(PharmaNewsWire.Com, January 13, 2022 ) According to the new market research report X-Ray Detectors Market by Technology (Flat Panel, CCD, CR Detector), Application (Medical, Orthopedic, Industrial, Veterinary, Security), FPD (Type (Gadox, CSL, Direct), Portability (Fix, Portable), Platform (Digital, Retrofit)) - Global Forecast to 2026, published by MarketsandMarkets™, the X-Ray Detectors Market is projected to reach USD 3.9 billion by 2026 from USD 2.9 billion in 2021, at a CAGR of 5.9% during the forecast period.
Market growth is largely driven by the increasing demand for early diagnosis and the widening scope of clinical applications of X-ray detectors, growing investments in advancing healthcare facilities & digital imaging technologies, and the rising target patient population. Increasing healthcare expenditure in developing countries, technological advancements, and emerging markets provide growth opportunities for players in the market.
The X-ray detectors market is highly consolidated in nature with several big and emerging players. Prominent players in this market include Varex Imaging Corporation (US), Thales Group (France), Canon (Japan), Agfa-Gevaert Group (Belgium), FUJIFILM Corporation (Japan), Hamamatsu Photonics K.K. (Japan), Analogic Corporation (US), Carestream Health (US), Detection Technology Plc. (Finland), Konica Minolta, Inc. (Japan), MOXTEK, Inc. (US), Teledyne Digital Imaging Inc. (Canada), JPI Healthcare. Co. Ltd. (South Korea), iRay Technology (China), and Vieworks Co., Ltd. (South Korea). These players have adopted various strategies such as acquisitions, partnerships, collaborations, and product launches to further expand their presence in the global X-ray detectors market.
Market players are also moving toward offering more comprehensive solutions to end-user organizations through strategic agreements and acquisitions. As of 2020, the X-ray detectors market was dominated by Varex Imaging Corporation (US), Canon, Inc. (Japan), Thales Group (France), Fujifilm Holding Corporation (Japan), and Teledyne Digital Imaging Inc. (Canada).
Varex Imaging Corporation (US): Varex Imaging Corporation has been present in this market for more than six decades (as Varian Medical Systems) and has a strong brand image which gives it a competitive edge over other players. The company believes in maintaining a strong relationship with customers to enhance its market share. Most tier-1 OEMs, including GE Healthcare and Hitachi, are major customers of the company. Approximately 49% of the company’s imaging components segment revenues came from its ten largest OEM customers in 2020. The company has state-of-the-art manufacturing facilities in the US and several prominent international facilities, allowing it to distribute and sell its products efficiently and promptly across geographies.
Thales Group (France): Trixell (a division of the Thales Group) is one of the major players in the global X-ray detectors market for FPDs. It is a joint venture of Philips Medical Systems, Siemens Medical, and Thales Electron Devices. The company‘s large market share is attributed to its exhaustive product portfolio of X-ray detectors. The company has been active in the market for more than 15 years and is a pioneer in Wi-Fi FPD technology. The innovation-centric company invests heavily in R&D to maintain its market share by introducing novel products in the market, such as Pixium 3040F and Pixium Portable EZ3 X.
In 2021, North America is expected to account for the largest share of the market. The large share of this region is attributed to factors such as technological innovations, increasing healthcare spending, availability of venture capital and government funding, and increasing incidence of chronic diseases. Europe is expected to account for the second-largest share of the market in 2020. Factors such as advancements in healthcare infrastructure, technological advancements, and favorable venture capital funding are expected to fuel the market growth in this region.
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