Innovations in X-ray Systems and Technologies Hold Promise for Global X-ray Market’s Growth in Forthcoming Years
X-ray has remained a common imaging test for many decades, helping doctors view the inside of a patient’s body without having to make an incision. The technology, introduced in 1980s, has travelled a long way since then and has become a primary element in the diagnosis, identification, and the treatment of various kinds of medical conditions. Currently the global X-ray market is witnessing steady growth due to the rising incidence of gastrointestinal, cardiovascular, genitourinary, and respiratory diseases.
The increasing aging population and commercialization of new and technologically advanced X-ray systems have boosted the demand, thus propelling growth of the global X-ray market. The novel products and technologies in the X-ray market have found application in the detection of tumor outgrowths, breast cancer imaging, and several other chronic ailments.
Despite witnessing positive growth, the high cost of X-ray machines could hamper their widespread adoption around the world. The implementation of provisions encouraging healthcare facilities save service costs could inhibit the market as well. Nevertheless, with opportunities ripe across countries in Asia Pacific, Africa, and Latin America the future of the global X-ray market seems quite promising.
Transparency Market Research (TMR) has projected the global X-ray market to exhibit a CAGR of 4.5% between 2014 and 2022. Expanding at this rate, the market is expected to reach US$11.79 bn by the end of 2022, from US$7.89 bn in 2013.
Rising Incidence of Chronic Ailments to be a Primary Driver of Global X-ray Market
As per the findings of the World Health Organization, over 17.3 million deaths due to cardiovascular diseases were reported in 2008 and the number is projected to reach over 23.3 million by the year 2030. The middle and low income countries make the largest affected regions, accounting for approximately 80% of all deaths caused due to cardiovascular diseases around the world. Moreover, the global incidence of other chronic ailments such as tuberculosis has increased at a great pace. Furthermore, with conditions such as dental cavities increasingly becoming common, the use of X-ray for precise diagnosis is poised to surge in the forthcoming years.
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Innovations Hold Key for Future Expansion of Global X-ray Market
The market is also gearing for novel product launches, which is projected to bolster its growth further in the coming years. Recently Israel introduced a new technology that could help turn smartphones into X-ray machines. Dr. Ori Katz along with his colleagues in the Advanced Imaging Unit have successfully achieved images beyond semi-opaque glass using a smartphone. Dr. Katz and his students are currently working in several directions to development smartphone apps enabling it to peer into human body the way MRI and CT scans and ultrasound do.
Furthermore, in Europe, Australia, and Japan ghost imaging technologies are being experimented with. The technology generates images that don’t bounce off object in question and are considered more powerful. The results of the research could innovate novel methods for medical diagnoses and also lower the doses of X-ray.
With such developments underway, the future exhibits strong prospects for the increased application of X-ray systems and technologies.