The global X-ray detectors market is projected to reach USD 3,828.9 million by 2024 from USD 2,847.2 million in 2019, at a CAGR of 6.1% during the forecast period.
Market growth is largely driven by factors such as 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 in the coming years.
Geographically, the X-ray detectors market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2019, North America is expected to dominate the market, followed by Europe. The market in Asia is expected to grow at the highest CAGR of 7.7% during the forecast period. Factors such as the growing geriatric population, increasing adoption of digital imaging systems, rising disposable income, a growing number of awareness programs and symposiums and venture capital investments, and increased focus of key players on the Asian region are contributing to the growth of this regional segment.
Some prominent players in the X-ray detectors market include Varex Imaging Corporation (US), Canon, Inc. (Japan), Thales Group (US), Teledyne (US), Fujifilm Medical Systems (Japan), Agfa-Gevaert Group (Belgium), Carestream Health, Inc. (US), Vieworks Co., Ltd. (South Korea), Analogic Corporation (US), Rayence (South Korea), Yxlon International (Germany), DRTECH (Korea), Hamamatsu Photonics K.K. (Japan), and ATLAIM (South Korea).
Companies are focusing on strategies such as new product launches, expansions, agreements, and collaborations to increase their offerings in the market and cater to the increasing demand for X-ray detectors. – Business Wire