The Global X-Ray Systems Market to Exceed $4.5 Billion by 2016
The global x-ray systems market is forecast to reach $4.8 Billion by 2016 with a Compound Annual Growth Rate (CAGR) of 4% from 2009–2016. The market is expected to be driven by digitalization of existing analog x-ray systems and demand for new digital x-ray systems in developing countries. Increased usage of low cost portable and mobile digital x-ray systems in veterinary practice and remote healthcare centers is driving the demand for advanced digital x-ray systems. Aging population and increased expenditure on healthcare infrastructure in emerging countries are the other important growth drivers for the x-ray systems market.
The US Continues to be the Biggest X-Ray Systems Market
The US is the biggest market for x-ray systems contributing 28% towards to the global market in 2009; however the contribution is expected to decrease to 25% by 2016. The US x-ray systems market valued at $860m in 2009 is forecast to grow at a CAGR of 3% to reach $1 Billion in 2016. Market saturation is expected to lead to slower growth in the future. Other countries which also include emerging economies contributed 72% towards the global market in 2009 and the contribution is expected to increase to 75% by 2016.
Digital X-Ray is the Largest Category in the Global X-Ray Systems Market
Digital x-ray systems which comprises digital radiography (DR) and computed radiography (CR) accounted for 90% of the overall diagnostic x-ray systems market in 2009 making it the largest category within x-ray systems market. It is forecast to grow at a CAGR of 5% for the next seven years, to reach $4.4 Billion by 2016. Historically, the market grew at a CAGR of 10% in the last seven years (2002–2009). The x-ray systems market is expected to be driven by advanced digital x-ray systems, conversion of existing analog x-ray to digital x-ray systems and portable mobile x-ray systems in veterinary and remote healthcare practices.
Philips, GE and Siemens Healthcare are the Leading Companies in the X-Ray Systems Market
In 2009, Philips, GE and Siemens Healthcare had a combined market share of 65%. Philips Healthcare made two acquisitions in the last four years, leading to an increase in their market share, especially in emerging markets, such as India and Brazil. Also, all the three companies have a good brand name along with advanced digital x-ray models which instantly opens up the global market for them.
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