Global digital radiography market: $1.6B in 2024 to $1.9B by 2029, CAGR 3.5% | MarketsandMarkets™
Delray Beach, FL, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Digital radiography market forecasted to transform from $1.6 billion in 2024 to $1.9 billion by 2029, driven by a CAGR of 3.5%. The key factors driving the growth of the digital radiography market include the rising prevalence of musculoskeletal disorders and sports-related injuries, particularly among the elderly and athletes. This, along with continuous technological advancements, the increasing demand for early diagnosis, and a shift toward non-invasive procedures, is expected to drive the market for digital radiography. The hospitals segment, especially in emerging economies, is positively influencing market expansion due to rising healthcare investments. Additionally, supportive government initiatives, such as healthcare reforms and subsidies for advanced medical equipment, are expected to further propel market growth during the forecast period.
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Based on product, the digital radiography market is segmented into fixed digital radiography system (floor-to-ceiling-mounted systems and ceiling-mounted systems) and portable digital radiography systems (mobile systems and handheld systems). The fixed digital radiography system segment to hold the largest share of the market in 2023.
Digital radiography technology allows the acquisition and processing of images immediately, thus obviating development time of films and shortening patients' waiting times. It enhances workflow and patients' passage in heavy clinical settings. Besides, the images that result from digital radiography system are quite well stored, retrieved, and shared in an electronic format, and so can easily fit into the systems of electronic health records for remote consultation and collaboration among different health professionals.
Based on type, the digital radiography market is segmented into retrofit digital systems and new digital systems. The retrofit digital system segment to hold the largest share of the market in 2023. The retrofit digital systems segment has gained so much ground in the digital radiography market. This is because retrofitting of the already existing system, analog or CR, becomes relatively very cheap in relation to buying the completely new electronic radiography system. Such a feature is very significant for institutions with low budgets.
Based on application, the digital radiography market is segmented into chest imaging, pediatric imaging, cardiovascular imaging, orthopedic imaging, and other application. The chest imaging application segment is expected to dominate this market during the forecast period and is estimated to grow at a CAGR of 4.4% during the forecast period.
Growth in this market can be attributed technology such as high image resolution, rapid image acquisition, and the ability to easily share images for remote consultations, making it well-suited for diagnosing chest conditions efficiently and effectively.
Based on end user, the digital radiography market is segmented into hospitals, diagnostic imaging centers, orthopedic clinic, and other end users. Hospitals are expected to dominate the market during the forecast period.
The growing demand for more efficient and higher-version diagnostic imaging technologies leads many hospitals and imaging centers to invest in digital radiography systems to build more capabilities in the diagnosis, treatment planning, and monitoring of patients.
By region, the digital radiography market is further divided into five main geographies: North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the digital radiography market in the year 2023. Europe and Asia-Pacific held the second and third largest shares of the digital radiography market, respectively.
This region offers a greater environment for digital radiography systems due to the well-established healthcare infrastructure and high technology adoption rates. Moreover, increasing burden of chronic diseases and rising aging population in North America results in an increasing demand for diagnostic imaging in the process of disease management and treatment. Such factors help drive the market for digital imaging systems in the Asia Pacific and draw foreign investments. It can also be attributed to the high healthcare spending in the region, rising prevalence of target diseases, increasing research activities, growing number of cancer surgeries, and technological advancements in orthopedic care braces.
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The top players in the digital radiography market utilize some of the key strategies that help them stay ahead in the competition. Continuing research and development allows companies to come up with new, innovative, and technologically advanced digital radiography systems and improve their product lineups. Strategic partnerships and collaborations with healthcare providers and institutions are also done to get greater market share and increase their reach. The key players focus on customer-oriented strategies that involve a full range of training, support, and maintenance services to enhance user experience and satisfaction. Siemens Healthineers, (Germany), accounted for the leading position in the Digital radiography market in the year 2023, followed by Philips Healthcare, Netherlands, GE Healthcare, (US), Canon, Inc., (Japan), and FUJIFILM Holdings Corporation, (Japan).
SIEMENS HEALTHINEERS (GERMANY)
Siemens Healthineers is one of the global leaders in medical technologies, including digital radiography systems. Their digital radiography systems unite ultra-modern technologies with sophisticated imaging possibilities for generating first-class diagnostic images while keeping a sharp eye on patient safety and comfort. Siemens Healthineers' digital radiography systems provide healthcare facilities with as much diversity in requirements as possible. Equipped with versatile configurations, the systems accommodate a wide range of clinical applications, from routine diagnostic imaging to specialized procedures. These machines are equipped with user-friendly graphical interfaces and workflow optimization tools, enabling the whole process of imaging to be streamlined for healthcare professionals to effectively acquire and interpret images. Siemens Healthineers is working relentlessly to evolve this digital radiography technology, focusing on innovation and continuous improvement. With modern challenges and demands shifting in healthcare, every effort combines to make patients better and to deliver advanced services in diagnostic imaging worldwide.
PHILIPS HEALTHCARE. (NETHERLANDS)
Philips is among the top four players in the digital radiography market. The company believes in research & development activities to maintain its leading position in the | digital radiography market. The company spends over 10% of its annual turnover on R&D activities and product development that has helped the company to launch innovative products continuously in the market. For instance, CombiDiagnost R90, Digital Diagnost C90, and ProxiDiagnost N90 are some of the products launched by the company in the last three years. The company also focuses on teleradiology services and has launched SHINEFLY in collaboration with Digital China Health of China for the Chinese market. Philips also follows inorganic growth strategies in the form of partnerships, collaborations, and acquisitions. The strong product portfolio of the company, its geographical presence, and ongoing partnerships and agreements are well complemented by frequent launches, which have further strengthened this position in the market.
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