Top 3 Trends Impacting Global Radiography Market
By Medimaging International staff writers
Posted on 28 Feb 2017
Image: The digital X-ray industry is expected to continue its impact on the global radiography market (Photo courtesy of iStock).
The global radiography market is expected to grow steadily at a CAGR of around 2% by 2021, driven by the top three emerging trends: growing demand for portable radiography equipment; customization of radiography equipment and; increasing strategic acquisitions in the digital X-ray systems market.
These are the latest findings of Technavio Research, a global technology research and advisory company. According to Technavio, the growth of the global radiography market is being driven mainly by demand for radiography from the healthcare sector. The radiography market is also witnessing an increase in the number of users migrating from the use of analog X-ray systems to digital X-ray systems, as the latter offers more flexibility and applications.
The top three emerging trends identified by Technavio are expected to significantly impact the global radiography market and contribute to its growth.
Growing demand for portable radiography equipment: Automated portable radiography equipment is generating significant interest among end-users. There is a growing need for the development of miniaturized and portable testing equipment, as apart from being portable they do not require installation and are also inexpensive in comparison to conventional equipment. As a result, market vendors are reducing the size of their products to meet the growing demand for compact radiography equipment. The benefits of portable radiography equipment are expected to propel the growth of the global radiography market over the coming years.
Customization of radiography equipment: Market vendors are increasingly customizing testing equipment based on their clients' requirements. Prior to manufacturing a product, vendors need to understand their clients' needs and consider their requirements. Customization of equipment can drive the growth of the global radiography market if vendors succeed in efficiently meeting their clients' specific requirements.
Increasing strategic acquisitions in digital X-ray systems market: A number of local and international companies are present in the global radiography market. The key vendors are making efforts to expand their market reach and penetrate deeper into the market by growing inorganically through a number of mergers and acquisitions. Since 2015, there have been a large number of acquisitions in the digital X-ray systems market, which is a major contributor to the healthcare sector of the radiography market. Such acquisitions improve the product expertise and expand the geographical presence of vendors to enable them to meet the growing demand for digital X-ray systems, particularly in the world’s developing regions. They also allow vendors to penetrate new markets more quickly by capitalizing on the existing presence and offerings of the acquired companies. The trend of M&As is expected to help leading radiography equipment manufacturers maintain their dominant position in the global radiography market over the coming years.