The Global Medical X-Ray Inspection Equipment and Imaging Software Market was valued at USD XX billion in 2016, and is projected to reach USD XX billion by 2022, recording a CAGR of XX% over the forecast period of 2017-2022. Owing to the increasing demand for cost-effective X-ray and medical imaging solutions, the global medical X-ray inspection equipment and imaging software market is poised to witness a robust growth rate during the forecast period. Technological developments during the recent years have resulted in cost-effective machines and imaging software. Moreover, over the past few years, innovations have led software to develop as integral parts of the diagnostic machines, by offering better quality images in lesser time. After initial domination by analog X-ray machines, the market has been rapidly shifting towards digital X-ray solutions.
GROWING GERIATRIC POPULATION TO DRIVE THE MARKET
The expansion of the geriatric population has increased the incidence of cardiovascular and respiratory diseases, and frequent medical check-ups in the medical institutions. According to a survey in the European Union, about 63% of the deaths in the region in the geriatric age group are caused by heart disease or respiratory disease. These factors have increased the consciousness in the public, and have resulted in an increased demand for X-ray machines and imaging software. Thus, the geriatric age group, which is highly susceptible to chronic diseases, is anticipated to bolster the demand for high-resolution imaging systems.
X-RAY TECHNOLOGY TO LEAD THE MARKET
The global medical X-ray equipment market is expected to witness healthy growth during the forecast period, driven by the continuous digitalization of X-ray systems and increasing investments on the healthcare industry in emerging economies. Hospitals, on the other hand, are becoming amenable to modern procedures, such as, digital X-ray and medical imaging. In addition, technological advancements, like the design modifications in the interface of computer-controlled X-ray generator with imaging system have resulted in better synchronization of the overall imaging system with X-ray generators.
NORTH AMERICA TO DOMINATE THE GLOBAL MARKET
In 2016, owing to the physician recommendations for radiographic diagnostic procedures due to the association of greater patient safety with these procedures, North America had the largest share in the global market. In addition, the presence of government initiatives promoting patient safety and consistently striving towards safety are expected to increase the demand for these machines and imaging software in the region.
NOTABLE MARKET DEVELOPMENTS
The medical X-ray inspection equipment and imaging software market is fragmented, and the key players include:
These players accounted for the majority share in the global market, with continuous innovations that meet the changing consumer preferences. Additionally, collaborations, partnerships, and business expansions helped them increase their market penetration further. To expand their product portfolios, the key players have employed the strategies of acquisition and integration of startups.
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