by John R. Fischer
, Senior Reporter | August 04, 2017
X-ray detectors are estimated to increase by $780 million in market value to $3.31 billion between 2017 and 2020, according to a new report by MarketsandMarkets.
The current value of $2.53 billion is projected to rise over the next three years at an annualized growth rate of 5.6 percent.
North America is predicted to hold the largest share of the market for 2017 due to technological advancements, rises in health care spending, access to government funds and venture capital, and an increase in the number of chronic diseases.
Europe is to expected to come second, with growth stimulated by advancements in technology and health care infrastructure as well as beneficial venture capital funding.Much of its success can be attributed to a growing demand for flat panel detectors, which the report expects to be the superior choice, compared to other types of X-ray detectors in 2017.
This is due, in part, to highly sought-after features of FPD-based portable digital systems, such as high-quality images, faster scans, multiple storage options and the ability to assess a higher number of patients daily. Reduced prices and a demand for retrofit FPD-based digital X-ray systems also account for its popularity.
A January 2017 report
by Transparency Market Research estimates that flat panel detectors could have a market value of $1.7 billion by 2024, with a 5.9 percent annualized growth rate starting in 2016.
Manufacturers outside of health care in the automotive, defense and aerospace industries are beginning to produce flat panel detectors more frequently to compete against rivals in product quality.
Security companies have also adopted these devices for safety and anti-infilitration concerns, especially within the aerospace industry. Nations such as India and China have also increased manufacturing rates due to falling price caps.
The MarketsandMarkets report predicts medical procedures will entail the highest growth rate in the use of X-ray detectors compared to other areas, such as dental, veterinary, security and industrial disciplines.
A few of the major players in the market include Varian Medical Systems, PerkinElmer Inc., Thales Group, Canon Inc., Konica Minolta Inc., Tekedyne DALSA Inc., Fujifilm Holdings Corporation, Agfa-Gevaert Group, YXLON International GmbH, DRTECH and Hamamatsu Photonics K.K.