According to research report the global X-Ray Detectors Market is projected to reach USD 3.8 billion by 2024 from USD 2.8 billion in 2019, at a CAGR of 6.1% during the forecast period. Factors such as growing public and private investments in digital imaging technologies, declining prices and benefits offered by digital detectors, and reimbursement cuts for analog X-rays are driving the growth of the X-ray detectors market.
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The introduction of wireless X-ray detectors, growing medical tourism in developing countries, and the emerging markets are expected to offer significant growth opportunities for market players in the coming years. However, the high cost of digital X-ray systems is expected to restrain the growth of this market.
Based on type, the X-ray detectors market is segmented into flat-panel detectors (FPDs), computed radiography (CR) detectors, charge-coupled device (CCD) detectors, and line-scan detectors. The flat-panel detectors (FPDs) segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment is attributed to the advantages of FPD-based portable digital systems, their decreasing prices, and the growing demand for retrofit FPD-based digital X-ray systems.
Based on panel size, the FPDs market is segmented into large-area FPDs and small-area FPDs. The large-area FPDs segment is projected to grow at the highest CAGR during the forecast period. Technological advancements and increasing volume of orthopedic and mammographic procedures are the major factors driving the growth of this market.
Based on applications, the X-ray detectors market is segmented into medical applications, dental applications, security applications, veterinary applications, and industrial applications. The medical applications segment is expected to grow at the highest CAGR during the forecast period. The growth in this segment can primarily be attributed to the advancements in medical technology; the increasing number of orthopedic, mammography, and cardiovascular procedures; technological advancements in X-ray devices or digital radiology; and the rising prevalence of lifestyle and chronic diseases.
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Based on region, the market has been segmented into North America, Europe, Asia, and the Rest of the World (RoW). The X-ray detectors market in Asia is expected to grow at the highest CAGR during the forecast period. The high growth in this market is attributed to the increasing adoption of digital imaging systems, rising disposable income, growing number of awareness programs and symposia, and growing venture capital investments.
To ensure sustainability and growth in this highly competitive market, several established players are focusing on acquiring SMEs or small players to strengthen their product offerings and expand their footprints across different geographies.
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