New York, Sept. 24, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “X-Ray Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery” – https://www.reportlinker.com/p05967803/?utm_source=GNW
7 billion in 2019 to $10.2 billion in 2020 at a compound annual growth rate (CAGR) of -19.3%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The governments across the countries prioritized covid-19 screening and imaging is not routinely used to screen for COVID-19. Also, most of the factories manufacturing diagnostic imaging equipment such as X-ray systems, ultrasound systems, computed tomography (CT) scanners, and MRI systems and/or their components, are currently shutdown inorder to keep the staff safe and contain the spread. The market is then expected to recover and grow at a CAGR of 5.4% from 2021 and reach $15.6 billion in 2023.
The X-ray devices and equipment market consists of sales of X-ray devices and equipment and related services. X-ray systems are used for the diagnosis and imaging of patients suffering from various diseases. The key product types of X-ray systems include general radiography X-ray systems, fluoroscopy X-ray systems, mammography X-ray systems, interventional X-ray systems, and mobile c-arm X-ray systems.
North America was the largest region in the X-ray systems devices and equipment market, followed by Asia Pacific.
In January 2019, Shimadzu Medical Systems USA acquired Core Medical Imaging, Inc for an undisclosed amount. This acquisition would strengthen Shimadzu’s healthcare business and expands its medical systems division in North America to cater to the regions demands and capitalize on the market. Core Medical Imaging, Inc., is an US-based medical equipment company offering various medical products and devices, surgical equipment, diagnostic and X-ray systems, apparatus, and other medical instruments. It was founded in 2000 and is headquartered in Washington, United States.
Hazardous radiation effects and increasing health concerns hinders the X-ray systems devices and equipment market growth. Diagnostic imaging procedures use x-rays systems devices and equipment that release electromagnetic waves or particles called ’ionizing radiation’. This radiation coming from man-made sources such as X-rays, CT scans, nuclear medicine scans and PET scans carry major health hazards. Low doses can also cause cancer in the long run. Cancer is a leading cause of death worldwide, accounting for an estimated 9.6 million deaths in 2018. When doses exceed certain levels it causes skin burns and acute radiation syndrome. According to a global survey in 2015 conducted by NCBI on radiation overexposure accidents, around 2390 people were over exposed to radiation, out of which 190 died.
The X-ray systems devices and equipment market is witnessing a rise in number of mergers and acquisitions. Mergers and acquisition activity is being driven mainly by companies intending to diversify their business into the medical/diagnostic imaging and radiology businesses. In January 2018, Hitachi acquired VidiStar LLC, a digital solution provider in order to expand its clinical reporting and analytical services division for diagnostic imaging. In November 2017, Philips acquired a Baltimore-based Analytical Informatics Inc., an advanced workflow tools and applications providing company, to expand its radiology business. In January 2018, Canon Medical Systems, Europe in order to expand its product portfolio and services offered acquired DelftHold BV, a company specialized in enterprise healthcare information technology (IT) solutions, manufacturing digital X-ray systems, system integration and providing services for radiology departments.
In 2017, National Council on Radiation Protection and Measurements (NCRP), in response to FDA’s initiative to reduce unnecessary radiation exposure from medical imaging devices, recommended to minimize medical radiation exposure by proposing a new radiation “vital sign” risk score. This aids quality of care and patient safety from diagnostic X-ray systems by calculating potential harm from additional exposure to medical radiation. The incorporation of vital sign into these electronic medical devices helps in taking protective measures. The Advisory Committee on X-ray and Radium Protection, of NCRP provided approaches and modalities that use less or no ionizing radiation for medically appropriate and safe patient care.
The rising incidence of injuries occurring worldwide is driving the medical diagnostic X-ray systems, devices and equipment market. Increasing accidents, sports injuries, severe muscle damages, bone injuries and others are rising the market for diagnostic equipment, especially X-ray systems devices and equipment market. In 2017, about 2.8 million nonfatal injuries were recorded according to estimates from the Survey of Occupational Injuries and Illnesses (SOII). With the increase in injuries and accidents across the globe, number of urgent care facilities offering services such as blood tests, stitching, and X-rays also increased. For instance, according to the Urgent Care Association, the total number of urgent care centers in the USA increased from 6,400 in 2014 to 8,744 in 2018.
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