Market Size of Global Computed Radiography Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.50 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Computed Radiography Market Analysis
The Computed Radiography Market is expected to grow at the registered CAGR of 5.5% during the forecast period, 2022-2027.
Many radiology departments have significantly reduced diagnostic imaging operations due to public policy, financial difficulties, and patient concerns. It significantly affected radiology departments' short- and long-term financial viability in all practice settings. This reduced imaging case volumes across all patient service locations (emergency room, inpatient, outpatient) and all imaging modality types (x-ray, CT, MRI, ultrasound, mammography, interventional radiology, nuclear medicine). According to Jason J. Naidich's article 'Impact of the Coronavirus Disease 2019 (COVID-19) Pandemic on Imaging Case Volumes', published in May 2020, total imaging volume in the first half of 2020 declined by 12.29% compared with 2019. Post-COVID-19 revealed a greater decrease (28.10%) in imaging volumes across all patient service locations and modality types. This trend suggests that the imaging techniques decreased the volumes affecting the market.
The computed radiography market is driven by the rise in the prevalence of orthopedic and other chronic diseases coupled with the technological advancement in the computed radiography system. According to the article published in the eClinical Medicine in December 2020, titled "Global, Regional Prevalence, Incidence and Risk Factors of Knee Osteoarthritis in Population-Based Studies," individuals aged 15 and older had a global incidence of 16.0%, while those aged 40 and above had a global prevalence of 22.9%. In 2020, roughly 654 million people (40 years and older) will have knee OA. Thus, the increased prevalence of osteoarthritis globally will boost the market over the forecast period.
The increase in radiology examinations in the country is also positively impacting the usage of computed radiography devices in the market. According to National Health Services (NHS) report Radiology in 2020, there has been a consistent, ongoing growth in demand for radiology services.
Merger and acquisitions among various market players to expand their computed radiography devices portfolio in the market will also drive the market's growth in the future. For instance, in July 2020, Shimadzu Medical Systems and Konica Minolta Healthcare Americas Inc. announced a collaborative agreement to accelerate the commercialization of dynamic digital radiography (DDR).
Recent developments and technological advancements in computed radiography also boost the market during the forecast period. For instance, in August 2021, in Kyoto, Japan, Shimadzu launched the state-of-the-art mobile X-ray system "MobileArt Evolution MX8 Version" in Japan. The system is developed to be used in combination with a conventional computed radiography cassette-type X-ray receptor.
Thus, all the aforementioned factors are expected to boost the market over the forecast period. However, the lack of high initial installation cost and cost of devices are the major restraining factors for the market studied.
Computed Radiography Industry Segmentation
As per the scope of the report, Computed radiography (CR) is the digital replacement of conventional X-ray film radiography and provides significant benefits for examination procedures, and the time it takes to create an image is greatly reduced. The Computed Radiography Market is Segmented by Application (Orthopedic, Cancer, Dental, Cardiovascular, Other Applications), End-use (Hospitals, Diagnostic Centers, Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.
| By Application | |
| Orthopedic | |
| Cancer | |
| Dental | |
| Cardiovascular | |
| Other Applications |
| By End-User | |
| Hospitals | |
| Diagnostic Centers | |
| Other End Users |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Global Computed Radiography Market Size Summary
The computed radiography market is poised for significant growth, driven by advancements in technology and an increasing prevalence of orthopedic and chronic diseases. The market is experiencing a resurgence as radiology departments recover from the impacts of public policy changes and the COVID-19 pandemic, which had previously led to a decline in imaging volumes. The rise in radiology examinations and the introduction of innovative computed radiography systems are contributing to the market's expansion. Key players in the industry are actively engaging in mergers, acquisitions, and collaborations to enhance their product portfolios and accelerate the commercialization of advanced imaging solutions. These developments are expected to bolster the market's growth trajectory over the forecast period.
North America is anticipated to lead the computed radiography market, supported by a robust healthcare infrastructure and a growing geriatric population. The market is characterized by moderate competition, with major companies like GE Healthcare, Koninklijke Philips NV, and Fujifilm Holdings Corporation dominating the landscape. The competitive dynamics are largely influenced by technological advancements and pricing strategies of digital X-ray equipment. Strategic alliances, such as partnerships and product launches, are pivotal in maintaining a competitive edge. The market's growth is further fueled by the increasing adoption of computed radiography equipment in medical facilities, underscoring the critical role of precise imaging in orthopedic care and other applications.
Global Computed Radiography Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Increasing Occurrence of Orthopedic and other Chronic Diseases
-
1.2.2 Technological Advancements
-
-
1.3 Market Restraints
-
1.3.1 High Initial Cost of Installation and High Device Cost
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Application
-
2.1.1 Orthopedic
-
2.1.2 Cancer
-
2.1.3 Dental
-
2.1.4 Cardiovascular
-
2.1.5 Other Applications
-
-
2.2 By End-User
-
2.2.1 Hospitals
-
2.2.2 Diagnostic Centers
-
2.2.3 Other End Users
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Mexico
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 United Kingdom
-
2.3.2.3 France
-
2.3.2.4 Italy
-
2.3.2.5 Spain
-
2.3.2.6 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 South Korea
-
2.3.3.6 Rest of Asia-Pacific
-
-
2.3.4 Middle-East and Africa
-
2.3.4.1 GCC
-
2.3.4.2 South Africa
-
2.3.4.3 Rest of Middle-East and Africa
-
-
2.3.5 South America
-
2.3.5.1 Brazil
-
2.3.5.2 Argentina
-
2.3.5.3 Rest of South America
-
-
-
Global Computed Radiography Market Size FAQs
What is the current Global Computed Radiography Market size?
The Global Computed Radiography Market is projected to register a CAGR of 5.5% during the forecast period (2024-2029)
Who are the key players in Global Computed Radiography Market?
Siemens Healthcare , Jones X-Ray, Inc. , Konica Minolta, Inc. , GE Healthcare and Agfa-Gevaert Group are the major companies operating in the Global Computed Radiography Market.
