The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Medical X-Ray Equipment And Imaging Software Global Market Report 2024, the medical X-ray equipment and imaging software market is expected to show significant growth in the forecast period.

• Market Size and Growth Rate
  • The market size for medical X-ray equipment and imaging software has seen significant growth in recent years, rising from $2.73 billion in 2023 to an anticipated $2.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%.
  • The market is projected to reach $3.85 billion by 2028, growing at a CAGR of 7.2%.
• Factors Driving Growth
  • The aging population, increased disease burden, and growth in healthcare expenditure are major contributors to this market growth.
  • The rise in the adoption of digitalization and increased regulatory compliance have also played significant roles.
  • Looking forward, the demand for point-of-care imaging, the expansion of telemedicine, a focus on value-based healthcare, and personalized medicine are expected to drive growth.

Trends Shaping the Future

• Key Trends
  • Integration of artificial intelligence (AI) in imaging software.
  • Emphasis on patient safety and dose reduction.
  • Shift towards digitalization and the integration of Picture Archiving and Communication Systems (PACS).
  • Development of portable and point-of-care imaging solutions.
  • Adoption of advanced imaging techniques, including 3D and 4D imaging.

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Degenerative Joint Diseases Fueling Market Growth

• Impact of Degenerative Joint Diseases
  • The prevalence of degenerative joint diseases like osteoarthritis is expected to propel market growth.
  • Conditions such as osteoarthritis, affecting 15% of the global population over age 30, lead to increased demand for X-ray equipment and imaging software for diagnosis and treatment.
• Statistics and Projections
  • By 2050, nearly 1 billion people are expected to suffer from osteoarthritis, up from 595 million in 2020.

Major Players in the Market

• Leading Companies
  • Samsung Healthcare, Hitachi Healthcare Americas Corporation, Siemens Healthineers GmbH, Fujifilm Medical Systems, Philips Healthcare, Stryker Corporation, and General Electric Healthcare LLC.
  • Other notable companies include Agilent Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Hologic Inc., and PerkinElmer Inc.

Innovations in Mobile X-Ray Systems

• Advancements in Portability
  • Companies are developing mobile X-ray systems to enhance portability and flexibility in medical imaging.
  • For example, Carestream Health introduced the DRX-Rise Mobile X-ray System in May 2023, which offers exceptional image quality and productivity-enhancing features while being cost-effective.
• Technological Integration
  • The DRX-Rise system is equipped with Carestream’s ImageView software and the Eclipse processing engine, which leverages AI for optimal image processing and dose efficiency.

Strategic Acquisitions to Strengthen Market Position

• Canon Inc. Acquisition
  • In March 2022, Canon Inc. acquired Nordisk Rontgen Teknik AS, a Denmark-based developer of diagnostic X-ray systems.
  • This acquisition aims to bolster Canon’s global X-ray business by integrating NRT’s advanced technology and manufacturing capabilities.

Market Segmentation

• Segmentation Overview
  • By Type: Equipment, Software
  • By Technology: Radiography or Mammography, Computed Tomography, Fluoroscopy or Angiography
  • By Image Type: 2-Dimensional, 3-Dimensional
  • By End-User: Hospitals, Diagnostic Centers, Research Centers

Regional Insights

• Regional Market Leaders
  • North America was the largest region in the medical X-ray equipment and imaging software market in 2023.
  • Asia-Pacific is expected to be the fastest-growing region during the forecast period.

The medical X-ray equipment and imaging software market is poised for robust growth driven by technological advancements, an aging population, and increasing healthcare demands. With significant innovations and strategic acquisitions, major companies are well-positioned to meet the evolving needs of the healthcare industry.

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