Do You Need A North America Digital X-ray Market?

The North America digital x-ray market is valued at USD 3,043.4 Mn in 2019 and is estimated to grow at a CAGR of 7.0% over the forecast period to reach USD YY Mn by 2029.

The collective revenue of North America is expected to generate USD 33,478 Mn by 2027. The North American region is dominating the global digital X-ray market and accounted for the largest market share in 2019, owing to increasing demand for imaging due to rising orthopedic and cancer incidences, technological advancements in the devices, and the large presence of major players with new product development and expansion globally. 

The increasing adoption of healthcare systems towards sophisticated technology and the growing burden of chronic diseases in the region are the major factors driving the digital X-Rays devices market in North America. According to GLOBOCAN 2020, the new cancer cases diagnosed were 2,281,658 in the United States in 2020, with 612,390 deaths.

Additionally, the number of adults in the United States with doctor-diagnosed arthritis is projected to reach 78.4 million by 2040 which accounts for 25.9 percent of all adults in the United States as per the Arthritis Foundation Fact sheet, 2019. 

 The high incidence of chronic diseases surges the demand for accurate diagnosis and plans of efficient and on-time treatment by the healthcare provider. Hence, drives the growth of the studied market in North America.

Additionally, the high concentration of key players, along with the increasing product approvals and launches is expected to drive the studied market. For instance, in Dec 2020, Canon Medical System USA, Inc., launched the OMNERA 500A Digital Radiography system with an advanced intelligent auto-positioning feature to improve the workflow. 

The U.S. spends nearly 17.1% of its GDP on healthcare, and it is a priority to improve patient care and reduce the wastage of pharmaceutical and biological components. The growing prevalence of chronic diseases coupled with a rise in the geriatric population is significantly driving the number of digital x-rays. This factor is boosting the demand for use of the digital x-ray.

Moreover, favorable reimbursement policies developed by medical insurance providing companies such as Medicare and Medicaid help to minimize affordability issues faced by the geriatric population. The aforementioned factors should flourish the regional revenue growth over the forecast period.

The industry players focus on various strategic alliances such as mergers, acquisitions, and new product launches that help them in maintaining their market position. For instance, in In March 2018, Hologic partnered with Philips. This partnership allowed both companies to expand their product portfolio by providing integrated suites of diagnostic imaging modalities, advanced informatics, and services for comprehensive breast screening and diagnosis.

In addition, increasing research & development activities to provide AI in different imaging modalities, including digital X-ray systems, is driving the market growth. 

For instance, in March 2018, Google Cloud researchers, at the EmTech Digital conference in San Francisco, suggested that entire processes in medicine, such as analyzing radiological images could be automated using AI. At the Health Information and Management Systems Society (HIMSS) annual conference 2017, different manufacturers of digital X-ray products presented the use of AI in different modalities. Philips, IBM/Merge, Agfa, and Siemens have started integrating AI into their medical imaging software systems.

The high cost of digital X-ray systems also pushes end users toward refurbished systems, which directly cuts the sales of new and advanced systems. This, along with continuous cuts in reimbursements for diagnostic imaging scans, prevents imaging centers from investing in technologically advanced diagnostic imaging modalities, which restrains the growth of the overall market.

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