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X-Ray Detector Market Expected to Reach $8.87 Billion by 2027

 
 

quote the global X-ray detector market is expected to grow at a faster rate during the forecast period, owing to growth in number of medical imaging procedures and favorable reimbursement policies. Moreover, rise in threats of terrorism, large focus on product quality & non-destructive testing, and growth in adoption of pets & animal farming are anticipated to supplement the market growth. quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

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According to a new report published by Allied Market Research, titled, “X-ray detector Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027," the global X-ray detector market size was valued at $5.12 billion in 2019, and is projected to reach $8.87 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027. The medical application of the X-ray detector accounted for almost half of the market share in 2019 and is expected to maintain its dominance over the forecast period.

North America and Europe, collectively, accounted for over three-fourth of the X-ray detector market share in 2019. X-rays are one of the oldest and most frequently used form of medical imaging. The most common methods of X-ray in medical imaging are X-ray radiography, computed tomography (CT), mammography, and angiography. Apart from medical application, various applications of X-rays include veterinary, dental, industrial, and security. The technological advancement in radiography has brought wide-scale adoption of digital radiography in all the relevant industries. 

There has been a significant rise in demand for digital imaging technologies, owing to various benefits that it offers. In addition, digital detectors also offer various advantages, which further drive growth of the X-ray detector market. Moreover, surge in geriatric population also drives growth of the market, owing to increase in various health conditions such as cancer and osteoporosis that arises with ageing. Favorable reimbursement policies for X-ray diagnostics also drives growth of the X-ray detector market. However, high cost of digital X-ray systems and dearth of skilled person is anticipated to restrict the growth of the market. In contrast, upsurge in demand for wireless X-ray detectors and growth in medical tourism in developing countries are expected to offer lucrative opportunities for the market expansion during the forecast period. Moreover, various new developments and advances in the X-ray detectors is further anticipated to offer lucrative opportunities for the growth of the X-ray detector market.

Unprecedented nature of the COVID-19 pandemic and its impact on the global economy has brought a disruption to various businesses. Moreover, hospital visits not related to COVID-19 are often postponed in most countries, resulting in a lower demand for X-ray applications in chronic disorders including orthopedic diseases. Many private clinics in countries such as India and Latin America are postponing their investments in computed radiography (CR) equipment. Furthermore, COVID-19 has significantly hampered the medical tourism industry, owing to various restrictions in cross country travels. This has further impacted growth of the X-ray detector market.

Based on type, the computed radiography (CR) plates/cassettes segment is expected to grow at the fastest rate during the forecast period, owing to the fact that CR plates/cassettes are less expensive and not as risky to handle as FPDs. In addition, more availability of mechanical parts, less cost of maintenance, reusability for many times, and high demand of cost-effective X-ray procedures with better efficiency further boosts growth of the market.

By application, the medical segment dominated the market, owing to huge demand of X-ray procedures, increase in prevalence of chronic diseases, rise in geriatric population, and surge in adoption of digital imaging techniques in medical field.

Key Findings Of The Study 

  • By panel size, the large area FPDs segment accounted for maximum share in the global flat panel detectors (FPDs) market in 2019.
  • CCD detector is expected to grow at a CAGR of 7.9% during the forecast period.
  • By application, the medical segment dominated the market in 2019, and is anticipated to maintain its dominance from 2020 to 2027.
  • By  type, the dynamic imaging is expected to witness the highest growth during the forecast period.
  • U.S. dominated the North America X-ray detector market, and is projected to retain this trend throughout the forecast period.

In 2019, North America was the highest contributor to the market in terms of revenue, owing to well-established healthcare facilities, growth in number of medical imaging procedures, and favorable reimbursement policies. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the growth in medical tourism, rise in adoption of technologically advanced X-ray imaging products, and presence of large geriatric population. 

The key players operating in the global X-ray detector market are Agfa-Gevaert N.V., Analogic Corporation (Altaris Capital Partners, LLC), Canon, Inc., Carestream Health, Inc., Comet Holding (YXLON International GmbH), Detection Technology Plc., Fujifilm Holdings Corporation (Fujifilm Medical Systems), General Electric, Konica Minolta Holdings Inc., Koninklijke Philips N.V., Siemens AG, Teledyne Technologies Incorporated (Teledyne DALSA, Inc.), Thales Group (Trixell), and Varex Imaging Corporation.

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quote X-Ray Detector Market by Type (Flat Panel Detectors (FPDs), Charge-Coupled Device Detectors (CCDs), Line scan detector, and Computed Radiography Plates/Cassettes) and Application (Medical, Veterinary, Security, Dental, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

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