X-Ray Sector Surpasses USD 3 Billion Globally

The worldwide sector for X-ray systems is forecast to grow from USD 3.6 billion to USD 4.23 billion in 2018, according to recent market research.

Healthcare market research publisher Kalorama Information (New York, NY, USA) reported that several trends including technology, a need for healthcare cost control and the aging population are driving this market.

“There are a number of issues that are motivating the need for medical imaging systems,” said Joe Constance, author of the report. “But a key driver is the aging population. Today, one out of every eight Americans is considered old representing nearly 13% of the US population.“

As the population ages, the report described the increasing rate of the more chronic conditions and injuries requiring the need for imaging for diagnosis and surgery. By region, the report noted that X-ray markets in North America and Europe will continue to be leading in terms of market share. But there will be growth opportunities in the BRIC (Brazil, Russia, India, and China) countries. Moreover, under-tapped Asian markets will offer new prospects as well for market growth.

Worldwide, growth can be ascribed to a surge in aging populations, but specifically in developing countries, growth is attributable to better healthcare infrastructures, and an increased need for systems as regions become familiar with new technology. In China, a substantial incentive of market growth is the country’s desire for healthcare reform, which seeks to develop more market incentives for innovation in healthcare technology, set in a framework of greater public-sector spending on hospitals, and the growth of private healthcare institutions.

Mr. Constance described Europe as a potential trouble area for manufacturers. “While there always is a market for replacement systems, the European economic slowdown has made it difficult for hospitals to but new imaging systems,” Mr. Constance said. “With their budgets cut but with an increasing number of procedures, healthcare institutions must spend less on new modalities and instead focus on purchasing refurbished imaging systems.”

Kalorama Information, a division of MarketResearch dot com, supplies independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as custom research services.

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