X-ray detectors are devices that measure the properties of x-rays and transform x-ray radiation into electronic form. As a result, they are primarily used in medical imaging to generate images of body structures and tissues. X-ray detectors are also used for imaging in the dental, industrial, and security industries.
Impact of COVID-19 on the Market
Despite the fact that the novel COVID-19 pandemic had a severe effect on various businesses, the x-ray detectors market has witnessed significant growth during this time due to their application in diagnostic imaging centers. Furthermore, during the pandemic, doctors are using chest x-rays to treat people who are at a higher risk of contracting the virus. As a result, the relevance of x-ray detectors has surged. This factor is predicted to propel the growth of the market.
Moreover, several studies are being conducted during the pandemic to assist society in recovering from the chaotic situation through strategic plans and steps. For example, on September 2020, Louisiana State University Health Sciences Center New Orleans announced that they had conducted a study on 400 people to study the effects of COVID-19. RT-PCR and chest x-rays were evaluated, and they discovered that during the pandemic, chest x-rays were 96.6 percent accurate for SARS-CoV-2. The aforementioned factors indicate that the pandemic is estimated to generate significant investment opportunities in the market over the next few years.
Key Developments in the Industry
The key companies operating in the global x-ray detectors market are adopting business tactics & several growth strategies such as partnerships, mergers & acquisitions, launches, and collaborations, to maintain a strong position in the overall market, which is subsequently assisting the market to grow across the world.
- For instance, in July 2021, VUNO Inc., a South Korean artificial intelligence (AI) developer, announced a collaboration with Samsung Electronics Co., Ltd., a global medical device company, to integrate its AI-powered chest X-ray diagnostic solution, VUNO Med-Chest X-ray, into Samsung's premium mobile digital X-ray system, GM85.|
- For instance, in March 2021, Canon Inc. has introduced "Built-in AEC1 assistance" technology for digital radiography (DR)2. The device's X-ray image sensor employs identical elements capable of performing either image generation or real-time detection of the pixel value3 corresponding to emitted X-rays, alerting the X-ray generator when the pixel value reaches a preset value.
- For instance, in June 2021, Waygate Technologies, a world leader in industrial inspection solutions, announced the availability of a cabinet-integrated next-generation digital X-ray detector solution. The new Seifert DXR 100S-41M and DXR 200S-41M detectors offer the company's most recent industry-proven detector technology as a standalone package for retrofits of existing X-ray facilities, from film to digital detector array (DDA) and image intensifier-based systems.
Forecast Analysis of X-ray Detectors Market
The global x-ray detectors market is witnessing significant growth, due to an increase in the use of x-ray detectors for orthopedic and other disorders. X-ray detectors are frequently used by orthopedic doctors to obtain clear images in order to better understand the ailment or injury. Furthermore, according to a research paper by Dominic Carreira, MD, X-ray imaging plays a critical part in orthopedic examinations in determining diagnoses of any disorders for their respective patients, resulting in the widespread use of x-ray detectors.
The use of x-ray detectors in industrial applications has already prompted market players to develop new marketing techniques to attract clients. For example, in May 2019, Varex, a major competitor in the x-ray inspection business, announced the debut of two new x-ray detectors, the 3020DXV-I and 3030DXV-I. They are designed to provide application inspection services and industries. These types of initiatives from market leaders are projected to boost the market growth.
The high cost of x-ray detectors is predicted to hamper the growth of the market during the analysis period. Furthermore, increased x-ray exposure can result in a variety of side effects such as bleeding, hair loss, fainting, and vomiting. As a result, these factors are anticipated to have a negative impact on the market's growth during the analysis period.
As per a newly published report by Research Dive, the global x-ray detectors market is predicted to garner $7,426.5 million by 2028.
Geographically, Asia-Pacific region held a key position in the x-ray detectors market in 2020 and it is predicted to grow at a significant CAGR of 5.40%, during the forecast timeframe. The extensive growth of the market in this region can be mainly attributed to Asia-Pacific region held a significant position in the x-ray detectors market in 2020 and it is expected to grow at a notable CAGR of 5.40% during the forecast period. The significant growth of the market can be mainly attributed to an increase in the number of individuals in Asian countries including China, India, and Japan suffering from various ailments such as cardiovascular disease, cancer, and pneumonia. In addition, increased medical tourism and healthcare spending are projected to fuel the growth of the Asia-Pacific x-ray detectors market in the forecast period.
The key players operating in the global industry include Koninklijke Philips N.V, General Electric, Thales Group, Orvee Medical Solutions, Carestream Health, Inc., Siemens AG, Rayence Inc., Toshiba, Varex Imaging Nederland B.V., and Trixell.