Portable X-Ray Devices Market Is Estimated To Witness High Growth Owing To Expanding Healthcare Infrastructure
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Portable x-ray devices are medical imaging systems that use small doses of radiation to capture internal structures of the body. These devices provide high resolution images of bones, lungs, and other soft tissues without confining the patient to a fixed location in a hospital or clinic. They are used in various applications such as emergency medical care, operating theaters, dental surgeries, and other areas where mobility is essential. Growing prevalence of orthopedic diseases and injuries is driving the demand for portable x-ray devices in emergency and operating rooms.
The Portable X-Ray Devices Market is estimated to be valued at Us$ 7676.84 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 Dynamics:
The portable x-ray devices market is expected to witness significant growth over the forecast period owing to expanding healthcare infrastructure and increasing investments in medical imaging technologies in developing regions. According to the World Bank, healthcare spending as a percentage of GDP is estimated to increase in various countries globally over the coming years. For instance, healthcare expenditure in India is projected to increase from 3.6% of GDP in 2015 to 5-6% by 2025. Growing healthcare spending is encouraging hospitals and diagnostic centers to invest in advanced medical imaging equipment such as portable x-ray devices.
Growing incidence of orthopedic diseases and injuries is another key factor propelling the demand for portable x-ray devices. Portable x-ray systems provide quick diagnosis and treatment of bone fractures and dislocations in emergency rooms and operating theaters. According to the CDC, over 30 million cases of bone fractures are reported annually in the U.S. Rising number of such cases necessitate availability of portable x-ray devices in hospitals and healthcare facilities.
SWOT Analysis
Strength: Portable x-ray devices offer flexibility, mobility and cost-effectiveness. Their lightweight and compact design allows for point-of-care diagnostic imaging. They can be easily transported to remote areas or places where large radiology suites are not feasible.
Weakness: Portable x-ray devices have limited functionality compared to fixed systems. They provide inferior image quality and lack advanced imaging capabilities. Their high initial costs also limit wide adoption.
Opportunity: Growing geriatric population and rising incidence of chronic diseases and injuries are driving the need for point-of-care diagnostic imaging. Portable devices enable continuous patient monitoring and treatment in ICUs, operation theaters and accident & emergency departments.
Threats: Stringent regulations surrounding radiation safety and lack of skilled professionals can hamper market growth. Reimbursement challenges also restrict procurement of advanced portable x-ray systems in developing nations.
Key Takeaways
The Global Portable X-Ray Devices Market Size is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period, due to increasing prevalence of chronic diseases and rising demand for point-of-care diagnostic solutions.
Regional analysis
North America dominated the global market in 2023 and is expected to remain the largest market during the forecast period. This can be attributed to growing elderly population, rising healthcare expenditure and presence of major players. Asia Pacific is anticipated to exhibit the fastest growth owing to large patient pool, improving healthcare infrastructure and increasing medical tourism.
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.
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