X-ray Market to Rise with a Strong CAGR of US$11.79 bn by 2022
The demand within the global X-ray market has been rising on account of the rising incidence of vertebral diseases across the world, finds Transparency Market Research (TMR). The leading players in the global market for X-ray have been on a quest to improve the quality of their products and services in order to retain their dominance over the market. A number of initiatives have been taken on the marketing front to enhance the growth prospects of the leading vendors, and these efforts have had negative consequences for the small and medium-sized players. It is projected that the small and medium-sized vendors will look for fundamental policies and strategies that can protect them from crushing under the momentous competition from leading vendors.
Strategic alliance between major players and the players who are on the verge of attaining fruition in the market are expected to benefit both the parties. Hence, the global market for X-ray is expected to witness several partnerships and alliances being formed over the forthcoming years. Moreover, the new and emerging market vendors are expected to bid on local markets in order to sustain themselves amidst stiff competition.
A report by Transparency Market Research (MTR) finds that the global X-ray market would expand at a CAGR of 4.50% over the period between 2014 and 2022. The cumulative value of the global market for X-ray is projected to touch US$11.79 bn by 2022, elevating up from a value of US$7.89 bn in 2013. On the basis of product type, the demand for portable X-ray technology has been on a rise. Based on geography, the demand for X-ray in North America has outdone the demand across all other regions.
Increased Use of X-ray Machines in Hospitals Propels Demand
Until a decade ago, it was a common trend in the healthcare industry to have separate centers for X-rays and diagnosis. However, as treatments become more standardised, swift, and patient-centric, hospitals and healthcare centers have started installing X-ray machines in the premises. This trend has given an impetus to the growth of the global market for X-ray in recent times, and has led to the inflow of handsome revenues into the market. Furthermore, The rising incidence orthopaedic disorders, cardiac diseases, and neurological disorders has also led to increased demand within the global market for X-ray.
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Quality of X-rays Remains a Matter of Concern
Despite the indispensability of X-rays in the healthcare industry, several instances of poor X-ray quality leading to flawed diagnosis has placed a negative toll on the global market for X-ray. A number of doctors and medical practitioners have complained of weak machinery and improper prints from X-ray machines, and this factor has acted as a roadblock for the growth of the global market for X-ray. Nevertheless, the rising incidence of respiratory, gastrointestinal, cardiovascular, and genitourinary disorders is prognosticated to keep enhancing the growth prospects of the global market for X-ray. Furthermore, the unavailability of an alternative technology as competent as X-ray has also kept the growth prospects high.