The growth of the market is attributed to the increasing geriatric population and subsequent growth in global disease incidence, favorable regulations and government initiatives & investments, the advantages of digital X-ray systems, and technological advancements and product development.
The Digital X-ray Market is expected to reach USD 13.04 billion by 2023 from USD 8.68 billion in 2018, at a CAGR of 8.5%.
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Based on application, the digital X-ray market is segmented into general radiography, dental applications, fluoroscopy, and mammography. In 2018, the general radiography segment is expected to account for the largest share of the digital X-ray market. The growth in this market is mainly driven by the rising prevalence of diseases like tuberculosis, osteoporosis, and CVD; growing aging population; and product launches.
By technology, the digital X-ray market is segmented into direct radiography and computed radiography. The direct radiography segment is expected to register the highest rate during the forecast period. The advantages associated with the use of direct radiography systems, such as effective dynamic range, better contrast detectability, better medical evaluation, superior and more accurate images, reduced radiation exposure for patients and workers, flexibility in image management, improved patient throughput, superior evaluation of data and images, and lower operational costs, are promoting the growth of the direct radiography segment in the digital X-ray market.
In 2018, North America is expected to dominate the market. The large share of this geographical segment is attributed to factors such strong economies in the US and Canada, which have allowed for significant investments in new technologies. Europe is expected to hold the second-largest share of this market.
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The digital X-ray market is highly competitive with the presence of several small and big players. Some of the players in the digital X-ray market are Canon Inc. (Japan), Carestream Health (US), Fujifilm Corporation (Japan), GE Healthcare (US), Hitachi Ltd. (Japan), Hologic, Inc. (US), Philips Healthcare (Netherlands), Shimadzu Corporation (Japan), Siemens Healthineers (Germany), Konica Minolta, Inc. (Japan), Samsung Medison Co., Ltd. (Korea), and Agfa Gevaert (Belgium).