Digital Radiography Market to be worth US$ 12.5 Billion by 2024
The Global Digital Radiography Market was valued at US$ 7,538.8 million in 2015 and is projected to expand at a CAGR of 5.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increase in demand for high quality imaging in the healthcare sector is projected to favor the market for digital radiography market in the near future.
The healthcare sector has witnessed advancements under clinical practices such as introduction of novel digital detector technologies and radiographic techniques. There are various technical factors that are responsible for adoption of new radiography techniques. Differences between the older analogical technique and digital technique do not stop at just high image quality associated with the latter, but also the lower exposure time and strength of the X-ray on the patient. Digital radiography allows for over- exposure that produces better quality images. The steady growth in global economy and the rise in healthcare awareness are propelling the medical devices industry to achieve significant growth in terms of revenue, which in turn is projected to support the digital radiography market over the forecast period. Also, various new acquisitions and investments along with novel product launches are expected to favor growth of the digital x-ray market in the near future. In 2015, Konica Minolta – a primary imaging solution company – introduced a new radiography solution named AeroDR XE – this is expected to provide a lower weight version to deliver Primary Imaging at the point-of-care.
Due to significant shifts in the delivery of care, reimbursement scenario and health system management and other healthcare organizations strategies are expected to favor growth of the digital radiography market. The digital radiography technique is now extending into non-clinical areas of non-destructive testing. However, there are few factors such as requirement of skilled and trained radiologists for operating novel techniques and the change in work patterns of the machine that can hinder market growth over the forecast period. Although, the global market has been struck by the moderate economic meltdown, the market for medical devices is experiencing constant growth. Furthermore, primary factors such as modernization and technical advancements are projected to favor growth of the digital radiography market over the forecast period.
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The market for digital radiography is expected to grow steadily over the forecast period. Since digital radiography plays an important role in providing vital imaging services in the healthcare sector, varying with different requirement of variations in the type of patient site. The rise in number of road accidents and casualties are favoring growth in demand for digital x-rays in the radiography market. Also, the need for specific treatment and rise in awareness among the population regarding various healthcare techniques are propelling demand for better quality results, which in turn is expected to favor the radiography market in the near future. Furthermore, the rise in population of elderly population around the globe is expected to positively favor the digital radiography market, as they are more prone to injuries and are highly susceptible to skeletal disorders. According to National Institute on Aging, in 2016, around 8.5% of the population was above the age of 65, which creates a highly conducive environment for growth of the digital x-ray market.
Key takeaways of the market:
The global digital radiography market is expected to expand at a CAGR of 5.9% during the forecast period (2016–2024). The modest growth rate of the market is attributed to steadily growing adoption of digital radiography systems. Adoption of digital radiography systems is expected to be more rapid in the emerging nations such as India, China, Brazil, Israel, and Indonesia. Convenience in imaging would be a major driving factor for mobile digital radiography systems with rapid adoption projected in emerging nations. Requirement of skilled labor would be prevailing throughout the forecast period which indirectly impacts the adoption of new digital radiography systems and the growth of global digital radiography market. The global digital radiography market is characterized by strategic research and development and advancement in the products in the imaging market with portability options and strategic collaborations of the various organizations in the radiography market.
Some of the major players are 3DX-RAY, ANRITSU INFIVIS, Bosello High Technology, COMET, GE Healthcare, Mettler-Toledo International, Nikon, North Star Imaging, VJ Technologies, Fujifilm Holdings, Philips Healthcare, Shimadzu Corporation, Toshiba Medical System Corporation, Carestream Health.
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