Technological advancements in diagnostic imaging in developed countries
Technological advancements and substantial transformations in the medical industry are providing better and cost-effective solutions. The digital imaging process has transformed the medical field by offering better quality images, faster processing, and cost-effective advantages over conventional X-rays systems. High-tech, accurate, and more affordable diagnostic X-rays systems developed by key players will further boost the market growth. These are some key factors that are projected to raise the demand for diagnostic X-rays systems in the coming years.
Rising prevalence of injuries occurring worldwide
In 2017, about 2.8 million nonfatal injuries were recorded according to the Survey of Occupational Injuries and Illnesses (SOII).
Rising numbers of injuries, accidents, severe muscle damages, bone fractures, and other muscle damages worldwide are estimated to drive the diagnostic devices and equipment market, especially the X-rays systems devices market. With the increase in number of accidents and injuries globally, the number of medical diagnostic services such as blood tests, and X-rays has further increased. Such a factor is anticipated to drive the growth of the diagnostic X-rays market.
The growing number of diagnostic imaging procedures
The growing cases of chronic diseases such as Alzheimer’s disease, cancer, cystic fibrosis, neurological diseases, and musculoskeletal disorders are predicted to drive the diagnostic X-rays system growth during the forecast period. Increasing patient preference towards X-rays for their non-invasive and painless diagnosis are factors further anticipated to increase the demand for diagnostic imaging procedures. Moreover, the effective diagnostic X-ray system for easy and accurate imaging outputs will boost the market growth in the coming future.
Risk of high radiation exposure
According to a worldwide survey in 2015 done by NCBI on radiation overexposure accidents, it was found that around 2390 people were overexposed to radiation, out of which 190 died.
The risk of high radiation exposure and its hazardous effect is estimated to hinder the diagnostic X-rays systems' market growth. The use of electromagnetic waves in diagnostic X-ray imaging procedures releases particles called 'ionizing radiation'. This radiation coming from X-ray machines carry major health hazards issues. Even low doses of radiation, in the long run, can cause cancer. Such a factor is estimated to hinder the growth of the global diagnostic X-ray system market during the forecast period.
High cost associated with the installation of medical imaging modalities
Sustainable advanced technologies come at a cost. Owing to the high price of both installation and products, the market growth is anticipated to be restricted tremendously, thereby affecting the requirement for a diagnostic X-ray system.
The global diagnostic X-rays systems market is anticipated to register a robust CAGR over the forecast period, i.e. 2020-2028. Significant rise in R&D activities and various technological advancements in the healthcare sector, along with the rise in several approvals regarding healthcare diagnostic products are anticipated to boost the market growth. Additionally, rise in demand for better imaging techniques and the application of radiography imaging products has been observed, owing to the recent surge in the incidence of chronic diseases such as Alzheimer’s disease, arthritis, cancer, COPD, cystic fibrosis, and diabetes. This is an instance of the positive impact rendering factors driving the market growth during the forecast period.
Major end-users are adopting new and developed imaging techniques subsequently and key market players are moving towards the growth of the diagnostic X-rays system market. This integration is expected to introduce high-resolution imaging technologies along with advanced and effective X-rays devices that can substitute conventional ones and boost market growth during the forecast period. Improved quality of image output is expected to enhance the diagnosis accuracy in the early stages of several diseases. The accurate, efficient, and effective diagnosis can help in the treatment of various life-threatening diseases such as cancer, diabetes, and various cardiovascular diseases. This major advantage can be attributed to result in a significantly positive impact on market growth. Additionally, developing economies such as India and China are increasing are focusing on providing cost-effective and accurate medical imaging solutions and diagnostics by adapting various new imaging technologies.
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In-depth analysis of the global diagnostic X-rays system market includes the following segments:
By Product Type
By Component Type
By Technology Type
By Portability Type
By End-User Type
By Region Type
On the basis of regional analysis, the diagnostic X-rays system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
Based on region segment, the market in North America is expected to hold the largest market share for the diagnostic X-ray system market owing to the high adoption of technology and demand for improved infrastructure in healthcare facilities along with increasing demand for diagnostic equipment in the region. Additionally, a strong foothold of major industry players in North America focusing on research & development and innovative product launch are anticipated to positively impact market growth. The market in Asia Pacific is anticipated to observe the highest growth rate over the forecast period mainly owing to the surge in numbers of chronic disease patients. The presence of large patient pools in densely populated nations such as India and China, along with the government support to the healthcare industry will act as the primary growth driver in the Asia-Pacific region.
The global diagnostic X-rays system market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani