by The X-ray Machine Manufacturing Market is estimated to be valued at US$ 16.05 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
X-ray machines are medical devices used for medical imaging. They help doctors diagnose and treat medical conditions like fractures, lung issues, digestive issues etc. by creating images of internal body parts. Different types of X-ray machines include stationary, portable and mobile X-ray machines. Stationary X-ray machines are large and installed in hospitals for general radiography use. Portable X-ray machines are compact and movable within medical facilities. Mobile X-ray machines can be transported to patient’s location.
Market Dynamics:
Growing prevalence of chronic diseases is a key driver for the X-ray machine manufacturing market. Diseases like cancer, cardiovascular diseases and orthopedic disorders require frequent use of medical imaging for diagnosis and monitoring disease progression or post-treatment care. According to World Health Organization (WHO), chronic diseases accounted for over 70% of total deaths globally in 2020. Rising geriatric population is also fueling the demand as elderly are more prone to chronic illnesses. According to United Nations, number of people aged 65 years or older is projected to reach 1.5 billion in 2050 from 727 million in 2020. Growing healthcare infrastructure and expenditure in developing nations presents new opportunities for players in the market. However, availability of alternative medical imaging modalities may hinder the market growth over the forecast period.
Segment Analysis:
The X-ray machine manufacturing market can be broadly divided into three main segments – stationary X-ray machines, portable X-ray machines, and mobile X-ray machines. The stationary X-ray machines segment accounts for the largest share of the market and is expected to dominate during the forecast period. This is because stationary X-ray machines offer high image resolution compared to portable and mobile machines, hence are widely used for imaging parts of the body that require high accuracy.
PEST Analysis:
- Political: Regulations around radiation safety are becoming more stringent in various countries, requiring upgrades in existing X-ray machines as well as advanced features in new machines.
- Economic: Growth in the healthcare industry coupled with rising disposable incomes is fueling the demand for advanced medical imaging technologies like X-ray machines globally.
- Social: Increasing prevalence of diseases like cancer and rising health awareness is prompting more people to undergo diagnostic imaging tests using X-ray machines.
- Technological: Focus on digital radiography systems, miniaturization of devices, and wireless connectivity are some of the technological advancements driving the demand for X-ray machines.
Key Takeaways:
The Global X-Ray Machine Manufacturing Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing investments by hospitals and diagnostic centers to upgrade their imaging facilities. The market size for 2023 is projected to reach US$ 16.05 Bn.
Regional analysis: North America accounted for the largest share of the global X-ray machine manufacturing market in 2023 due to presence of major players and rapid adoption of advanced healthcare technologies. Asia Pacific is poised to be the fastest growing region during the forecast period supported by rising healthcare spending and growing demand in China and India.
Key players operating in the X-ray machine manufacturing market are Siemens AG, Canon Inc., Hologic Inc., Philips Healthcare, GE Healthcare, Shimadzu Corporation, Hitachi Medical Corporation, and Fujifilm Holdings Corporation, among others. Key players are focusing on expanding their product portfolios through new product launches. For instance, in 2022, Siemens Healthineers launched its mobile X-ray machine ADVIA Centaur XP to deliver lab efficiency.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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