Portable X-Ray Devices Market Estimated To Witness High Growth Owing To Growing Prevalence Of Chronic Diseases
The portable X-ray devices market is estimated to be valued at US$ 7676.84 Mn or Mn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Portable X-ray devices are medical imaging equipment used for diagnostic radiography examinations outside of a dedicated X-ray facility. These devices allow X-ray examinations to be performed within hospitals as well as at home or at accident sites. Portable X-ray devices are commonly used equipment in emergency rooms and operating rooms for various diagnostic imaging applications.
Market Dynamics:
Growing prevalence of chronic diseases such as cardiovascular diseases, orthopedic diseases, cancers etc. globally is expected to be a major driver for the market growth over the forecast period. According to World Health Organization (WHO), chronic diseases accounted for approximately 71% of all deaths globally in 2019, amounting to 41 million annual deaths. Portable X-ray devices allow diagnosis of these diseases at home or at the patient bedside conveniently without moving the patient. Moreover, technological advancements leading to development of miniaturized and lightweight portable X-ray devices compatible with varied settings is another factor fueling the demand. However, high cost of these devices and risks associated with radiation exposure may restrain the market growth.
SWOT Analysis
Strength: Portable X-Ray devices provide on-site imaging capability without needing to transport patients, reducing delays in diagnosis and treatment. Their compact size allows use in diverse medical settings. Battery powered portable X-ray devices enable imaging in remote areas lacking infrastructure.
Weakness: Image quality of portable devices is generally lower than stationary radiology equipment. Training radiographers to optimize portable device settings for best images takes time.
Opportunity: Increasing prevalence of chronic diseases drives demand for quick diagnoses supported by portable equipment. Growing geriatric population vulnerable to injuries away from hospitals needs on-location x-rays.
Threats: Strict regulations on radiation safety increases compliance costs, impacting pricing. New entrants from low-cost regions may disrupt market dynamics with cheaper alternatives.
Key Takeaways
The global Portable X-Ray Devices Market Share is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing demand for quick point-of-care imaging. Portable devices enable early diagnosis and treatment in ambulances, operation theatres, intensive care units and patient homes.
Regional analysis: North America dominated the global portable X-ray devices market in 2023, accounting for around 38% market share. However, Asia Pacific is poised to grow at the fastest pace during the forecast period, driven by increasing healthcare expenditure and growing medical tourism in countries such as China, India and Japan.
Key players: Key players operating in the portable X-ray devices market are Carestream Health Inc., Siemens Healthineers AG, Shimadzu Corporations, MinXray, Koninklijke Philips NV, GE Healthcare, Canon Medical Systems, Envista Holdings Corporation, and FUJIFILM Holdings Corporation, among others. The market is concentrated with top firms investing in new product launches to capitalize on growth opportunities.
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