Portable X-ray Devices Market Definition
The portable X-ray devices market consists of the sales of portable X-ray devices by entities (organizations, sole traders and partnerships) that manufacture portable X-ray devices for use in the healthcare industry.
A portable X-ray device is a wireless digital X-ray imaging device for mobile health providers such as doctors and first aid workers in field situations, during home care and in old age homes, as well as for medically oriented aid organizations, ships and offshore platforms. X-rays are a form of electromagnetic radiation of high energy and very short wavelength, which are able to pass through materials and solid objects, including the body. X-rays are used in a wide array of applications in a range of industries such as healthcare, security and art.
Portable X-ray Devices Market Size
The global portable X-ray devices market reached a value of nearly $4700.5 million in 2018, having grown at a compound annual growth rate (CAGR) of more than 8.8% since 2014, , and is expected to grow at a CAGR of 10.0% to nearly $6,872.5 million by 2022.
Growth in the historic period resulted from the population aging, growth of the home healthcare services market, and economic growth in emerging markets. Factors that negatively affected growth in the historic period were privacy and security concerns about data transfer in portable X-ray devices, and high prices of portable X-ray devices.
Going forward, advances in technologies, increasing number of patients with chronic diseases and rising awareness about portable medical devices will drive growth. Factors that could hinder the growth of the portable X-ray devices market in the future include increasing interest rates and continued ethical and privacy concerns about data transfer in portable X-ray devices.
Portable X-ray Devices Market Drivers
The Key drivers of the portable X-ray devices market include:
Population Aging - The global aging population profile in the historic period contributed to the growth of the portable X-ray devices market. During 2014-2017, the number of people globally over the age of 65 grew from below 450 million to 601 million, an increase of 33%, according to estimates based on Population Reference Bureau data. The rise in the size of aging populations can be attributed to the increased life expectancy rates in developed and developing countries following developments in the healthcare industry. The elderly people are more susceptible to fractures from falls than other age groups of the population. With falls accounting for 87% of all fractures among people aged 65 years or older, the increased size of the aging population increased the clientele size for portable X-ray devices. The increase in the size of elderly populations drove the portable X-ray devices market in the historic period.
Portable X-ray Devices Market Restraints
The key restraints on the portable X-ray devices market include:
High Prices Of Portable X-Ray Devices- During the historic period, the limited affordability of portable X-ray devices due to their high prices proved to be a restraint on the portable X-ray devices market. The starting price of portable X-ray devices varies from $600 to $700 and can increase to $1 million and higher for complex systems . High price tags on portable X-ray devices restrain people’s spending, as medical device expenditure on average accounts for $56.8 a year, from purchasing the devices for the home use . The prices of portable X-ray systems generally depend on the type of functions and diagnosis offered by the systems. Additionally, portable X-ray systems require regular battery replacements, recharging and frequent maintenance that lead to additional costs for the owners of the devices. The high prices of portable X-ray devices hindered the growth of the market during 2014-2018.
Opportunities And Recommendations In The Portable X-ray Devices Market
Opportunities - The top opportunities in the portable X-ray devices market by type of product will arise in the mobile X-ray devices segment, which will gain $1,634.5 million of global annual sales by 2022. The top opportunities in the portable X-ray devices market by type of technology will arise in the digital X-ray devices segment, which will gain $1,039.5 million of global annual sales by 2022. The portable X-ray devices market size will gain the most in the Americas at $901.9 million. Player-adopted strategies in the portable X-ray devices industry include focusing on technology innovations, expanding portfolios through acquisitions, and creating innovative solutions with superior image quality equipment.
Recommendations - To take advantage of the opportunities, The Business Research Company recommends the portable X-ray devices manufacturing companies to consider focusing on manufacturing digital X-ray devices, expanding in emerging markets, offering competitive pricing, increasing visibility through a high-performance website, and targeting geriatric populations.
Portable X-ray Devices Market Segmentation
The portable X-ray devices market is segmented by type of product, by type of technology, and by geography
Segmentation By Type Of Product
The portable X-ray devices market can be segmented by type of Product into
- a) Mobile X-Ray Devices
- b) Handheld X-Ray Devices
Handheld X-Ray Devices had the highest growth rate of 14.3% during the historic period.
Segmentation By Type Of Technology
The portable X-ray devices market can be segmented by type of Technology into
- a) Computed Radiography X-Ray Devices
- b) Digital X-Ray Devices
- c) Analog X-Ray
Digital X-Ray Devices had the highest growth rate of 10.8% during the historic period.
Growth has accelerated in all the segments of the global portable X-ray devices market segmented by type of technology.
Segmentation By Geography
The portable X-ray devices market can be segmented by geography into
- d) Asia-Pacific
- e) Europe
- f) Americas
- g) MEA
Americas is the largest market for portable X-ray devices, accounting for almost 44.6% of the global market. It was followed by Europe, Asia-Pacific and MEA. Going forward, Asia-Pacific, and Europe will be the fastest growing regions in this market.
Portable X-ray Devices Competitive Landscape
Major Competitors are:
- • General Electric Company
- • Siemens Healthineers AG
- • Koninklijke Philips N.V.
- • Canon Inc.
- • Onex Corporation
- • Fujifilm Holdings Corporation
- • Danaher Corporation
- • Shimadzu Corporation
- • Hitachi, Ltd.
- • Hologic, Inc.