Market Report Expect CT X-ray Tube Market Growth

STAFF REPORT

ACT X-ray tube market study formulated by Market Study Report LLC, presents a detailed analysis of the trends in this business space. This research report also offers information concerning the commercialization of this vertical, market size and revenue estimation of this industry.

The CT X-ray tube market was valued at $420 million in 2018 and is projected to reach $570 million in 2025, according to the report. It forecasts a compound annual growth rate (CAGR) of 4.4% during the forecast period. In the study, 2018 was considered as the base year with 2019 to 2025 set as the forecast period to estimate the size of the CT X-ray tube market.

According to Research and Markets, the global X-ray tube market was valued at $2.42 billion in 2017 and is expected to reach a value of $3.3 billion by 2023, registering a CAGR of about 5.21% from 2018-2023 (the forecast period).

With an increase in medical cases and diagnostic equipment, the demand for X-ray tubes in medical imaging is growing, which is, in turn, driving the market growth, Research and Markets states.

“However, the presence of stringent and strict regulations by FDA, across the globe, for manufacturing and designing X-ray tubes have created additional costs for manufacturers, while becoming a barrier for new entrants. These factors are restraining the market growth,” Research and Markets reports.

According to a Azoth Analytics research report the global medical X-ray tube market is projected to display a subtle growth represented by a CAGR of 3.60% from 2019-2024. Azoth Analytics reports that, over recent years, the global medical X-ray tube market has been witnessing growth on account of several driving factors including an increase in the global geriatric population and a surge in the incidence of chronic diseases due to sedentary lifestyle and unhealthy eating habits. Moreover, rising medical infrastructure developments with an increase in medical facilities is expected to propel the demand in the medical X-ray tube market.

In the Azoth Analytics research report, the market is segmented on the basis of product type as well as application. By product type, the segment of rotatory anode medical X-ray tubes is predicted to hold its dominant position in the market. The report states that North America accounts for the largest regional share, by value in the global medical X-ray tube market in 2018. However, Asia Pacific is predicted to advance at the highest rate. The presence of a vast consumer base, particularly in emerging nations such as China and India, in addition to growing per capita expenditure on health care is likely to drive the regional market.

According to MarketsandMarkets, the global diagnostic imaging market is projected to reach $33.5 billion by 2024 from $25.7 billion in 2019, at a CAGR of 5.5% from 2019 to 2024. The growth of this market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds, and grants by public-private organizations.

The projected growth of the global diagnostic imaging market should have an impact on the replacement tube market.

Some leaders in the replacement tube landscape include Dunlee, Richardson Electronics, Varex, Ray-Pac and others. •