|Fastest Growing Market:||North America|
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The Computed Radiography Market is expected to grow at the registered CAGR of 5.5% during the forecast period, 2022-2027.
Many radiology departments have significantly reduced diagnostic imaging operations due to public policy, financial difficulties, and patient concerns. It significantly affected radiology departments' short- and long-term financial viability in all practice settings. This reduced imaging case volumes across all patient service locations (emergency room, inpatient, outpatient) and all imaging modality types (x-ray, CT, MRI, ultrasound, mammography, interventional radiology, nuclear medicine). According to Jason J. Naidich's article 'Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes', published in May 2020, total imaging volume in the first half of 2020 declined by 12.29% compared with 2019. Post-COVID-19 revealed a greater decrease (28.10%) in imaging volumes across all patient service locations and modality types. This trend suggests that the imaging techniques decreased the volumes affecting the market.
The computed radiography market is driven by the rise in the prevalence of orthopedic and other chronic diseases coupled with the technological advancement in the computed radiography system. According to the article published in the eClinical Medicine in December 2020, titled "Global, Regional Prevalence, Incidence and Risk Factors of Knee Osteoarthritis in Population-Based Studies," individuals aged 15 and older had a global incidence of 16.0%, while those aged 40 and above had a global prevalence of 22.9%. In 2020, roughly 654 million people (40 years and older) will have knee OA. Thus, the increased prevalence of osteoarthritis globally will boost the market over the forecast period.
The increase in radiology examinations in the country is also positively impacting the usage of computed radiography devices in the market. According to National Health Services (NHS) report Radiology in 2020, there has been a consistent, ongoing growth in demand for radiology services.
Merger and acquisitions among various market players to expand their computed radiography devices portfolio in the market will also drive the market's growth in the future. For instance, in July 2020, Shimadzu Medical Systems and Konica Minolta Healthcare Americas Inc. announced a collaborative agreement to accelerate the commercialization of dynamic digital radiography (DDR).
Recent developments and technological advancements in computed radiography also boost the market during the forecast period. For instance, in August 2021, in Kyoto, Japan, Shimadzu launched the state-of-the-art mobile X-ray system "MobileArt Evolution MX8 Version" in Japan. The system is developed to be used in combination with a conventional computed radiography cassette-type X-ray receptor.
Thus, all the aforementioned factors are expected to boost the market over the forecast period. However, the lack of high initial installation cost and cost of devices are the major restraining factors for the market studied.
Scope of the Report
As per the scope of the report, Computed radiography (CR) is the digital replacement of conventional X-ray film radiography and provides significant benefits for examination procedures, and the time it takes to create an image is greatly reduced. The Computed Radiography Market is Segmented by Application (Orthopedic, Cancer, Dental, Cardiovascular, Other Applications), End-use (Hospitals, Diagnostic Centers, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.
|Other End Users|
Key Market Trends
Orthopedic Segment is Expected to Projected Significant Growth Over the Forecast Period.
Radiology is extremely important to orthopedic professionals, as precise imaging helps determine the best care possible for the patients. Thus, computed radiology systems play a major role in this application.
Computed radiography is mostly used in identifying fractures and joint dislocations, bone alignment, and stabilization after fracture treatment to detect bone tumors, diagnose bone infection, and monitor progressive musculoskeletal conditions, such as arthritis and osteoporosis.
According to the Centers for Diseases Control and Prevention updates from October 2021, doctor-diagnosed arthritis affects around one in every four persons in the United States (23.7%), or about 58.5 million people. Women are more likely than men to develop arthritis (23.5 percent) (18.1 percent ). Arthritis is more common as people get older. Thus, the rising prevalence of osteoarthritis is expected to boost the market over the forecast period.
Many developments are taking place in the segment, including product launches and approvals, partnerships, collaborations, mergers, and acquisitions in the market for this application. In May 2021, Israeli digital x-ray technology developer Beam-X-Vision Medical launched LDX4343, new computed radiography (CR) system based on cesium-bromide plates.
Thus, owing to the factors mentioned above, such a high burden of arthritis and the technological advancements in this segment are expected to bolster the growth of the market studied.
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North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the market due to the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure.
According to the Rural Health Information Hub June 2020 report, in the United States, there are more than 46 million older adults aged 65 and up; by 2050, that number is expected to rise to nearly 90 million. The number of older adults is expected to rise by nearly 18 million between 2020 and 2030. Thus, the rising geriatric population in the country is expected to boost the studied market.
The major factors driving the computed radiography market are an increase in the technology advancements in computed radiography equipment and the rise in the introduction of new equipment by various key players. For instance, in November 2020, Canon Medical Systems USA Inc launched Premium Auto-Positioning Radiography System for optimal productivity and patient care.
Also, the rise in the adoption of computed radiography equipment coupled with technological advancements and the use of computed radiography equipment by medical facilities is the vital factor escalating the market growth. For instance, in May 2021, KA Imaging signed a distribution agreement in the United States with Alpha Imaging. Hospitals, medical facilities, and practices from 14 states have access to the Reveal 35C single exposure, portable, digital dual-energy subtraction digital radiography (DR) X-ray detector through Alpha Imagin.Thus, due to the above-mentioned developments, the market is expected to see robust growth in technological advancements and development related to computed radiographs.
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The computed radiography market is nearly consolidated and moderately competitive as per the competitive analysis owing to the few companies currently dominating the market. These companies include GE Healthcare, Koninklijke Philips NV, Fujifilm Holdings Corporation, Siemens Healthineers, and Canon Medical System Corporation. The competition in the market is majorly based on technological advances and the pricing of digital X-ray equipment. Additionally, the key players have been involved in various strategic alliances such as acquisitions, collaborations, and the launch of advanced products to secure their position in the global market.
- In April 2022, FUJIFILM Healthcare Americas Corporation, a leading provider of enterprise imaging and informatics solutions, was awarded a Pacific Air Force/Navy (PACAF) contract from the United States Department of Defense (DoD) to standardize its digital imaging network’s picture archiving and communication systems (DIN-PACS) in the United States.
- In April 2022, Boston Imaging launched the GM85 Fit, a new configuration of the premium AccE GM85; a digital radiography device featuring a user-centric design that aids in efficient and effective patient care.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Occurrence of Orthopedic and other Chronic Diseases
4.2.2 Technological Advancements
4.3 Market Restraints
4.3.1 High Initial Cost of Installation and High Device Cost
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Application
5.1.5 Other Applications
5.2 By End-User
5.2.2 Diagnostic Centers
5.2.3 Other End Users
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Siemens Healthcare
6.1.2 Jones X-Ray, Inc.
6.1.3 Konica Minolta, Inc.
6.1.4 GE Healthcare
6.1.5 EuroTeck Systems Ltd.
6.1.6 Multi Imager Service, Inc.
6.1.7 All Star X-ray, Inc.
6.1.8 Fujifilm Corporation
6.1.9 Desert Health Imaging Technologies, LLC
6.1.10 Phillips Healthcare
6.1.11 Carestream Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Computed Radiography Market market is studied from 2019 - 2027.
What is the growth rate of Global Computed Radiography Market ?
The Global Computed Radiography Market is growing at a CAGR of 5.5% over the next 5 years.
Which region has highest growth rate in Global Computed Radiography Market ?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Computed Radiography Market ?
Asia-Pacific holds highest share in 2021.
Who are the key players in Global Computed Radiography Market ?
Siemens Healthcare , Jones X-Ray, Inc. , Konica Minolta, Inc. , GE Healthcare, Agfa-Gevaert Group are the major companies operating in Global Computed Radiography Market .