The Global X-ray Detectors Market Anticipated to Generate a Revenue of $7,426.50 Million, Growing at a CAGR of 4.60% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global x-ray detectors market is estimated to be valued at $7,426.50 million by 2028, surging from $5,222.60 million in 2020 at a noteworthy CAGR of 4.60%.
Impact Analysis of COVID-19 on the X-ray Detectors Market
The global market for x-ray detectors is estimated to experience a high growth rate in the middle of the COVID-19 pandemic. This growth is envisioned to be the result of increased usage of x-ray detectors for chest x-rays in COVID-19 patients. Moreover, when it comes to assessing suspected cases of COVID-19, imaging technologies are very important to study infection of lungs caused by SARS-CoV-2. Therefore, the demand for x-ray detectors is projected to witness a rise.
Furthermore, certain researchers operating in x-ray detectors market are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, on March 2021, CAA Journal of Automatica Sinica from Brazil announced the amalgamation of x-ray detectors with artificial intelligence, offering chest x-rays with 95.6% accuracy. All such factors are predicted to positively impact the global x-ray detectors market amid the pandemic.
Global X-ray Detectors Market Analysis
The enormous growth of the global x-ray detectors market is mainly attributed to an increasing interest towards non-invasive medical imaging. Also, increasing availability of medical equipment and improvement in health care infrastructure, along with increasing prevalence of diseases such as tumors, lung abnormalities, bone fractures, and others, are expected to drive the market growth globally.
There are minor side effects of X-rays such as bleeding, hair loss, rashes, and others. Also, higher cost of installing x-ray detectors may create a negative impact on the market during the forecast period.
The increasing adoption of x-ray detectors in security may create huge opportunities for the market in the future. Now-a-days, backscatter x-ray machines are used to detect hidden objects under clothes. This type of security is mostly used in court houses, airports, museums, and prisons. Moreover, merging of x-ray detectors with artificial intelligence is expected to raise the demand for x-ray detectors.
Furthermore, companies involved in the market of global x-ray detectors are following strategic alliances and launching innovative products to grow in the market. For instance, in January 2020, Thales and NEHS Digital announced that they are in a collaboration to launch mobile-based x-ray detector system which is specialized with artificial intelligence and gives an accurate and a fast diagnosis of COVID-19. This advancement may help in speeding up the process of admission in hospital during the crisis. Such type of technological advancements may further lead to lucrative opportunities in the market in the upcoming years.
Global X-ray Detectors Market, Segmentation
The global x-ray detectors market is segmented based on type, application, and region.
The type segment is further classified into flat panel detectors, line-scan detectors, CCD (charge coupled device) detectors, and computed radiography. Among these, the computed radiography type sub-segment is anticipated to have the fastest growth and generate revenue of $2,115.10 million in the forecast period, with an increase from $1,445.90 million in 2020.
The market growth of computed radiography can be attributed to its lower cost, less use of chemicals and their use in diagnosis of bone fractures, calcification of kidney and pneumonia. Moreover, advancements in technology in radiography might bring computer radiography to the next level in all relevant industries, and these factors may create a constructive impact on the segment throughout the forecast period.
The application segment is further divided into medical application, security application, dental application, industrial application, and veterinary application. The medical application sub-segment is anticipated to have a dominating market share as well as be the fastest growing sub-segment in the global market and is expected to register a revenue of $3,045.90 million during the analysis timeframe.
This sub-segment is projected to experience high growth rate owing to the dense population and a higher risk of developing diseases like infections, tumors, arthritis in joints, bone loss, and dental issues. Therefore, to diagnose such type of diseases, demand for x-ray detectors may increase. Such type of outlook may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The x-ray detectors market for the North America region is projected to witness dominant growth. This market generated a revenue of $1,916.70 million in 2020 and is further projected to reach up to $2,606.70 million by 2028.
The demand for x-ray detectors is surging in the North America region specifically because of factors such as increasing healthcare spending along with higher incidences of chronic diseases across the region. Moreover, the strong presence of leading x-ray detectors providers and manufacturers might be one of the key factors for the growth of market in the region. For instance, Teledyne DALSA, a US-based global leader in digital x-ray image sensing technology, announced in April 2019 that they have launched best-performing large format CMOS x-ray detectors. These detectors are designed in such a way that they can be used in various applications. CMOS x-ray detectors offers higher resolution images, dynamic range and low dose signal of noise. All such factors are anticipated to boost the market in the North America region.
Key Players in the Global X-Ray Detectors Market
Some of the leading global market players are:
- Siemens AG,
- Koninklijke Philips N.V,
- General Electric,
- Thales Group,
- Carestream Health,Inc.,
- Rayence Inc.,
- Varex Imaging Nederland B.V.,
- Trixell and Orvee Medical Solutions.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global X-Ray Detectors Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is low.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of x-ray detectors that are offered in low prices. The buyers can hence choose the detector that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative x-ray detectors to the customers. However, companies that are in the x-ray detectors are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: Different types of technologies such as ultrasound techniques and visible techniques are available in the market, but they do not offer services as x-ray detector.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global x-ray detectors are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.