Market Trends of Medical X-Ray Equipment And Imaging Software Industry
Diagnostic Centers Majorly Drive the Market Demand
- The medical X-ray equipment and imaging industry is witnessing a growth in the number of imaging and diagnostic tests performed per year owing to various factors, such as increasing focus on radiological diagnostic tests and rising chronic disease burden through mergers and consolidation in the medical devices market.
- Diagnostic centers offer thorough screening and diagnostics to give the best possible care and meet the patient's needs. More diagnostic facilities are opening up to accurately diagnose patients as the incidence of infectious and non-communicable diseases rises.
- A diagnostic radiograph's ability to be produced depends on several variables. One of those variables is the reproducibility of X-ray exposure to specific radiographic technique variables, like X-ray tube voltage and current. The "linear" response of the X-ray dose to changes in the X-ray tube current is another element that significantly impacts the quality of X-ray images. To create the radiographic image reliably, the relationship between tube current and X-ray production must be "linear."
- Moreover, many companies are investing in insulated gate bipolar transistors (IGBT), which are used to power CT scanners and X-ray machines, among other medical diagnostic devices. The IGBT-based power supply's superb management of the voltage given to the X-ray tube enhances the image quality. The Statistics Bureau of Japan estimates that by 2024, the revenue from X-ray equipment in Japan will be over 3.5 billion USD, up from 3.3 billion in 2022. Such advancements in the medical field may further fuel market expansion.
- Most countries spend highly on the healthcare industry and upgrade to the latest equipment and solutions in their diagnostic centers to improve health. However, a few countries, such as the United States, underperform in healthcare. For instance, the United States spends approximately 7 percent to 10 percent more than other similar countries; however, life expectancy is low. This creates a new avenue for companies to invest in advanced equipment and imaging software to improve the healthcare ecosystem.
- In addition, with healthcare costs in all of Europe rising quickly, the X-ray tube market in that region is predicted to expand much more rapidly than it did over the previous five years. President Vladimir Putin unveiled the national "Health Care" project, which seeks to extend Russians' life expectancy from 73 to 78 years and lower the mortality rate from cancer and cardiovascular disease by 2024. The expected annual investment in this project is 40 billion euros. The government intends to limit the export of medical equipment (diagnostic imaging: dental products, orthopedics, and other medical devices).
- Furthermore, a growing need for medical diagnostics across numerous regions may further contribute to market expansion. X-ray machines are also necessary due to the rise in cardiovascular disorders. For instance, According to a recent analysis by the Population Reference Bureau (PRB), by 2030, 81 percent of fatalities in Latin America will be attributable to the four main non-communicable diseases: cardiovascular disease, most malignancies, diabetes, and chronic respiratory disorders. Due to this, in August 2022, the International Finance Corporation funded USD 30 million to the pharmaceutical firm Laboratorios Siegfried to improve access to high-quality, reasonably priced healthcare for lower-income communities throughout Latin America and the Caribbean (LAC).
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Asia-Pacific to Account for a Significant Share
- The Asia-Pacific region is expected to expand at a considerable rate during the forecast period. Significant factors supporting the growth are rising investments in research and innovation centers, government programs, and policies favoring the IT healthcare equipment and devices markets.
- Owing to the rising frequency of chronic diseases and the increased need for high-quality healthcare, Asia-Pacific is anticipated to develop faster than other areas. The market will also be significantly supported by the increasing PACS (Picture Archiving and Communication System) adoption in digital X-ray systems due to the benefits of greater image quality and faster processing.
- The APAC region is witnessing a surge in the geriatric population and an increase in chronic diseases due to sedentary lifestyles and unhealthy eating habits. Moreover, rising medical infrastructure developments with increased medical facilities are expected to propel the demand for medical X-ray equipment.
- The Chinese government has also been implementing a stream of supportive policies to improve the overall healthcare structure. The Health China 2030 plan is a comprehensive set of guidelines to extend the services to all by 2030 and focuses on public health. Such initiatives for improving healthcare standards are driving the growth of the Chinese X-ray tube market.
- Moreover, x-ray computed tomography (CT) imaging is increasingly used in structural engineering. Scanning a concrete specimen using X-ray tomography provides insights into the inner structure without destroying the specimen. Studying the internal design of cement-based materials is extremely important for understanding and modeling the transport phenomena that affect its durability.
- Additionally, To generate attractive revenue streams, APAC firms in the global market for medical imaging equipment are concentrating on producing high-quality, technologically advanced gadgets. The growing prevalence of diseases, chronic and neurological conditions, and malignancies is driving the global market for medical imaging equipment. This increased demand is coming from the healthcare sector.
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