Dallas, Texas (PRWEB) July 10, 2014
Global diagnostic X-ray imaging market, worth $2.4 billion in 2012, will reach almost $4.0 billion by 2020, increasing at a Compound Annual Growth Rate (CAGR) of 6.7% during the forecast period. This report provides an analysis of the diagnostic X-ray imaging market in the US, the 5EU (France, Germany, Italy, Spain, and the UK), and some of the Asia-Pacific (APAC) regions (Australia, China, India, and Japan), and identifies the unmet needs in this diagnostic X-ray systems market.
Many players are active in this market, and the key drivers for increased revenue in the global diagnostic X-ray imaging market are:
The key barriers in the global diagnostic X-ray imaging market are:
The X-ray imaging market is a moderately growing market with a CAGR of 6.9% globally. It is a mature sector of the diagnostic imaging market, and its growth is primarily attributable to the emerging economies.
China Diagnostic X-ray Imaging Market to Double by 2020
China will continue to provide immense opportunities for increasing sales within the global diagnostic X-ray imaging market, as the market revenue rises from $527.9m in 2012 at a CAGR of 9.6% to hit the billion-dollar mark in 2020. According to Publisher estimates, the Chinese market accounted for 22.2% of the global revenue in diagnostic X-ray imaging in 2012; this share is estimated to increase to 27.6% by 2020, seeing maximum growth. In addition, GlobalData expects that the growth in sales in China will be attributable to the transition from analog X-ray systems to digital X-ray systems in the country, as well as to increased sales of systems, as China implements its healthcare reform and strives to improve healthcare access across the country, from urban to rural regions.
With increasing household incomes and a demand for better-quality healthcare, China will also see a rise in the use of X-ray imaging procedures, as X-ray imaging is deemed a basic tool of radiology, while being a cost-effective and easy-to-use technique. This is supplemented by the fact that China has the largest patient population in the world, and diagnostic imaging procedures, such as X-ray imaging, form a cornerstone of healthcare practice.
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Future Outlook in Diagnostic X-ray Imaging Market:
The global economic downturn has been an ongoing concern within the diagnostic imaging market; even though the X-ray imaging market is susceptible to economic downturns, this downturn has affected this market only partially, as these systems are less capital-intensive than other diagnostic imaging modalities. However, since the X-ray imaging market is a mature one, its growth in developed markets such as the US and the European Union (EU) is limited due to saturation in the presence of these systems, which, in turn, limits the amount of growth that can be experienced in these regions.
The market growth for X-ray imaging in the US and EU is heavily dependent on the replacement of existing systems because, as is the case in most of the developed countries, the capacity for new installations is limited. As the US and EU economies recover, it can be expected that the equipment will be replaced. However, at this point in time, the key opinion leaders (KOLs) who interviewed for this report indicated that not all equipment is replaced at the end of the average product lifecycle, which negatively affects new product sales in the US and EU markets.
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