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X-ray detectors by definition means the devices used to measure the spectrum, flux and various other properties of X-rays, which are a type of electromagnetic radiation that has high energy and can penetrate through most of the objects, including human body. The global X-ray detector market is expected to rise registering a compound annual growth of more than 6% in the forecast period. The growth witnessed by the market is attributed to increasing advancement and investment in digital imaging technology.
X-ray detectors have been revolutionized over the last few decades, both in terms of size and performance. Moreover, technological advancements and increasing demand from a wide range of end-users has significantly contributed to the market share. These detectors have a wide range of applications including veterinary, medical, dental, industrial and security.
How things stand in the X-ray detector Market?
The global X-ray detectors market is expanding with rise in demand for digital imaging technologies and increasing number of benefits offered by digital detectors. Furthermore, the significant advancements in analytical procedures and combinations of instruments in a compact space, are likely to uplift the market over the foreseen period. In the developed regions, X-ray detectors are already adopted due to favorable government initiatives and hefty investment in research and development sector. While in developing countries like China and India are anticipated to witness growth due to continuous development of wireless detectors and increasing medical tourism. As per FICCI and IMS Health reports, India holds the share of approximately 18% in medical tourism.
Moreover, the market seems to flourish in the pandemic situation as imaging procedures are performed to study the impact of outbreak. The COVID-19 has been widespread disease and imaging is used to assess suspected cases. However, the smoothly running market of X-ray detectors has to deal with the issue related to the high cost of digital imaging technology. The X-ray detector market can be segmented on the following basis:
By End User
Based on product type, Flat panel detectors (FPD) dominated the market in 2019 and is expected to lead the market share during the forecast period due to the growing demand of FPD, being a portable and affordable option. Among all the applications, medical segment is expected to rise with maximum CAGR and this growth is attributed to the increasing elderly population, technological advancements in X-ray device and rising number of medical procedures including orthopedic, cardiovascular and others. By regional analysis, it was found that increasing healthcare expenditure and innovative technology along with high prevalence of chronic disorders in North America made it the leading share holder in the market.
X-ray Detector Market Competitive landscape
There is cut-throat competition in the market and players are involved with focused towards strengthening support services which can give them edge over others. Some of the major players are Canon, Inc., Fujifilm Holdings Corporation, Thales Group, Varex Imaging Corporation, Carestream Health, Teledyne DALSA Inc. and others.