Digital X-ray is the x-ray imaging in which digital X-ray sensors are used rather than traditional photographic films.
The digital x-ray has the ability to transfer images digitally to enhance them for better visibility and are time efficient. This form of imaging bypasses the chemical processing of photographic films.
Digital X-ray imaging has huge demand, as it requires less radiation exposure compared to traditional X-rays.
The global digital X-ray market growth is driven by several factors such as increasing geriatric population and the subsequent growth in orthopaedic diseases and cancer incidence, favorable government initiatives & investments, the advantages of digital X-ray systems over conventional X-ray, and technological advancements and product development.
The emerging AI-based digital X-ray systems also expected to provide a wide range of growth opportunities for players over the forecast period. Artificial Intelligence has a large number of applications in the management of patient information related to diagnosis and treatment. AI helps physicians to incorporate the information into meaningful disease diagnosis and patient care. AI not only diagnoses patients in the absence of doctors but also augments doctors’ abilities and finds and collates key relevant data for patient care. In May 2018, Siemens Healthineers partnered with ScreenPoint Medical to develop AI-based applications for breast imaging.
Market Dynamics
Drivers
- Increasing Occurrence of Serious Injuries, Orthopedic Diseases and Cancer
- Advantages of Digital X-ray Systems Over Conventional X-rays
Restraints
- High Initial Cost of Installation and High Device Cost
Advantages of Digital X-ray Systems Over Conventional X-rays
Digital X-ray devices use digital x-ray sensors instead of films to capture images. This results in immediate preview of the images that ultimately improves time efficiency and capacity to digitally transfer images.
The major advantages of digital imaging are cost-effectiveness and easy accessibility. The hospitals are able to cut the cost by lowering the film price, reducing the requirement of storage space, and decreasing the number of people required to run the services and archive sections.
The images are also instantly available for distribution to the clinical services without the time and physical effort needed to retrieve film packets, and reviewing previous imaging on a patient is much easier. This factor majorly impacts the positive growth of the digital X-ray devices market.
Digital X-rays expose approximately 70-80% less radiation than conventional X-rays. This is hugely beneficial for the long-term health of patients, especially pregnant women or patients who are already suffering from illness, thus ensuring safety.
With the help of digital X-rays, dentists can now easily recognize oral issues, which is leading to a declining need for an invasive investigation at the diagnosis stage. Additionally, digital radiography safely stores patient X-rays, resulting in no loss from the holders.
Additionally, the high concentration of key players, along with the increasing product approvals and launches is expected to drive the growth of the market in the forecast period.
Geographical Analysis
The South America market is estimated to grow at a CAGR of 5.6% during the forecast period (2020-2027) to reach a market value of USD 1,411.6 million by 2027.
The South America market is primarily driven by the rising incidences of chronic diseases and the increasing demand for accurate disease diagnosis, along with the government’s focus on public-private partnerships. In South American countries the geriatric population is rising which is driving the market growth. For instance, according to the United Nations Department of Economic and Social Affairs, In Brazil there are around 19,526 population aged over 60 years in 2019. The number is estimated to reach 30,413 by 2030. The aging process is commonly associated with the onset of increased risks of chronic diseases and weakness in the bones and muscles.
In addition, Elderly patients face high risks of developing various disorders, such as orthopedic disorders, lung problems, and abdominal disorders. Thus, due to a rapid increase in the geriatric population, the prevalence of age-associated disorders has witnessed an increase, which, in turn, has resulted in the expansion of the market.
Furthermore, rising technological advancements and huge funding for R&D of portable technologies by private players and the governments is also propelling the overall market growth.
Moreover, In March 2020, Seoul-based medical AI software company Lunit has announced the released AI-powered software for chest X-ray analysis to detect COVID-19. The software is being installed in one of the largest hospital networks in Brazil with 8 locations. Digital X-ray has the largest share in the South American market, owing to factors, such as its high patient throughput rates, fast image acquisition rates, good image quality, and low radiation risks.
The South America digital x-ray market is fragmented, competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are GE Healthcare, Koninklijke Philips NV, Canon Medical Systems, Envista Holdings Corporation(KaVo Dental GmbH), FUJIFILM Holdings America Corporation, Shimadzu Corporations, Siemens Healthcare, Varian Medical Systems Inc. Moreover, the reimbursement cuts for analog and CR-based imaging contribute to the growth of the market in South America. The constantly evolving life science industry drives the growth of the market in the developing economies such as Brazil, Chile and Argentina.
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