Global x-ray market on the rise

The global x-ray market generated $7.5 billion (5.74 billion euros) in revenues in 2011, and is expected to grow at a 4% compound annual growth rate (CAGR) to reach $9.8 billion (7.5 billion euros) in 2018, according to a new report from Transparency Market Research.

Transparency included portable and handheld systems, digital radiography (DR), computed radiography (CR), flat-panel detector-based systems, and mammography in its analysis.

The company noted demand for technologically advanced x-ray systems is increasing due to changing buyer preferences induced by growing demand for bedside imaging, the need for high-quality medical images, and the growing number of patients catered to with emergency medical services. Adoption of digital x-ray systems, PACS, and portable x-ray units has served as major market drivers, according to Transparency.

Other market drivers include a rapidly aging global population, growing patient awareness levels, and increased incidences of disease such as cardiovascular disease, Transparency said.

On a regional level, emerging economies in the Asian and Latin American markets have led to a rise in disposable income for consumers, and government initiatives to build sophisticated medical infrastructure, along with the presence of large unmet medical needs, will provide future growth opportunities, Transparency said.

While stationary x-ray systems held the majority of the market share in 2011, the advent of portable x-ray systems will propel the global portable x-ray systems market to a relatively faster compound annual growth rate during the forecast period, Transparency said.

CR systems dominate the global x-ray market due to their lower expense and decreased training requirements compared with DR systems. The advent of cost-effective DR systems, along with the increased PACS implementation rate, has made the global digital radiography x-ray systems market the fastest growing x-ray sector, the company said.

The North America x-ray market is expected to maintain its majority market share position until 2018, according to Transparency. Due to emerging economies such as Brazil and Mexico, and the presence of large patient populations in these countries, Transparency expects the Latin-American x-ray market will grow at a compound annual growth rate of more than 5% from 2012 to 2018.

Transparency said Philips Healthcare had the highest global x-ray market share in 2011.

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