Market Report

STAFF REPORT

The global digital X-ray market is expected to reach $16.4 billion by 2026 from an estimated $11.1 billion in 2021, at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2026, according to a report by MarketsandMarkets.

The major factors driving the growth of this market include the increasing geriatric population and growth in disease incidence as well as favorable government regulations, investments and initiatives, the report states.

“The advantages of digital X-ray systems have played a key part in their adoption; their speed and accuracy, as well as quick processing times, allow for significantly higher patient screening volumes than earlier. This has pushed companies to focus on product development and innovation. However, these systems are priced at a premium, which slows their greater adoption. Other factors such as declining reimbursements, lack of infrastructure, particularly in developing and underdeveloped countries, and potential risks associated with radiation exposure are also expected to hinder the growth of this market,” according to MarketsandMarkets. “The global medical imaging market size was $36.19 billion in 2020 and is projected to grow from $37.97 billion in 2021 to $56.53 billion by 2028, exhibiting a CAGR of 5.8% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, “Medical Imaging Market, 2021-2028.”

According to the Fortune Business Insights analysts, the growing occurrence of chronic conditions such as cardiovascular, neurology disorders and several others, pooled with the readjusting health care systems have resulted in an augmentation in prominence on primary diagnosis.

The medical X-ray market size valued at $13 billion in 2020 and is expected to witness 5.7% CAGR from 2021 to 2027, Global Market Insights states. The report states that a surging burden of chronic diseases such as cancer, neurological diseases, dental problems, cardiac diseases, and musculoskeletal disorders will spur the market growth.

“Moreover, due to the increasing incidence of COVID-19, the need for effective diagnosis and treatment has also surged globally. Several market participants in the medical device manufacturing industry are working continuously to escalate the production of medical X-ray devices to meet the growing needs of health care providers for imaging solutions,” according to Global Medical Insights. •