The global x-ray market is prognosticated to rise at a healthy rate, according to a recent report by Transparency Market Research (TMR). A large pool of players characterizes the business landscape of the global x-ray market. The market is featured with intense competition, on account of vendors involved in strategizing for achieving higher market shares.
In order to maintain their dominance over the industry, the worldwide market leader of X-rays sought to increase the quality of its products and service. Several marketing initiatives to boost the growth prospects of major suppliers have been taken and these attempts have negatively affected small and mid-size players. Small and medium sized suppliers are expected to seek basic policies and strategies to safeguard them from crushing in the moments of competitiveness of major suppliers.
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Expansion of the regional portfolio and services, as well as merger and acquisitions are some of these players ‘ major strategic enterprises. Hitachi purchased Kurt & Kurt, a supplier of a medical diagnostic scheme, to expand its enterprises in Turkey for example in December 2016.
Further, the launch of novel products is expected to be a leading growth strategy adopted by vendors in the global x-ray market. HEUFT SYSTEMTECHNIK GMBH has created new pulsed x-ray technology that offers maximum capacity for detection within a restricted room, as a key player in the X-ray market.
TMR analysts predict that the global x-ray market is likely to rise at a 4.50% CAGR over the forecast period 2014 to 2022. The market was estimated to be worth US$7.89 bn in 2013, and is anticipated to reach US$11.79 bn by 2022, considering the growth rate.
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Among the different products, the portable segment is expected to rake in revenues over the forecast period. Geography-wise, the global x-ray market is projected to see domination by North America. This could be on account of high demand from the region for the product.
Growing Adoption in Hospitals to Bolster X-Ray Market
Most major hospitals have their own equipment for medical imaging. These installations, however, involve extensive investment, space, skills and can lead to heavy maintenance costs. This raises the cost of hospitals. Hospitals therefore prefer to partner for medical imaging services with diagnostic centers. In small and medium-size hospitals this helps in cost savings. Medical imaging equipment can be installed in clinics of a medium to large size, as medical imaging can be an important source of ambulatory profit. This is one of the key factors fueling the global x-ray market.
Rising Digitization to Boost Market Opportunity
The benefits of better picture quality and clarity, cost efficiency and low maintenance make digital radiology devices a priority over traditional ones. Digital radiology systems have to gradually disappear, since the latter present a number of difficulties, such as elevated radiation exposure, picture noise and incorrect outcomes. But in nations with fragile economies, with restricted resources in hospitals, demand for such X-ray units is high.
Major end consumers, however, use digital imaging and market players move to integrate different digital platforms with radiography facilities. In this inclusion, high-resolution x-ray systems are anticipated to substitute standard equipment and increase the market over the forecast era. Moreover, an increased demand for effective imagery technology due to an increase in the number of chronic diseases like arthritis, cancer and appendicitis is one of the major factors contributing to the global x-ray market.
The study presented here is based on a report by Transparency Market Research (TMR) titled, “X-ray Market (Product Type: Stationary & Portable (Mobile & Handheld); Technology: Analog & Digital (Computed Radiography & Direct Digital Radiography); Applications: Cardiovascular, Respiratory, Dental, Mammography & Others): Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022.”