Global X-ray Machine Manufacturing Market Blows up at a CAGR of 6.3%

Introduction

The X-ray machine manufacturing market is expanding primarily due to the digitalization of X-ray systems and rising investments in healthcare and critical infrastructure safety in emerging nations. X-rays are used in applications involving baggage inspection and romping in the transportation and logistics industry because of their speed and the increased investment in these sectors.

The need for X-ray equipment is rising across several industries, including security and healthcare. The industry is expected to gain from the government's heightened expectations for improved security infrastructure and adherence to security protocols. The market for medical X-rays is expected to grow more quickly as individuals become more knowledgeable about early illness detection and treatment. The aging population's increased susceptibility to chronic diseases and disorders may be a significant driver of the industry's growth.

Market Dynamics

Increased Government Expenditure and Rising Popularity of Digital X-ray Equipment Propel the Market

Portable digital X-ray machines are a valuable tool for diagnosing and monitoring patients in the healthcare industry when transferring them to the radiology department is challenging. This illustrates how these technologies can be employed for little to no investment in their creation. These causes promote the usage of digital X-ray equipment, fostering market growth.

Government limitations and expenditures to modernize infrastructure are projected to boost demand and positively impact market development along with the expanding usage of digital X-ray equipment. The manufacturer must also get the Type Approval Certificate from the relevant authorities for the prototype of each model before mass manufacturing any X-ray equipment for commercial usage. This focus on quality preservation and the environmental circumstances that led to the creation of the standards is expected to fuel the need for advanced X-ray equipment.

Regional Insights

North America owns the highest market share and is projected to expand at a CAGR of 5.68% throughout the projection period. The market for X-ray machines is anticipated to benefit from the increased need for imaging technologies in the local medical and industrial sectors. The increased need for medical diagnostic imaging is driving the demand for x-ray equipment with digital imaging capabilities. The world's most significant market for medical imaging is in the United States because of consumers' high disposable incomes and the availability of health insurance. The number of older individuals and the incidence of chronic illnesses has increased in the United States due to sedentary lifestyles (low physical exercise) and unhealthy eating habits. This is anticipated to propel the market.

The second-largest market share belongs to Europe, which is anticipated to rise at a CAGR of 6.03%, accounting for USD 5.79 billion by 2030. It is projected that the market for X-ray equipment would benefit from the region's expanding need for imaging technology in the medical sector. The key factors driving industry development in the country are the adoption of unhealthy, sedentary lifestyles, the growing incidence of cardiovascular diseases, and the advantages of digital x-ray technology over older technology. More people in the UK are affected by heart and circulation issues than by cancer and Alzheimer's disease put together. Chest x-rays are used extensively as a consequence, which promotes market growth.

The Asia-Pacific market is expanding primarily due to countries like China and India. China is expected to proliferate as chronic sickness rates rise and demand for high-quality healthcare rises. The rising usage of digital X-ray equipment, which offers advantages including superior image quality and quicker processing, will also significantly influence the industry. In India, X-ray machines are becoming additionally famous. While tier 1 cities convert to digital equivalents, demand for analog systems is predicted as procurement is expected to increase in tier II and tier III cities.

Demand for X-ray equipment is anticipated to increase due to the increased frequency of cancer and other chronic illnesses in Latin America. Additionally, Latin America's aging population is expected to increase demand for this technology because geriatrics are more susceptible to ailments. The Middle East and Africa area offers significant opportunities for medical equipment because of its growing middle-class population and reliable healthcare system.

Key Highlights

• The global X-ray machine manufacturing market accounted for USD 14.56 billion in 2021. It is projected to reach USD 23.73 billion by 2030, growing at a CAGR of 6.3% during the forecast period (2022–2030). 

• By product type, the global X-ray machine manufacturing market is categorized into Stationary and Portable. The Stationary segment dominates the market and is anticipated to grow at a CAGR of 5.72% during the forecast period.
• By technology, the global X-ray machine manufacturing market is categorized into Analog and Digital. The Digital segment holds the most significant market share and is anticipated to grow at a CAGR of 6.52% during the forecast period.
• By end-user, the global X-ray machine manufacturing market is categorized into Healthcare, Transportation & Logistics, Government, and Others. The Healthcare segment dominates the market and is estimated to grow at a CAGR of 5.93% during the forecast period.

Competitive Players

Market News

• In August 2022, a next-generation premium fixed GE Healthcare launched an X-ray system to act as a "personal assistant" for radiology departments.
• In July 2022, to increase X-ray control and create pictures with less noise, Canon launched a new high-end range of wireless digital radiography equipment.
• In July 2022, focusing on cancer screening, Fujifilm built two new NURA health screening centers in India.
• In June 2022, Philips integrated Biodesix blood-based proteomic nodule risk assessment testing into Lung Cancer Orchestrator to support the early diagnosis of lung cancer.

Recent Developments

Competitive Landscape

The key players in the market are Canon Inc., Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic Inc., Philips Healthcare, Shimadzu Corporation, and Siemens AG. 

Segmentation

Global X-ray Machine Manufacturing Market: Segmentation

By Product Type

• Stationary
• Portable

By Technology

• Analogue
• Digital

By End-user

• Healthcare
• Transportation & Logistics
• Government
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA