News | X-Ray | August 07, 2020

Global X-ray Device Market Expected to Grow to $4.580 billion by 2025

The global X-ray devices market is estimated to grow at a CAGR of 5.14% from a market size of USDX10.793 billion in 2019 to a market size of USD14.580 billion by 2025

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August 7, 2020 — The global X-ray devices market is estimated to grow at a CAGR of 5.14% from a market size of $10.793 billion in 2019 to a market size of $14.580 billion by 2025. An X-ray device is used for creating 2-D X-ray images of the 3-D internal body organs or bones. The growing number of chronic diseases is providing an impetus in fueling market growth in the forecast period. The growing trend of early diagnosis and detection of a disease is further providing an opportunity for the market to proliferate in the forecast period.

The X-ray system emits small amounts of X-rays in the human body and captures an image of the area of interest onto a device. The growing number of non-fatal road accidents are propagating the market demand, as X-ray provides an immediate snapshot of the injury. Also, with innovations, the X-ray devices market has been bifurcated into portable and stationary systems, further propelling the market demand. The growing digitization has segregated the market on the basis of analog and digital technologies, fueling the market share of the digital X-ray systems with a rapid rise in adoptions due to the ongoing improvements in providing better healthcare facilities on the global level. The growing global elderly population is driving the market growth in the forecast period with the emergence and prevalence of age-associated diseases like osteoporosis and the detection of bone degeneration due to the aging process.

The global geriatric population (above 65 years or older) rose from 551,217,090 in 2012 to 673,618,927 in 2018 (source: The World Bank). The growing elderly population requires better healthcare facilities which include preventative measures as many people under this category are either suffering from age-associated chronic diseases or are suffering from diseases due to the adoption of an unhealthy lifestyle when younger. Thus, this population is in the requirement of better healthcare facilities where better diagnostic and treatment measures need to be taken in order to prevent further spreading of the age-associated or degenerative diseases. Furthermore, with the declining fertility rates and increasing life expectancy at birth, global aging is poised to accelerate due to an overall improvement in the survival leading to longevity, further burgeoning the market growth during the forecast period.

There has been a loss of lives of more than one million people due to road crash or accidents. Around 20 to 50 million people suffer due to non-fatal road injuries which lead to disability due to the accident every year. Causes of non-fatal road injuries include speeding, drink-driving, and drug-driving, not using safety restraints like helmets, car seat belts, and child restraints, distraction while driving because of mobile phones, poor and unsafe road infrastructure, and not following traffic laws. This has given rise to huge economic losses to the individual, his/her family, and the nation as a whole.

However, sophisticated equipment like an X-ray provides assistance in the treatment processes following the diagnosis and further helps in the monitoring of the treatment as well. The rising number of road accident cases is creating a market demand owing to the improvement of the lives of the patients and helping them to cope up with their disabilities, mentally and physically.

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