Medical X-ray Market to Register Substantial Growth Over 2017-2024 Driven by Rising MRI Scanners Deployment for Cancer Detection

February 09, 2018

Having been profoundly successful in revolutionizing the healthcare space, medical X-ray market has emerged as one of the fastest growing business spheres with commendable future prospects. By providing information through detailed body imaging, medical x-ray technology is used in the detection and diagnosis of tumors, abnormal masses, fractured bones, foreign objects, pneumonia, and dental problems. Rising incidences of chronic diseases such as cancer, heart failure, and kidney disorders, coupled with the increasing geriatric population has substantially increased the demand for body imaging, thus boosting the medical x-ray market.

As magnetic resonance imaging has been observed to be highly effective method for detection of cancerous cells in the most preliminary stages, making treatment and chances of total recovery much more viable, MRI market is projected to exhibit a rather lucrative growth rate over 2017-2024. Unhealthy lifestyle changes such as the rise in the rate of tobacco smoking and the lack of physical exercise have contributed toward the increase in diseases that lead to organ damage. The pivotal need to diagnose these diseases has made x-rays and MRI scanners inexorable to the medical profession, leading to the consequential growth of medical x-ray market.

Of late, the masses are much more aware about early disease detection – a trend that has stimulated medical x-ray industry. MRIs and other x-ray scans can now decisively inform patients about the symptoms that are ailing them which can lead to quick and effective treatment. Diagnostic x-ray technologies such as mammography, computed tomography (CT) and fluoroscopy have been potential game changers in the medical devices industry in recent times. The precision of the diagnosis that can be achieved using these technologies has functioned as a major stimulant to medical x-ray market. Medical x-rays are majorly deployed in cardiology, orthopedics, neurology, and oncology, given that they help to point out in minute details, anything that might be wrong with the patient’s organs or bones.

The prevalence of a sedentary lifestyle and the unintentional intake of carcinogenic substances has led to a soaring increase in the occurrence of numerous diseases. However, sensitive detection methods with more accurate focusing and better imaging have made it possible for x-rays to detect finer details with lower exposure levels and distinguish between subtle difference in tissue density. Computed tomography, which combines a series of cross sectional x ray images to build a 3D model, provides doctors a means of viewing a structure from various angles. Fluoroscopy, another advanced technology, uses x-ray images to obtain real time image of movements within the body. Such developed technologies undoubtedly add an unprecedented edge to diagnostic procedures, thereby impelling medical x-ray market expansion.

Magnetic resonance imaging industry has made major headway in the last decade, due to MRI scanners being increasingly used in cancer detection and treatment. As the scanners produce vivid images of the cancerous tissue, they help determine where exactly radiation therapy beams are to be directed. The scanners also depict the state of the cancerous cells during and after treatment, owing to which most medical institutions, clinics and multispecialty hospitals have included MRI scanners as essential machines, spurring the MRI market growth. MRI technology is bound to improve further with major research and development programs already being conducted by technology giants like GE Healthcare, Philips N.V. and Hitachi, thereby expediting MRI industry further.

Due to the indispensable nature of x-rays, medical x-ray market has witnessed widespread growth in developed and developing countries alike. Improvement in computer technology and the enhancement of digital radiography are certain to contribute toward the growth of this business space. Not to mention, increasing government subsidies toward healthcare expenses coupled with rising awareness about early detection of disease among patients is expected to further impel medical x-ray industry. The growing incidences of degenerative spinal diseases, cardiovascular diseases, lung and breast cancer and other diseases caused by pollution and changing lifestyles are making x-ray scanners crucial to medical practitioners, thus stimulating medical x-ray market. As per estimates, medical x-ray industry size is projected to exceed USD 15 billion by 2024.