How is the Medical X-Ray Equipment And Imaging Software Market Poised for Growth: Trends and Opportunities Through 2034
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How has the medical x-ray equipment and imaging software market size evolved in recent years?
The industry size of medical X-ray machinery and imaging software has experienced substantial growth in past years. It is projected to expand from $2.92 billion in 2024 to $3.13 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.4%. The historical growth can be credited to factors such as an older population, a heightened burden of disease, increased spending in healthcare, a rise in the embrace of digital technologies, and enhanced regulatory adherence.
What are the predictions for the medical x-ray equipment and imaging software market size in the coming years?
In the coming years, a robust expansion is anticipated in the medical X-ray equipment and imaging software market. The market size is slated to reach $4.12 billion by 2029, amassing a compound annual growth rate (CAGR) of 7.1%. This growth during the projection period can be ascribed to the surging demand for point-of-care imaging, telemedicine development, insistence on value-based healthcare, the shift to digitalization, and the concentration on customised medicine. The incorporation of artificial intelligence, patient safety and dose reduction, a transition to digitalization and PACS (Picture Archiving and Communication System) integration, portable and point-of-care imaging solutions, and the uptake of 3D and 4D imaging, are the primary trends to watch for in the forecast period.
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What key factors are fueling the growth of the medical x-ray equipment and imaging software market?
The medical X-ray equipment and imaging software market’s expansion is anticipated to be driven by a rising number of degenerative joint conditions. Diseases like osteoarthritis, leading to joint stiffness, pain, and swollen joints due to the wearing down of the flexible tissue at bone endings, fall under the category of degenerative joint diseases. The escalated global impact of these joint disorders results from factors such as ageing populations, inactive lifestyles, joint injuries, and genetic predispositions. Medical X-ray machinery and imaging software play a crucial role in diagnosing, steering treatment and tracking degenerative joint diseases, consequently enhancing patient results. X-ray equipment facilitates the diagnosis of degenerative joint diseases by capturing images of the infected joints, while imaging software supports the analysis and interpretation of these X-ray images. The Australian Institute of Health and Welfare, a government agency based in Australia, reported in June 2024 that around 2.1 million people in Australia (8.3%) were estimated to have osteoarthritis in 2022. The condition affected 10% of females and 6.1% of males. Thus, increased degenerative joint diseases are fueling the growth of the medical X-ray equipment and imaging software market.
How is the global medical x-ray equipment and imaging software market divided into key segments?
The medical X-ray equipment and imaging software market covered in this report is segmented –
1) By Type: Equipment, Software
2) By Technology: Radiography Or Mammography, Computed Tomography, Fluoroscopy Or Angiography
3) By Image Type: 2-Dimensional, 3-Dimensional
4) By End-User: Hospitals, Diagnostic Centers, Research Centers
Subsegments:
1) By Equipment: X-Ray Machines (Analog, Digital, Portable, Fixed, Fluoroscopy), Detectors (Flat-Panel Detectors, Charge-Coupled Device (CCD) Detectors, Computed Radiography (CR) Systems), X-Ray Tubes, Others (Accessories And Parts Related To X-Ray Equipment)
2) By Software: Imaging Software (Picture Archiving And Communication Systems (PACS), Radiology Information Systems (RIS), Diagnostic Imaging Software), Image Processing Software (Enhancement, Analysis, 3D Reconstruction Software), Visualization Software, Others (AI-Based Software For Image Analysis, Workflow Management Software)
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Who are the key firms paving the way for growth in the medical x-ray equipment and imaging software market?
Major companies operating in the medical x-ray equipment and imaging software market are Samsung Healthcare, Hitachi Healthcare Americas Corporation, Siemens Healthineers GmbH, Fujifilm Medical Systems, Philips Healthcare, Stryker Corporation, General Electric Healthcare LLC, Agilent Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Hologic Inc., PerkinElmer Inc., Shimadzu Corporation, Varian Medical Systems, Sectra AB, Agfa-Gevaert Group, Carestream Health Inc., Analogic Corporation, Konica Minolta Healthcare Inc., Canon Medical Systems Corporation (formerly Toshiba Medical Systems Corporation), Ziehm Imaging GmbH, Esaote S.p.A., Planmed Oy, OrthoScan Inc., Terason Corporation, CurveBeam LLC
Which trends are expected to transform the medical x-ray equipment and imaging software market?
Leading corporations in the medical X-ray apparatus and imaging software industry are focusing on the creation of groundbreaking solutions like mobile X-ray systems to improve mobility and adaptability in medical imaging. These mobile X-ray systems are compact, easily transportable units that can be efficiently used in an array of clinical settings such as hospitals, clinics, emergency rooms, and even extraordinary circumstances like disaster response or military operations. For instance, Carestream Health, a medical imaging firm based in the US, unveiled the DRX-Rise Mobile X-ray System in May 2023. This innovative mobile X-ray system is a fully integrated digital X-ray device purposed to offer an economical pathway to digital imaging for clients. The DRX-Rise is engineered to satisfy critical needs in the medical imaging sector including superior image quality, attributes boosting workflow for improved productivity, and offering patients a comfortable imaging experience, all without substantially affecting the capital expenditure. This system features Carestream’s advanced ImageView software, powered by the robust Eclipse processing engine with AI, which provides excellent processing and high-quality pictures while minimizing mistakes and enhancing dose efficiency.
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What regions are contributing significantly to the growth of the medical x-ray equipment and imaging software market?
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 in the forecast period. The regions covered in the medical x-ray equipment and imaging software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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