The growth of the market is attributed to the increasing geriatric population and subsequent growth in global disease incidence, favorable regulations and government initiatives & investments, the advantages of digital X-ray systems, and technological advancements and product development.
The Digital X-ray Market is expected to reach USD 13.04 billion by 2023 from USD 8.68 billion in 2018, at a CAGR of 8.5%.
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Based on application, the digital X-ray market is segmented into general radiography, dental applications, fluoroscopy, and mammography. In 2018, the general radiography segment is expected to account for the largest share of the digital X-ray market. The growth in this market is mainly driven by the rising prevalence of diseases like tuberculosis, osteoporosis, and CVD; growing aging population; and product launches.
By technology, the digital X-ray market is segmented into direct radiography and computed radiography. The direct radiography segment is expected to register the highest rate during the forecast period.
- In July 2018, Hologic acquired Faxitron Bioptics. Faxitron Bioptics is a leader in digital specimen radiography. This acquisition enabled Hologic to expand their interventional breast business.
- In May 2018, Siemens Healthineers partnered with ScreenPoint Medical. This partnership helped Siemens to develop AI-based applications for breast imaging.
- In April 2018, Konica Minolta, Inc launched KDR Primary Digital Radiography System.
- In March 2018, Hologic partnered with Philips. This partnership allowed both companies to expand their product portfolio by providing integrated suites of diagnostic imaging modalities, advanced informatics, and services for comprehensive breast screening and diagnosis.
In 2018, North America is expected to dominate the market. The large share of this geographical segment is attributed to factors such strong economies in the US and Canada, which have allowed for significant investments in new technologies.
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The digital X-ray market is highly competitive with the presence of several small and big players. Some of the players in the digital X-ray market are Canon Inc. (Japan), Carestream Health (US), Fujifilm Corporation (Japan), GE Healthcare (US), Hitachi Ltd. (Japan), Hologic, Inc. (US), Philips Healthcare (Netherlands), Shimadzu Corporation (Japan), Siemens Healthineers (Germany), Konica Minolta, Inc. (Japan), Samsung Medison Co., Ltd. (Korea), and Agfa Gevaert (Belgium)