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The global digital radiography market size was valued at USD 1,905.5 million in 2018 and is projected to reach USD 4,169.5 million by the end of 2032, exhibiting a CAGR of 5.8% during the forecast period based on our analysis in the existing report (2018-2032).
X-ray detectors is a fast-growing sector that has perceived a number of technological advancements since its inception, including a shift from analog film processed x-ray imaging to digital flat panel detectors. This shift is primarily driven by the rise in adoption of digital flat panel detectors in hospitals and medical imaging centers globally.
The digital radiography market is expected to generate higher demand on account of high-quality image acquisition in short duration by digital detectors and reduced radiation exposure as compared to analog systems. This, along with the introduction of new lightweight and wireless flat panel detectors, is expected to drive the global digital radiography market growth during 2019-2026. The digital radiography market players are aiming at incorporating advanced and innovative features into their products to strengthen their position in the market.
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"Dynamic Imaging Segment to Emerge as the Most Prominent Type to Invest In"
The dynamic imaging segment is expected to grow at a significant CAGR during the forecast period owing to the ability of dynamic detectors to provide excellent contrast, high-resolution, and a high frame rate as compared to static imaging detectors. The dynamic imaging detectors also offer motion radiographic studies and a cost-effective solution that provides greater diagnostic capabilities. These additional advantages of the dynamic imaging in comparison with static imaging detectors are expected to drive dynamic imaging segment during the forecast period.
On the basis of product, the digital radiography market segments are categorized into computed radiography and direct digital radiography. The direct digital radiography accounted for the maximum share of the global digital radiography market in 2018, owing to high imaging quality and technological advancements in the field of direct digital radiography.
Various end-users covered under the report are hospitals, clinics, diagnostic centers, and others. On the basis of application, the global market segments include general radiography, dentistry, oncology, orthopedic, and others.
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Technological advancements in breast imaging, rising incidence of breast cancer, and increasing awareness for the early screening of breast cancer are some factors anticipated to drive the growth of the oncology application segment in the global digital radiography market during the forecast period.
"Increasing Number of the Mammography, Cardiovascular, and Orthopedic Procedures Enable Market to Exhibit Highest CAGR in Asia Pacific"
North America digital radiography market dominated in 2018 by generating a revenue of US$ 666.5 Mn Regulatory reforms in the U.S., regarding reimbursement cuts for analog and CR-based imaging have led to increasing number of healthcare settings shifting from CR-based x-ray systems to DR-based systems.
This, combined with the availability of retrofit DR detectors, has been instrumental in the rapid adoption of DR detectors in the U.S. These were the primary factors responsible for North America holding a comparatively higher share in the global digital radiography market in 2018.
North America Digital Radiography Market, 2018
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Europe is the second major contributor in the market. Asia Pacific digital radiography market is projected to register comparatively higher CAGR from 2019-2026 owing to increasing demand for C-arms in countries such as China, which is expected to subsequently drive the demand for new DR detectors in the region. The market of Latin America and Middle East & Africa accounted for a comparatively small market share in 2018.
"Varex Imaging Corporation, Agfa-Gevaert Group, and FUJIFILM Holdings America Corporation Accounted for a Dominant Share in the Global Market in 2018 "
Varex Imaging Corporation, Agfa-Gevaert Group, and FUJIFILM Holdings America Corporation are among the leading players in the global market in 2018. The dominance of these players was primarily attributed to factors such as diversified product portfolio and strong distribution network globally.
Other players functioning in the global market are focusing on launching new products at an affordable price, to compete with the market leaders in the global digital radiography market. These players, along with Konica Minolta Business Solutions U.S.A., Inc., and Canon U.S.A., Inc., accounted for more than 50.0% share of the global market in 2018. Other players operating in the global digital radiography market are KA Imaging, Imaging Dynamics Company Ltd., Detection Technology Plc., Hamamatsu Photonics K.K., Teledyne Digital Imaging Inc., and others.
With adequate and cost-effective x-ray detectors and improved diagnosis, this has led to increasing demand for innovative and advanced x-ray flat panel detectors in the global market. High investment by venture capital firms for the development of the advanced flat panel detectors and entry of new market players with innovative offerings in the flat panel detectors segment such as CMOS technology are some of the major factors expected to drive the global digital radiography market share.
The market report provides qualitative and quantitative insights on the digital radiography industry trends and detailed analysis of market size and market growth rate for all possible market segments. The market segmentation includes product, imaging type, application, and end-user. On the basis of the product, the global digital radiography market segments are categorized into computed radiography and direct digital radiography.
In terms of type, the market is categorized into dynamic and static. Various applications covered under the market report include general radiography, dentistry, oncology, orthopedic and others. On the basis of the end-user, the market is segmented into hospitals, clinics, diagnostic centers, and others. Geographically, the market on digital radiography segments includes five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
An Infographic Representation of Digital Radiography Market
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Along with this, the digital radiography market analysis report provides an elaborative analysis of the market dynamics and competitive landscape. In addition to this, the market report offers insights on the PESTEL analysis, pricing analysis, recent industry developments such as mergers & acquisitions, a new product launched, reimbursement scenario, and key industry trends.
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Fortune Business Insights says that the Digital Radiography Market was valued at US$ 1.9 Bn in 2018 and is projected to reach US$ 2.9 Bn by 2026.
In 2018, the Digital Radiography Market was valued at US$ 1.9 Bn.
Growing at a CAGR of 5.0%, the Digital Radiography Market will exhibit steady growth in the forecast period (2019-2026)
Static Digital Radiography segment is expected to be the leading segment in Digital Radiography Market during the forecast period.
Rising awareness towards early diagnosis among patient population in emerging countries, and new procedure specific diagnostic imaging systems being introduced by market players, is driving the growth of the digital radiography market
Varex Imaging Corporation, Agfa-Gevaert Group, and FUJIFILM Holdings America Corporation are the top players in Digital Radiography Market.
North America is expected to hold the highest market share in the Digital Radiography Market.
Dynamic Imaging Segment would drive the adoption of Digital Radiography.
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