(PharmaNewsWire.Com, June 20, 2019 ) "Market Overview The geriatric population is estimated to increase by nearly 60% in the next 15 years. By 2030, the total number of people above the age of 65 is expected to be more than a billion, i.e. the geriatric population is expected to represent 12% of the global population. By 2050, this number is likely to cross 1.6 billion or 16.7% of the total population. According to the WHO, life expectancy is increasing for the human race. For the first time in human history, people can expect to live into their sixties and beyond. By 2050, the world’s population aged 60 years and older is expected to reach a total of 2 billion.
As of 2018, 125 million people are aged 80 years or older. By 2050, almost 120 million are expected to occupy China alone, whereas there is likely to be around 434 million people in this age group, worldwide. By 2050, 80% of the total number of older people is expected to live in low- and middle-income countries. The aging process is commonly associated with the onset of increased risks of chronic diseases and weakness in the bone and muscles. Elderly patients have a high risk of developing various disorders, such as orthopedic disorders, lungs problem, and abdominal disorders. 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.
Scope of the Report As per the scope of this report, a portable x-ray system is an x-ray system that is compact and has all the necessary components of an X-ray system condensed together which in turn facilitate its portability.
Key Market Trends Digital X-ray is Expected to Hold Largest Share of Global Portable X-ray Devices Market, Over the forecast period
In the present scenario, digital x-ray systems occupancy is not 100% (or close to) in spite of their advantages over the analog systems, but this is soon expected to change and market in the future is likely to be almost completely dominated by digital x-ray systems. This is because the cost-benefit ratio of a digital x-ray system does not seem obvious in emerging markets. However, manufacturers are making an effort to bring down the prices, keeping in view the resistance of users to switch from analog to digital due to high (almost double/twice) cost. Moreover, government funding to film-based / analog x-ray systems is on the decline. Asia-Pacific governments are increasing focus on improving their healthcare facilities and digital systems to help them in cutting down on time and dose (exposure to radiation). This can also be observed in developed countries like the United States, where, as part of a push to nudge US healthcare providers to adopt digital radiography (DR), the Medicare system is planning to reduce 20% of payments for exams performed on analog x-ray systems starting in 2017.
Digital X-ray has the largest share in the market owing to factors such as its high patient throughput rates, fastest image acquisition rates, good image quality, and low radiation risks. Furthermore, rise in government focus on high-quality diagnostic imaging combined with efforts of manufacturers, in order to release a low-cost variant/ price reduction of existing digital products is also driving the growth of digital x-ray systems.
North America Region Holds the Largest Market Share of Portable X-ray Devices Market
North America is the largest market for global portable X-ray devices owing to the presence of leading medical devices manufacturer, and growing awareness regarding preventive care and early diagnosis, which is augmenting the demand of portable X-ray devices in the region.
It has been observed that market growth in North American countries can be attributed to the use of these products in multiple sectors. These portable devices can be used in emergency medicine, in-patient services, musculoskeletal, and cardiology. In Mexico, the rural areas are potential enough to implement the point-of-care x-ray services, such as portable ones, with regional training institutions for guidance. The US Armed Special Forces Medics are using the portable x-ray devices, which helps them in on-field diagnosis, and applications like forensic odontology allowing them to create high image quality in environments where transfer to hospital/clinic/diagnostic imaging centers is not possible. There is also an increase in the usage of these devices in academic settings, which is also increasing in the region, especially for emergency medicine.
Competitive Landscape The market competition is set to intensify as several key players are focusing on the expansion of their Portable X-ray Devices portfolio through acquisition and collaboration with companies. The Portable X-ray Devices market is expected to open up several opportunities for new players as well as currently established market leaders. The key players in the market include Canon Medical Systems, General Electric Company, Koninklijke Philips N.V., Shimadzu Corporations, amongst others.
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