Market Size of X-ray Generator Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.06 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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X-Ray Generator Market Analysis
The X-Ray generators market was valued at USD 450.99 million in 2020, and it is expected to reach USD 570.28 million by 2026, registering a CAGR of 4.06%, during the forecast period (2021 - 2026).
- X-Ray technology has been commonly associated with the healthcare and research and development sector for several years. However, in recent times, the technology has expanded into the manufacturing environments, which is helping several end-user industries improve the quality of production. Technological advancement is one of the primary factors driving the growth of the market.
- Aerospace and Defense are some of the primary industries that pioneered the use of X-ray inspection for quality control. Radiographic testing has been used successfully at Marshall Space Flight Center (MSFC) research center of the US government's civilian rocketry and spacecraft propulsion, for years to identify and characterize cracks, voids, inclusions, porosity, lack of weld penetration, lack of fusion in welds, and many other types of defects.
- Advances in medical imaging, primarily in computed tomography (CT) technology, have resulted in the rapid growth of X-ray examinations. Besides, the global geriatric population base at high risk of developing these chronic diseases is expected to stimulate the demand for high-resolution imaging systems.
- A pandemic like Covid-19 will only fuel the manufacturing of advanced medical devices and equipments to tackle such crisis in future. The increased production of healthcare devices will drive the X-Ray Generator market. For instance, GE Healthcare has recently announced to increase its manufacturing capacity for medical equipment including, CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators, to cater to the ongoing global challenge of treatments of COVID-19 patients.
