The X-ray detectors market size, in terms of value, is expected to reach $2,552.7 million by 2019 from $2,009.7 million in 2014, at a CAGR of 4.9%. The global X-ray detectors market is categorized on the basis of detector type, panel size (for medical FPD), applications, and region. Various applications segments of X-ray detectors include medical, dental, security, industrial, and veterinary. The medical segment is the largest application segment of the X-ray detectors market and expected to grow at the highest CAGR in the coming five years. The rise in aging population, increasing number of orthopedic, mammography, and cardiovascular procedures, and technological advancements in X-ray devices is driving the use of X-ray detectors for medical applications. The major factors contributing to growth of the X-ray detectors market include aging population and rising prevalence of diseases, falling prices of flat-panel detectors, and government support in the form of funding for encouraging advanced medical care (FPDs).
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Furthermore, investments by venture capital firms for development of advanced detectors are another major factor providing impetus for growth of this market. For instance, in October 2014, IBEX (U.K.) received funding of $1.87 million (£1.2 million) from the Finance for Business North East Technology Fund (the NETF). The funding would be utilized for enhancing adoption of its X-ray detectors in industrial as well as medical markets. The fund would also be utilized for continuous innovations in X-ray detectors. Growing demand from emerging countries, rising medical tourism in Asian countries, and the advent of technologically advanced products such as wireless FPDs have opened an array of opportunities for the X-ray detectors market. However, stringent regulatory approvals, processes, and imposition of excise tax by the U.S. government on medical devices are likely to hinder market growth. Apart from comprehensive geographic and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years.
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In addition, the company profiles comprise basic views on key players in the X-ray detectors market and product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above mentioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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