Global Medical X-ray Market Report and Forecast 2024-2032

Global Medical X-ray Market Outlook

The global medical x-ray market size was valued at USD 12.17 billion in 2023. The major drivers of the industry are the increasing prevalence of chronic diseases, rising healthcare expenditure, increasing standards of diagnosis and treatment across healthcare units, and surging hospitalisation rates. The market is anticipated to grow at a CAGR of 5.8% during the forecast period 2024-2032 to reach a value of USD 20.21 billion by 2032.

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Key Trends in the Market

X-rays utilises electromagnetic waves in a form of radiation to capture images of objects that may not be clearly visible to the eye. Medical x-rays refer to usage of x-rays in medical applications in imaging systems which capture pictures of human bones, organs, and tissues from the outside of the patient’s body. These x-rays provide a precise picture of a targeted body part which enables the diagnosis and treatment of various medical conditions. Medical x-ray is safe, non-invasive, and can be applied to patients of all ages as well as various animals. 

• The increasing prevalence of cardiovascular, musculoskeletal, and oncological conditions, among other health complications, is driving the global medical x-ray market growth. Widening prevalence of accidents are further increasing the need of medical x-rays to check for bone injuries.

• The growing geriatric population, coupled with the favourable reimbursement policies of various government, is increasing hospitalisation rates. Elderly patients are at an enhanced risk of musculoskeletal injuries due to their weakened skeletal systems.

• The increasing demand for efficient medical x-ray systems, to facilitate chest x-ray, dental x-ray, fluoroscopy, and bone x-ray, etc., is further fuelling the growth of the medical x-ray market. Specific medical x-rays for different body parts are increasing their applications in healthcare settings.

• Rising standards of diagnosis and treatment procedures across the healthcare units, owing to the rising healthcare expenditure, growing disposable income, and increasing health awareness, are expected to bolster the medical x-ray market growth in the forecast period.

• The increasing penetration of technologies such as artificial intelligence (AI), machine learning, and internet of things (IoT), in hospitals and diagnostic centres, is likely to be a key trend in the market. These technologies can significantly improve diagnostic capabilities for better treatment.

Market Analysis

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Based on product, the market is bifurcated into digital and analogue. On the basis of technology type, the market is classified into computed radiography, film-based radiography, and direct radiography, among others. By portability, the market is segmented into fixed, and portable, among others. Based on application, the medical x-ray market is divided into dental, veterinary, mammography, chest, cardiovascular, and orthopaedics, among others. By end-use, the market is categorised into hospitals, and diagnostic centres, among others. The regional markets for medical x-rays are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.  

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global medical x-ray market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Agfa-Gevaert Group

• Canon Medical Systems Corporation

• Carestream Health, Inc.

• Dentsply Sirona Inc.

• The General Electric Company

• Others

Market Share by Product

The digital segment, based on product, accounts for a healthy share of the medical x-ray market. Digital medical x-rays offer better access and storage compared to the traditional modes of x-ray imaging. They are cheaper, offer high-resolution images, and emit less radiation. Additionally, digital medical x-rays facilitate easier communication which boosts the productivity of the healthcare staff. Moreover, unlike analogue x-rays, digital versions do not use chemicals. Digital medical x-rays also offer greater support for use with emerging technologies such as AI and machine learning. In this regard, the increasing awareness pertaining to the advantages of digital medical x-rays is further fuelling the growth of this segment.

Market Share by Portability

Based on portability, the portable segment accounts for a significant share in the medical x-ray market. This can be attributed to the mobility offered by these types of medical x-rays which enables movement of x-ray systems to wherever they are needed within larger hospital settings, or in field operations. Portable medical x-ray systems are quick, safe, and bolster the x-ray quality of radiology and physiology. In addition, portable medical x-ray are witnessing a heightened demand for the treatment for immobile patients such as animals, military personnel, and athletes, among others. Over the forecast period, the technological advancements in portable medical x-rays are expected to garner the segment’s growth. 

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Competitive Landscape

Agfa-Gevaert Group is a leading IT corporation which manufactures, develops, and markets digital imaging products, software, and systems. Agfa-Gevaert specialises in offset printing, inkjet printing, radiology imaging, medical imaging IT, and industrial processes. The company was established in 1867 and is currently headquartered in Mortsel, Belgium from where it caters to a wide range of global customers.

Canon Medical Systems Corporation is a leading company which provides expertise in angiography, healthcare IT, computed tomography, magnetic resonance, ultrasound, x-ray, nuclear medicine, and RF amplifier components, among others. The company provides a full range of medical imaging solutions. Founded in 1948, Canon Medical Systems Corporation is currently headquartered in Tochigi, Japan.

Carestream Health, Inc. is a leading medical imaging company which offers high-end healthcare solutions. The product portfolio of this company includes digital radiography, computed radiography, medical software, printing systems, mobile x-ray systems, and veterinary solutions, among others. The company was established in the year 2007 and is headquartered in New York, United States.

Other market players include Dentsply Sirona Inc., and The General Electric Company, among others.

Key Highlights of the Report