Portable X-ray Devices Market Size

Portable X-ray Devices Market Analysis

The Portable X-ray Devices Market size is estimated at USD 8.40 billion in 2024, and is expected to reach USD 13.03 billion by 2029, growing at a CAGR of 9.18% during the forecast period (2024-2029).

The outbreak of the pandemic impacted the market. Portable X-ray devices were widely used during the pandemic to evaluate symptomatic patients with suspected or confirmed COVID-19 disease. For instance, according to a research study published in November 2020, accurate diagnosis of COVID-19 with chest X-rays ranged from 57.0% to 89.0%. X-ray devices played an essential role in detecting such visual responses associated with COVID-19 infection. Thus, owing to the efficiency of portable X-ray devices in detecting COVID infection, these devices were rapidly adopted in diagnosing lungs during the pandemic. However, a decrease in imaging volumes during the pandemic imposed a slight short-term negative impact on the market. For instance, according to the research journal published by the American College of Radiology in May 2020, the total imaging volume in 2020 (weeks 1-16) declined by 12.3% compared to 2019. It also reported that post-COVID-19 (weeks 10-16) revealed a greater decrease (28.1%) in imaging volumes across all patient service locations. The same source also reported an 88.0% decline in week 16 in outpatient imaging, and X-rays contributed to a nearly 22.0% decline. Thus, during the initial days of the pandemic, the market witnessed moderate growth. However, the upliftments of lockdowns, declining corona cases, and increasing in-clinic patient visits during the later times of the pandemic helped the market to gain momentum and are expected to continue the upward trend over the forecast period.

Technological advancements, the growing geriatric population, the increasing prevalence of vascular diseases, and huge funding for R&D of portable technologies by private players and governments are the major factors driving the market growth. In addition, the government is providing grants for various research projects for X-rays, which is also driving the market growth. For instance, in June 2021, the UK government and the Department of Health and Social Care issued USD 44.03 million to boost AI technologies to revolutionize the National Health Service care. It also reported that nearly 38 new pioneering AI projects were started that may help to revolutionize care and accelerate diagnosis. Therefore, such initiatives may create new opportunities for the market as they may lead to the introduction of technologically advanced portable X-rays. Thus, such favorable initiatives from the government may help to boost the market growth over the forecast period.

Major players in the market are also adopting technological developments as strategies to maintain their market positions. The companies are also investing in R&D activities for technologically advanced products. For instance, in September 2021, GE Healthcare launched AMX Navigate, a new portable, digital X-ray system equipped with a power-assisted free motion telescoping column that aims to reduce lift force by up to 70.0% and decrease technologist injury. The new device is also equipped with Zero Click Exam, which increases efficiency by automating workflow and reducing user interface interactions. Therefore, owing to such instances, considerable market growth is anticipated over the forecast period.

However, stringent regulatory scenarios and the high risk of radiation exposure are expected to restrain the market growth over the forecast period.