Overview and Scope
Medical X-ray equipment and imaging software refers to the hardware and software utilized for capturing, processing, and interpreting x-ray images in medical diagnostics. It is also used for non-invasive visualization of internal body structures, aiding in the diagnosis of various medical conditions such as fractures, tumors, and pulmonary diseases.
Sizing and Forecast
The medical X-ray equipment and imaging software market size has grown strongly in recent years. It will grow from $2.73 billion in 2023 to $2.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the aging population, increased disease burden, growth in healthcare expenditure, rise in adoption of digitalization, and increased regulatory compliance.
The medical X-ray equipment and imaging software market size is expected to see strong growth in the next few years. It will grow to $3.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to the growing demand for point-of-care imaging, expansion of telemedicine, focus on value-based healthcare, shift towards digitalization, and focus on personalized medicine. Major trends in the forecast period include the integration of artificial intelligence, patient safety and dose reduction, a shift towards digitalization and PACS (picture archiving and communication system) integration, portable and point-of-care imaging solutions, and the adoption of 3D and 4D imaging.
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Segmentation & Regional Insights
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
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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Major Driver Impacting Market Growth
The growing number of degenerative joint diseases is expected to propel the growth of the medical X-ray equipment and imaging software market going forward. Degenerative joint diseases refer to conditions like osteoarthritis, where the flexible tissue at the ends of bones wears down, leading to symptoms such as joint stiffness, pain, and swollen joints. The increasing global burden of degenerative joint disorders is a result of several factors, including aging populations, sedentary lifestyles, joint injuries, and genetic predispositions. Medical X-ray equipment and imaging software are essential tools for diagnosing, guiding treatment, and monitoring degenerative joint diseases, thereby improving patient outcomes. X-ray equipment is commonly used to diagnose degenerative joint disease by capturing images of the affected joints, while imaging software aids in the analysis and interpretation of X-ray images. For instance, in August 2023, according to the U.S. News & World Report, a US-based magazine, the prevalence of osteoarthritis, a degenerative joint disease affecting 15% of the global population over age 30, was projected to afflict nearly 1 billion people by 2050, compared to 595 million in 2020. Therefore, the growing number of degenerative joint diseases is driving the growth of the medical X-ray equipment and imaging software market.
Key Industry Players
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
The medical x-ray equipment and imaging software market report table of contents includes:
1. Executive Summary
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