According to research report the global X-Ray Detectors Market is projected to reach USD 3.8 billion by 2024 from USD 2.8 billion in 2019, at a CAGR of 6.1% during the forecast period.
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Market growth is largely driven by growing public and private investments in digital imaging technologies, declining prices and benefits offered by digital detectors, and reimbursement cuts for analog X-rays. The introduction of wireless X-ray detectors, growing medical tourism in developing countries, and the emerging markets are expected to provide a wide range of growth opportunities for players in the market. On the other hand, the high cost of digital X-ray systems is a major factor limiting market growth.
The X-ray detectors market is highly consolidated in nature with several big and emerging players. Prominent players in this market include Varex Imaging Corporation (US), Thales Group (France), Canon, Inc. (Japan), Konica Minolta, Inc. (Japan), Teledyne DALSA Inc. (US), Fujifilm Holding Corporation (Japan), Agfa-Gevaert Group (Belgium), Carestream Health (US), Vieworks Co., Ltd (South Korea), Hamamatsu Photonics K.K. (Japan), Analogic Corporation (US), and Rayence (South Korea). These players have adopted various strategies such as acquisitions, partnerships, collaborations, and product launches to further expand their presence in the global X-ray detectors market. Acquisitions were the key growth strategies adopted by top players such as Varex Imaging Corporation (US), Canon, Inc. (Japan), Konica Minolta, Inc. (Japan), and Agfa-Gevaert Group (Belgium) from 2016 to 2018.
Trixell (Division of Thales Group) is among the major player in the X-ray detectors market for FPDs. It is a joint venture of Philips Medical Systems, Siemens Medical, and Thales Electron Devices. The company‘s large market share is attributed to its exhaustive product portfolio of X-ray detectors. The company has been active in the market for more than 15 years and is a pioneer in WiFi FPD technology. The company believes in investing in product development and strengthening its solutions-based business. For instance, in November 2016, the company launched the Pixium Portable 3543 DR detector. The innovation-centric company invests heavily in R&D to maintain its market share. It invested USD 912.1 million and USD 812.0 million in R&D in 2017 and 2016, respectively.
Varian Medical Systems dominated the X-ray detectors market in 2018. The company has managed to create a unique identity in this market due to its robust product portfolio and large geographic presence. In addition, the company also focuses on organic and inorganic growth strategies such as expansions, acquisitions, and agreements. For instance, in December 2016, the company acquired PerkinElmers medical imaging business (US), a manufacturer of diagnostic imaging products. The company also focuses on geographic expansions to maintain its leading position in the market. For instance, in March 2016, the company opened the Wuxi Regional Service Center in China.
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In 2019, North America is expected to account for the largest share of the market. The large share of this region is attributed to factors such as technological innovations, increasing healthcare spending, availability of venture capital and government funding, and increasing incidence of chronic diseases. Europe is expected to account for the second-largest share of the market in 2019. Factors such as advancements in healthcare infrastructure, technological advancements, and favorable venture capital funding are expected to fuel the market growth in this region.