Digital Mobile X-Ray Devices Market to Soar at a CAGR of 7.1% by 2026 | Hitachi Ltd., Koninklijke Philips N.V, Planmed OY, EOS Imaging
Future Market Insights, in its latest research, delivers key insights on the factors impacting the global digital mobile X-ray device market. According to the report, demand for digital mobile X-ray devices will continue to be fuelled by applications in orthopaedic- and chest-imaging. These two end-use applications accounted for 60% revenue share of the market in 2016.
Key Driving Factors
- Increasing emphasis on diagnostic imaging services by various government bodies.
- Increasing geriatric population – according to WHO, global geriatric population will reach 2 billion by 2050
- Rising incidences of orthopaedic diseases and bone injuries – WHO estimates global prevalence of arthritis to between 0.3% and 1%
- Contractual agreements and acquisitions by manufacturers
- Increasing adoption of 3D medical imaging equipment, especially in the field of orthopaedics
- Increase in the number of free standing imaging centers
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- High cost of clinical trials and stringent regulations have remained longstanding challenges for manufacturers
- Lack of inadequate imaging infrastructure in developing countries. High cost associated with initial set up and installation has been identified as a major restraint
- Increasing pressure on the healthcare budget in the U.S. and rising awareness among patients about the potential health impact of radiation
By product type, mobile devices will continue to outsell handheld devices. In 2016, of the US$ 7.67 Bn worth of digital X-ray devices sold, 91.5% were mobile devices. However, owing to their small base size, demand for handheld digital mobile X-ray devices will grow at a higher CAGR than mobile devices.
Hospitals and radiology centers will continue to be the leading end-users of digital mobile X-ray devices globally. These two end-users collectively accounted for nearly 70% revenue share of the market in 2016. According to Future Market Insights’ research, these two end-use sectors will continue to account for the bulk of demand for digital mobile X-ray markets during the forecast period.
Region-wise Analysis and Forecast
- North America is the largest market for digital mobile X-rays globally. Demand for digital mobile X-ray devices in the region is fuelled by strong sales in the U.S.
- North America’s revenue share of the global market was nearly 32% in 2016. Owing to increasing demand in Asia Pacific excluding Japan (APEJ), Latin America, and Japan, North America will witness a slight dip in revenue share over the forecast period.
- APEJ is projected to be the fastest growing market for digital mobile X-ray devices globally. The market in the region is expected to grow on account of high volume demand from China and India.
- The Eastern Europe digital mobile X-ray market will witness slowest growth among all regions.
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Competitive Landscape Analysis
Leading companies in the global digital mobile X-ray devices market are General Electric Healthcare Limited, Siemens AG, Esaote SpA, Hitachi Ltd., Koninklijke Philips N.V, Planmed OY, EOS Imaging, and Toshiba Medical Corporation. These leading companies are eyeing the lucrative APEJ market to capitalise on the growing opportunities.