The global medical X-ray generator market is expected to reach USD 2.07 billion by 2024, according to a new report by Grand View Research, Inc. The unprecedented shift in lifestyle associated habits coupled with increasing prevalence chronic diseases, is responsible for the rise in demand for accurate diagnostic tools, which is presumed to bolster the market growth. In addition, global geriatric population base that is highly susceptible toward developing these chronic diseases is anticipated to impel the demand for high resolution imaging systems. This high requirement is effectively addressed by use of the medical x-ray generators, thus presenting the market with high growth potential throughout the forecast period.
In addition, these devices lead to better patient outcomes, which include faster detection of disease conditions, and improved patient safety profile. These associated benefits are expected to increase the overall adoption rate of these medical x-ray generators over the coming years
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Furthermore, technological advancements such modification of the design of computer-controlled x-ray generator interface with imaging system results in better synchronization of the overall imaging system with x-ray generators. This has resulted in application of medical x-ray generators in fluoroscopy, radiography, and angiography, thus widening the potential for growth during the forecast period.
Further key findings from the study suggest:
Stationary medical x-ray generators held the largest share of over 68.0% in the product segment in 2015. The dominant share can be attributed to low costs, high stability, and durability associated with the device, which is responsible for the high adoption rate in hospital settings.
Cardiovascular segment held the substantial share of over 20.0% in the application segment in 2015. The aforementioned is primarily a consequence of increasing prevalence of cardiovascular diseases. In addition, high demand for mono energetic x-ray generators for cardiovascular imaging, owing to its appropriate and safe intensity of energy projections, is presumed to provide growth potential to the Medical X-ray Generator Market.
In 2015, North America held a substantial share of the overall Medical X-ray Generator Market at over 30.0%. The presence of government regulatory authorities, consistently striving toward high patient safety is a significant factor that is presumed to be responsible for the largest market share of this region.
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Furthermore, frequent product launch by prominent market players in the U.S. is presumed to be responsible for its largest share. For instance, In June 2015, Spellman High Voltage Electronics Corporation launched new range of radiography generators, Z series X-ray Generators. The product was launched at a relatively lower cost to cater to mid-tier medical radiography and veterinary imaging segments.
Some key players are increasingly involved in entering into collaborations and product launches to garner a larger share. For instance, in April 2015, Emd Technologies, Inc., launched a new range of EPS Unipolar High-Voltage Generators in the area of the mammography radiology segment. Moreover, in March 2015, Spellman announced to expand x-ray source product portfolio, through the launch of Monoblock x-ray sources with the introduction of XRBC Monoblock series.
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