Global X-Ray Devices Market to 2027: Growing Geriatric Population Drives Demand

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Apr 17, 2023, 17:30 ET

DUBLIN, April 17, 2023 /PRNewswire/ -- The "X-Ray Devices Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.

The global X-ray devices market is estimated to grow at a CAGR of 7.4%, from a market size of US$ 9.968 billion in 2020 to a market size of US$16.425 billion by 2027.

Companies Mentioned

Fujifilm Holdings Corporation
General Electric Company
Siemens Healthcare GmbH
Koninklijke Philips N.V.
Shimadzu Corporation
Canon Medical Systems Corporation
Carestream Health
Hitachi Power Solutions Co., Ltd
SIMAD s.r.l
IBIS S.R.L.

An X-ray device is used for creating 2D X-ray images of the 3D internal body organs or bones. The growing number of chronic diseases is providing an impetus in fuelling the market growth in the forecast period.

The increasing trend of early diagnosis and disease detection further provides an opportunity for the market to proliferate in the forecast period. The X-ray system emits small amounts of X-rays in the human body and captures an image of the area of interest onto a device.

The growing number of non-fatal road accidents is propagating the market demand, as X-ray provides an immediate snapshot of the injury. Also, with innovations, the X-ray device market has been bifurcated into portable and stationary systems, further propelling the market demand.

The growing digitization has segregated the market based on analogy and digital technologies, fuelling the market share of digital X-ray systems with a rapid rise in adoption due to the ongoing improvements in providing better healthcare facilities on the global level.

The growing geriatric population drives the market demand

The growing global elderly population is driving the market growth in the forecast period with the emergence and prevalence of age-associated diseases like osteoporosis and the detection of bone degeneration due to the ageing process. The global geriatric population (above 65 years or older) rose from 551,217,090 in 2012 to 673,618,927 in 2018 (source: The World Bank).

The growing elderly population requires better healthcare facilities that include preventative measures as many people under this category are either suffering from age-associated chronic diseases or are suffering from diseases due to the adoption of an unhealthy lifestyle when younger. Thus, this population requires better healthcare facilities where better diagnostic and treatment measures need to be taken to prevent the further spreading of age-associated or degenerative diseases.

Furthermore, with the declining fertility rates and increasing life expectancy at birth, global ageing is poised to accelerate due to an overall improvement in survival, leading to longevity and further burgeoning market growth during the forecast period.

Based on geography, North America, followed by the European region, is estimated to hold a significant market share in the forecast period. The Asia Pacific region is predicted to be the fastest-growing, with a significant CAGR over the next five years.

The prevalence of chronic diseases is burgeoning the market demand in the forecast period.

The chronic disease burden is significantly rising not only in the developed regions of the world but in the developing regions as well. In 2001, chronic diseases contributed 60 percent (approximately) of the total 56.5 million reported deaths globally, adding close to 46 percent of the global disease burden.

This is expected to increase the burden of non-communicable diseases to 57 percent by 2020 (source: WHO). Out of all the chronic diseases, cardiovascular diseases contribute almost half of the chronic disease burden. This is due to the adoption of unhealthy living conditions, which include unhealthy dietary conditions and physical inactivity affecting a larger number of people worldwide.

Also, with smoking habits prevalent in society at the international level, excessive smoking causes cancer, heart diseases, lung diseases, and other diseases which require the use of equipment like an X-ray machine to detect the disease occurrence, and in the case of cancer, this can be useful for knowing the cancer stage.

Furthermore, smoking increases the chances of tuberculosis and rheumatoid arthritis, causing joint inflammation resulting in stiffness and pain, which may worsen with time. However, efforts are being made to prevent these diseases. Thus, early disease detection and prevention play a major role in disease mitigation, followed by the decision-making in treatment procedures and treatment monitoring, fueling the market demand in the forecast period.

The prevalence of non-fatal road accidents is propagating the market growth in the forecast period for the detection of injuries and deciding on effective treatment.

There has been a loss of lives of more than one million people due to road crashes or accidents. Around 20 to 50 million people suffer due to non-fatal road injuries, which lead to disability due to accidents every year.

Causes of non-fatal road injuries include speeding, drink-driving, and drug driving, not using safety restraints like helmets, car seat belts, child restraints, distraction while driving because of mobile phones, poor and unsafe road infrastructure, and not following traffic laws. This has given substantial economic losses to the individual, his/her family, and the nation as a whole.

However, sophisticated equipment like X-rays assists in the treatment processes following the diagnosis and further helps in the monitoring of the treatment as well. The rising number of road accident cases is creating a market demand owing to the improvement of the lives of the patients and helping them to cope with their disabilities, mentally and physically.

The presence of other imaging modalities will hamper the market growth in the forecast period.

There is a presence of other medical imaging modalities apart from X-ray systems which include magnetic resonance imaging systems (MRI), CT, and ultrasound, among others. These are also widely available, are quite efficient with state-of-the-art technologies, and are used for various diagnostic and therapeutic purposes.

Additionally, ultrasound is considered the safest form of imaging as this does not make use of any ionizing radiation and uses sound waves instead. It is the first choice among people for pregnancy, emergency diagnosis, cardiac, spine, and imaging of other internal organs.

Also, a CT scan is widely used in an emergency room; this is because it takes less than five minutes to scan. In contrast, MRI scans take a longer time, a minimum of 30 minutes but provide an in-depth analysis of a particular diagnosis, which is considered better than an X-ray system. Hence, the presence of these imaging systems will impose a threat in hampering the market growth in the forecast period.

Market Segmentation:

By Type

Portable
Stationary

By Application

Diagnostic
Treatment

By Medical Condition

Cancer
Digestive Problems
Fractures

By Medical Application

Human
Veterinary

By Technology

Analog
Digital

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Europe
UK
Germany
France
Italy
Middle East and Africa
UAE
Israel
Saudi Arabia
Asia Pacific
Japan
China
India
South Korea
Taiwan
Thailand
Indonesia

For more information about this report visit https://www.researchandmarkets.com/r/6zitr7

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