As per the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 4.9% from 2016 to 2022 (forecast period). The surging population of geriatric people, growing incidence of chronic diseases, and burgeoning requirement for diagnostic imaging procedures are the major market growth drivers.
Additionally, the rapid technological advancements being made in X-ray imaging are also driving the market expansion across the globe. These advancements have resulted in product innovations and the development of advanced systems such as mobile and digital X-ray systems. Moreover, these advancements have fueled the development of affordable digital X-ray imaging systems. Diagnostic images can now be stored and interpreted in the form of digital signals. Furthermore, large area detection, energy resolution, and low dose imaging are transforming X-ray detection technologies.
Besides, the surging healthcare expenditure in several countries, on account of the increasing incidence of diseases and the launch of various government and non-government initiatives, is also propelling the growth of the X-ray imaging market. With the increasing healthcare expenditure, diagnostic imaging procedures for various medical conditions are becoming more affordable and accessible. Moreover, the booming healthcare spending is also pushing up the requirement for X-ray imaging systems around the world.
When application is taken into consideration, the X-ray imaging market is categorized into chest X-ray, orthopedic X-ray, dental X-ray, and mammography. Out of these, the orthopedic X-ray category dominated the market in the past years. On the other hand, the chest X-ray category is predicted to demonstrate the fastest growth in the market in the upcoming years, primarily because of the growing incidence of respiratory diseases and tuberculosis all over the world.
Globally, North America held the largest share in the X-ray imaging market in the years gone by, mainly because of the surging healthcare expenditure, mushrooming geriatric population, high incidence of chronic diseases, and the presence of a well-established healthcare infrastructure in the region. In North America, the U.S. dominated the market in the past. Moreover, the country is predicted to progress at a CAGR of 4.8% throughout the forecast period.
