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The global digital X-ray market is projected to grow from almost $4.7 billion in 2013 to $8.7 billion by 2018 with a compound annual growth rate (CAGR) of 13.2 percent, according a recent MarketsandMarkets report.
The drivers behind the market are technological advancements, government investments, the aging population, prevalence of diseases and regulatory approval. Government initiatives such as grants and funds have also been driving the market.
However, ailing reimbursement and rigorous regulatory requirements might hinder the market's growth.
The report divided the market into mammography, dental, chest imaging, etc., and found that mammography is expected to have the highest CAGR because of new and advanced products entering that field.
The market was also split into computed radiography and direct radiography and the direct radiography sector is estimated to grow the most.
The report found that the diagnostic centers market is expected to have a higher CAGR than hospitals because of the higher demand for health care services for the aging population and prevailing diseases.
North America makes up the majority of the market, but Asia is expected to have the highest CAGR because of the support from foreign countries for improving diagnostic services and the increased government support and investment from major players in the area that include Canon Inc., Carestream Health, Fujifilm Medical Systems, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Philips Healthcare, Shimadzu Corporation, Siemens Healthcare and Toshiba Medical Systems Corporation.
