Global Radiography Market 2017-2021

Overview of the global radiography market

Technavio’s market research analyst predicts the global radiography market to grow steadily at a CAGR of around 2% by 2021. One of the primary drivers for this market is the rapid rate of upgradation of analog X-ray systems to digital X-ray systems. The radiography market is observing an increase in the number of users that want to migrate from the use of analog X-ray systems to digital X-ray systems. This is because of the flexibility of digital X-ray systems and an increasing number of applications. Digital X-ray systems offer faster scanning, increased throughput, multiple storage options, and better image quality. As a result, they eliminate the need for chemical processing of films. Moreover, these devices can provide the capability to generate 3D images. Also, it makes the end-user equipped with the capability to slice the images to analyze objects better. Furthermore, technological advances like telemedicine have enabled the integration of digital X-ray systems with satellite broadband to provide healthcare in remote areas will augment the growth of the global radiography market during the forecast period.

One of the latest trends gaining traction in this market is the rising demand for portable radiography equipment. There is an increased need for the development of miniaturized and portable testing equipment, such as the equipment used to test automotive components, because most of the inspection is carried out in different locations. These devices are highly suitable for oil rigs and are used for testing in locations with low accessibility. Portable, compact, and lightweight radiography equipment does not affect the testing process and ensures the smooth inspection of the entire rig. Moreover, portable radiography equipment is inexpensive compared with conventional equipment and offers better ROI. These advantages of the portable radiography equipment will propel the growth of the global radiography market in the coming years.

Competitive landscape and key vendors

The global radiography market is characterized by the presence of several local and international companies. To gain a competitive advantage and introduce interesting changes and innovative offerings vendors invest heavily in R&D. In an attempt to expand market reach and penetrate deeper into the market the key vendors in the digital x-ray market are growing inorganically through a number of mergers and acquisitions.