PORTLAND, Ore., Oct. 6, 2020
- Increase in demand for digital imaging technologies, advantages offered by digital X-ray detectors, and favorable reimbursement policy for X-rays are the major factors that propel the growth of the global X-ray detector market.
PORTLAND, Ore., Oct. 6, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "X-Ray Detector Market by Type (Flat Panel Detectors (FPDs), Charge-Coupled Device Detectors (CCDs), Line scan detector, and Computed Radiography Plates/Cassettes) and Application (Medical, Veterinary, Security, Dental, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027" According to the report published by Allied Market Research, the global X-ray detector market garnered $5.12 billion in 2019, and is projected to reach $8.87 billion by 2027, registering a CAGR of 6.4% from 2020 to 2027.
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Prime determinants of the market-
Increase in demand for digital imaging technologies, advantages offered by digital X-ray detectors, and favorable reimbursement policy for X-rays are the major factors that propel the growth of the global X-ray detector market. Nevertheless, high cost associated with digital X-ray detectors impedes the market growth. However, increase in demand for wireless X-ray detectors and growth in medical tourism in developing countries are anticipated to usher new opportunities in the near future.
The flat panel detector (FPDs) segment is anticipated to dominate the market by 2027-
Based on type, the flat panel detector (FPDs) segment contributed to the largest market share in 2019, accounting for more than four-fifths of the global X-ray detector market, and is projected to maintain its lead status during the forecast period. This is owing to high demand of FPDs and various advantages that it offers such as excellent image quality and ability to retrofit into existing X-ray tables. However, the computed radiography plates/cassettes segment is estimated to manifest the highest CAGR of 8.7% from 2020 to 2027. This is attributed to the fact that CR plates/cassettes are less expensive and not as risky to handle as FPDs. In addition, more availability of mechanical parts, less cost of maintenance, reusability for many times, and high demand of cost-effective X-ray procedures with better efficiency further boosts growth of the segment.
The medical segment held the lion's share in 2019-
Based on application, the medical segment accounted for the highest market share, contributing to nearly half of the global X-ray detector market in 2019, and is expected to maintain its dominant share by 2027. This is attributed to huge demand of X-ray procedures, increase in prevalence of chronic diseases, rise in geriatric population, and surge in adoption of digital imaging techniques in medical field. However, the veterinary segment is anticipated to grow at the highest CAGR of 8.2% during the forecast period. This is owing to rise in adoption of pets, increase in animal health expenditure, and growth in adoption of radiography in veterinary practices.
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North America region would lead the trail by 2027-
Based on region, the North America region held the largest share of the global X-ray detector market, contributing to nearly half of the total share in 2019, and will continue its leadership position during the forecast period. This is attributed to the factors such as presence of key players that offer popular X-ray detectors in the region, well-established healthcare facilities, growth in number of medical imaging procedures, favorable reimbursement policies, rise in threats of terrorism, large focus on product quality & non-destructive testing, and growth in adoption of pets & animal farming. On the other hand, the Asia-Pacific region is anticipated to manifest the fastest CAGR of 8.4% from 2020 to 2027. This is owing to increase in healthcare expenditure, growth in medical tourism, rise in adoption of technologically advanced X-ray imaging products, presence of large geriatric population, and focus on skill development in the region.
Leading players of the market-
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