Market Trends of Australia Digital X-Ray Industry
Cancer Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Cancer is a complex disease characterised by uncontrolled cell growth and the ability of these abnormal cells to invade and spread to other parts of the body. Digital X-rays capture detailed images of the body's internal structures, allowing medical professionals to detect abnormalities such as tumours, evaluate their size and location, and monitor their progression or response to treatment. The significant factors affecting the market's growth include the rising incidence of cancer and the increasing geriatric population. For instance, according to the Cancer Australia update in 2022, Australia's estimated age-standardized cancer incidence rate was 507 cases per 100,000 people (575 for men and 449 for women) in 2021. Also, as per the above source, the incidence rate for cancer was expected to increase with age, the highest for those aged 85-89.
Furthermore, according to the Australian Institute of Health and Welfare update in December 2021, the percentage of older Australians in the population is set to increase to approximately 20.7% in 2066. Thus, with an increase in the geriatric population, the incidence of cancer cases also increases, which is expected to increase the need for monitoring cancer progression, thereby driving segmental growth.
Additionally, various initiatives taken by the government, such as funding to promote cancer diagnosis, are expected to boost the market's growth during the forecast period. For instance, in August 2021, the National Breast Cancer Foundation (NBCF) reported a USD 3 million contribution to a new USD 5 million co-investment with the University of Sydney in its first 10-Year Chair in Breast Cancer Prevention. Significant investment in prevention research has been awarded to address several areas in screening to reduce the growing incidence of breast cancer. Such an initiative is expected to increase the demand for digital X-rays, thereby driving segmental growth.
Hence, due to the factors such as the rising incidence of cancer and various initiatives taken by the government, the segment is anticipated to witness growth during the forecast period.
Computed Radiography Segment is Expected to Hold a Significant Market Share Over the Forecast Period
Computed Radiography (CR) is a method to generate digital images in X-ray radiography that uses photo-stimulated luminescence to store the X-ray exposure into a latent image that is then digitised. Factors propelling the segment's growth include the advantage of computed radiography, the increasing ageing population and technological advancements. For instance, per the University of New South Wales report published in August 2022, Australia's population aged 85 and above is projected to increase by 140% from 534,000 in 2021 to 1.28 million by 2041. Thus, the demand for computed radiography is expected to increase with an increased geriatric population, leading to segmental growth.
Furthermore, according to the Australian Institute of Health and Welfare update in January 2023, 80% of older Australians (aged 65 and over) have at least one selected chronic health condition, and 28% have three or more. Thus, with an increase in the chronic condition, the demand for its diagnosis increases, increasing the need for computed radiography, thereby driving segmental growth.
Additionally, the cost of setting up a computed radiography system is much less than a direct radiography system. Hence, the companies are actively involved in strategies, developments, and collaborations to expand their footprint, which is expected to drive segmental growth. For instance, in October 2021, Pearl, the leader in AI solutions for efficiency, accuracy, and consistency in dental care, reported that it had received authorisation to introduce its Second Opinion AI solution to the Australian and New Zealand dental markets. The clearances from Australia's Therapeutic Goods Administration (TGA) and New Zealand's Medical Devices Safety Authority (MEDSAFE) were received for use as an assistive tool in dental radiology.
Thus, factors such as the increasing ageing population and technological advancements will likely contribute to the segment's growth over the analysis period.
