a lucrative growth rate over the forecast period. Diagnostic centers typically offer medical imaging services at a lower cost than hospitals, making them an affordable option for patients. The adoption of computed radiography systems has further lowered the cost of medical imaging, making it more accessible to patients.Diagnostic centers are increasingly adopting these advanced systems to offer superior diagnostic services to their patients, which is driving the growth of the computed radiography market in this segment. Diagnostic centers play a crucial role in providing accurate and timely diagnosis of various medical conditions, and computed radiography systems are widely used in these centers for medical imaging. Diagnostic centers are strategically located in various regions, making them easily accessible to patients, which is driving the growth of the computed radiography market in this segment.

Computed Radiography Market by Region

Geographically, the global computed radiography market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 

The North America region accounted for a significant market revenue share in 2022. The prevalence of chronic diseases and orthopedic disorders is increasing in North America. Computed radiography systems play a crucial role in the diagnosis and treatment of these diseases, as they provide detailed and accurate images of the affected areas, helping healthcare professionals to make informed decisions about treatment. According to Direct Orthopedic Care, U.S. estimates, 51.8 million Americans aged 65 and over, or 50% of American adults, have arthritis, making it the most common disability-causing condition. The introduction of new technological innovations in CR systems, such as wireless CR systems, image processing software, and portable CR systems, has resulted in a significant increase in demand for computed radiography in the market. These advanced CR systems provide superior image quality, enhance patient comfort, and expedite image processing times. Moreover, the presence of well-developed healthcare infrastructure and major players in the region are also expected to driver the regional growth. 

The Asia Pacific region is expected to grow at the fastest growth rate during the forecasting period. There is a growing demand for medical imaging equipment in the Asia Pacific region, driven by the increasing prevalence of chronic diseases and the growing aging population. Several governments in the Asia Pacific region are investing in healthcare infrastructure and implementing initiatives to improve healthcare services. The Asia Pacific region is witnessing a surge in medical tourism, with many patients from around the world traveling to the region for medical treatment. This is expected to drive the demand for medical imaging equipment, including computed radiography systems, as healthcare providers seek to offer the latest technology to attract patients. The Asia Pacific region is witnessing significant advancements in computed radiography technology, such as the development of wireless computed radiography systems, image processing software, and portable computed radiography systems this boosting the regional growth. There is a growing awareness of the benefits of early diagnosis in the Asia Pacific region, which is driving the demand for computed radiography.

Competitive Landscape

The prominent players operating in the global computed radiographymarket are:

• Siemens Healthcare
• Konica Minolta, Inc.
• Jones X-Ray, Inc.
• GE Healthcare
• Agfa-Gevaert Group
• Koninklijke Philips N.V.
• FUJIFILM Corporation
• Imaging Dynamics Company Ltd.
• Detection Technology Plc.
• Desert Health Imaging Technologies.

Strategic Developments

• In January 2023, DeepTek launched DeepSpine, an AI powered lumbar spine quantification and metrics tool designed to analyze MRI lumbar spine images. The tool was launched at the Radiological Society of North America (RSNA) annual meeting in Chicago. DeepTek has been instrumental in transforming the radiology workflow by leveraging the power of AI. Its AI-powered radiology orchestration solution Augmento has already created waves across the Asia Pacific and is also getting deployed in a progressive Singapore health system.
• In December 2022, Canon Inc. launch CXDI-Elite series of wireless digital radiography (DR2) devices, including the CXDI-720C Wireless sensor unit outside Japan. Canon has launched two new series of devices under its CXDI brand of DR devices the CXDI-Pro series, which features enhanced basic functionality and ease-of-use, and the CXDI-Elite series that provides even greater performance and functionality.

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