In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
X-rays are a type of electromagnetic radiation having a wavelength ranging from 0.01 to 10 nanometers. They are primarily used for medical imaging and cancer diagnostics. The X-ray images depicts the part of the body in different shades of black and white contrast. Different tissues in the body absorbs different amount of radiations. Calcium present in the bones absorbs the maximum X-rays. Soft tissues present in the body absorbs less X-rays as compared to bones. The major applications of X-rays include detection of cavities, structural imaging of bones, pre and post implant operational comparisons.
The core of medical imaging system is the detector technology. X-ray detectors effectively convert the radiation into several forms which can be visually or electronically visualized. These detectors are responsible to measure the spatial distribution, flux, spectrum or other properties. There are majorly two types of X-ray detectors - imaging detectors and X-ray films. The X-ray films are substituted with a number of digitizing devices which includes image plates and flat panel detectors.
The market is observing vibrant growth on account of rising technological advancements in the field of radiography systems coupled with rising investment in the research and development activities. Further, rising disposable income and increasing orthopedic injuries along with rising geriatric population base and rising government initiatives are some of the factors which are supporting the growth of the market. These factors are augmenting the demand for the healthcare X-ray detectors.
The healthcare X-ray detectors market is anticipated to record a CAGR of around 6.2% over the forecast period i.e. 2019-2027. The market is expected to showcase a vibrant growth on the back of rising demand for early stage diagnosis and growing adoption of X-rays in dental diagnosis. The market is segmented into product type such as direct flat-panel detectors, indirect flat-panel detectors, computed radiography detectors, line-scan detectors and charge-coupled device detectors, out of which, the direct flat-panel detectors are expected to have the highest market share as they are highly sensitive and faster than a conventional film. The advantage of high sensitivity of the direct flat-panel detectors allows minimum dose of radiation for a better picture quality. Additionally, the direct flat-panel detectors are more accurate, more durable and lighter in weight.
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With growing incidents of road accidents, many people around the globe suffer from internal orthopedic injuries which includes several minor internal fractures and sometimes even death. Road accidents can often lead to structural deformities in the body and result in many types of disabilities or deformities of legs, hands, limbs and many more. Internal orthopedic injuries or any kind of internal injuries require pre-treatment procedures which includes procedures related to diagnostic. X-ray machines are widely used for the diagnosis of several internal injuries in the body where X-ray detectors play an important role in depicting a clearer image of any kind of internal problem. The increased prevalence of road accidents is one of the prime factors which is anticipated to augment the growth of the market over the forecast period.
Geriatric care has become mandatory as the older population often suffers from internal disorders. Diagnostic imaging plays an important role in the management of geriatric care. There are a number of innovative radiological technologies available for the geriatric population. High prevalence of internal diseases makes it mandatory to use various radiological technologies for early diagnosis where X-ray detectors play an important role in producing clear image of complex internal disorders. According to National Institute of Health (NIH), geriatric population worldwide is anticipated to increase. Across the globe, 8.5% of the world population (617 million) are aged 65 and over. According to the latest report, this percentage is anticipated to increase approximately 17% of the total worldwide population by the year 2050 (1.6 billion). This increase in the geriatric population across the globe is anticipated to enhance the growth of the market over the forecast period.
Executing radiological diagnostic procedures require proper expertise in the field of diagnostics and carrying out X-ray procedures. Lack of trained professionals in the middle income and low income countries are expected to restraint the growth of the market over the forecast period.
Our-in depth analysis of the global healthcare X-ray detectors market includes the following segments:
On the basis of regional analysis, the global healthcare X-ray detectors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to dominate the global healthcare X-ray detectors market over the forecast period on the back of increasing geriatric population base and enhancement in the cardio vascular disease (CVD), obesity and other disorders across the region. Further, rising technological advancement coupled with higher investment in the field of research and development is also expected to boost the growth of the market across the region.
Europe is expected to have the second leading position in the global healthcare X-ray detectors market which can be attributed to rising advancements in the diagnostic imaging technologies, growing prevalence of diseases and increasing rate of aging population across the region.
Global healthcare X-ray detectors market is further classified on the basis of region as follows: