Digital Radiography Market Size, Share & Trends by Product (Fixed (Floor-to-Ceiling, Ceiling), Portable (Mobile, Handheld)), Type (Retrofit, New Digital System), Application (Chest, CVS, Ortho, Pediatric), End User (Hospitals, Imaging Center) - Global Forecast to 2029
Digital Radiography Market Size, Share & Trends
The digital radiography market is expected to generate a revenue of USD 1.9 billion by 2029, with a revenue of USD 1.6 billion in 2024 to register a CAGR of 3.5%. The key factors driving the growth of the digital radiography market include the rising prevalence of musculoskeletal disorders and sports-related injuries, particularly among the elderly and athletes. This, along with continuous technological advancements, the increasing demand for early diagnosis, and a shift toward non-invasive procedures, is expected to drive the market for digital radiography. The hospitals segment, especially in emerging economies, is positively influencing market expansion due to rising healthcare investments. Additionally, supportive government initiatives, such as healthcare reforms and subsidies for advanced medical equipment, are expected to further propel market growth during the forecast period.
Digital Radiography Market Trends
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Digital Radiography Market Dynamics
Driver: Increasing geriatric population and associated rise in disease incidence
The ever-growing population of geriatric individuals across the world is the major factor driving market growth. In 2019, the United Nations estimated that the number of people aged 65 years and above was about 703 million; this figure is expected to grow to about 1.5 billion by 2050. Based on the ‘World Population Prospects: the 2019 Revision’ projection, one in six of the world’s population will be older than 65 years by 2050. The population of individuals over 80 is projected to triple by 20250 from 143 million in 2019.
This will result in a growing number of people with cardiovascular conditions, cancer, arthritis, and dementia, which are all associated with aging. In all of these disease states, improved diagnostic imaging is needed for early detection. The prevalence of arthritis, which mostly affects older adults, is approximately 54.4 million US adults annually, accounting for 22.7% of the adult population. Of these patients, 7.1% were aged 18–44 years, while 29.3% were between the ages of 45–64, and 49.6% were 65 years or older.
Restraint: High cost of digital radiography systems
The cost of digital radiography systems is around USD 80,000 to USD 400,000. The high cost will affect the market for digital radiography in various ways. The high investment involved in buying and installing these systems could be very expensive for health institutes, especially small-sized clinics and hospitals that operate on limited budgets. Periodic maintenance and upgrade costs add to financial burdens in the long term. The steep price will most likely discourage healthcare providers from adopting or upgrading to digital radiography technology in areas with very constrained healthcare budgets. Moreover, the high cost could result in lengthening cycles for the replacement of the existing equipment, hence delaying the adoption of the latest and more advanced technology, therefore slowing down the market growth. As a result, the entry of digital radiography systems is quite expensive, which proves to be a significant barrier to entry for many healthcare providers and restrains the full-scale adoption and expansion of the market.
Opportunity: Development of AI-based digital radiography systems
The development of AI-based systems used in digital radiography offers huge potential for market growth. The integration of AI increases diagnostic accuracy and efficiency in radiologists for the detection of more abnormalities, with automated analysis of the X-ray image, resulting in better decision-making power. This may result in the early detection of diseases, thus improving patient outcomes and reducing health costs by lowering missed diagnoses and further redundant procedures. AI algorithms can also optimize imaging parameters for better image quality, which leads to clearer and more detailed X-rays, important for diagnostic and treatment planning. Moreover, an AI-driven system enables an efficient workflow in which the system takes over commonplace activities and will create space within radiologists’ lives, enabling them to focus on complex cases and patient care.
Challenge: Lack of skilled professionals
A major problem faced by the digital radiography market is the dearth of professional radiologists. This serves as a barrier to the proper handling of these advanced imaging technologies. With increasing sophistication in digital radiography systems, the demand for highly trained radiologists to interpret complex imaging data and handle such advanced systems has increased. However, there is an emerging gap between the requirement of such expertise and the available workforce, which is widened due to factors such as the high cost of training, an aging population of radiologists, and increasing workload. This shortage of professionals not only affects the efficiency and accuracy of diagnostics but also limits the wider diffusion and optimum exploitation of digital radiography solutions, thus setting limitations regarding the care and outcomes of patients.
Market Ecosystem
By product, the fixed digital radiography systems segment accounted for the largest share of the digital radiography industry in 2023
By product, the digital radiography market is divided into fixed digital radiography systems and portable digital radiography systems. Fixed digital radiography systems are categorized into floor-to-ceiling mounted systems and ceiling-mounted systems. Portable digital radiography systems are further segmented into mobile systems and handheld systems. In 2023, the fixed digital radiography systems segment held the largest share of the market. Continuous improvement in image quality, which enhances operational efficiency and accuracy in medical diagnostics, is the major factor driving the growth of this segment. Of many such crucial innovations, next-generation detector technology and integration with advanced imaging software, along with artificial intelligence to automatically diagnose, are among the most sought-after. Digital systems are being preferred over traditional, film-based techniques because the former provides results quickly and more accurately.
By type, new digital systems accounted for the larger share of the digital radiography industry in 2023
Types of digital radiography systems include retrofit digital systems and new digital systems. The new digital systems segment held the largest market share in 2023. The increasing demand for early disease detection, including orthopedic and pediatric conditions, combined with stringent regulations, advancements in software that aid doctors in measuring critical parameters, and government initiatives to promote radiation safety in healthcare facilities, are key factors driving the demand for digital radiography systems.
By application, the chest imaging segment of the digital radiography industry will register significant growth in the forecast period
Based on application, the digital radiography market is segmented into chest imaging, cardiovascular imaging, orthopedic imaging, pediatric imaging, and other applications. The chest imaging segment will register the highest growth from 2024 to 2029. The growth of this segment can be attributed to technological advancements, the rising prevalence of respiratory diseases, and the increasing demand for diagnostic products that are more accurate and efficient. Innovations include higher resolution detectors, new advanced imaging algorithms, and integration with artificial intelligence that further enhance diagnostic accuracy and workflow efficiency. The rising focus on early detection and prevention of respiratory diseases also promotes the use of digital radiography systems for chest imaging and thus boosts the growth of this market.
By end user, the hospitals segment of the digital radiography industry will register the highest growth during the forecast period
Based on end users, the digital radiography market is segmented into hospitals, diagnostic imaging centers, orthopedic clinics, and other end users. The hospitals segment will register the highest growth from 2024 to 2029. Supportive government policies for the digitization of healthcare infrastructure and technological advancements have resulted in the growth of the digital radiography market for hospitals.
By region, the Asia Pacific will dominate the digital radiography industry during the forecast period
The Asia Pacific region held the largest share of the digital radiography market in 2023. The growing incidence of chronic diseases and the rising geriatric population in the Asia Pacific create a demand for accelerating diagnostic imaging services for the proper management and treatment of such diseases, hence driving the growth of this segment. Moreover, attractive reimbursement policies and government initiatives to ensure quality healthcare also encourage the adoption of digital radiography systems among healthcare providers.
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The prominent players in the digital radiography market are GE HealthCare (US), Siemens Healthineers AG (Germany), Philips Healthcare (Netherlands), Canon Inc. (Japan), FUJIFILM Holdings Corporation (Japan), Carestream Health (Canada), Shimadzu Corporation (Japan), Konica Minolta, Inc. (Japan), Agfa-Gevaert Group (Belgium), and SternMed GmbH (US).
Scope of the Digital Radiography Industry:
|
Report Metric |
Details |
|
Market Revenue in 2024 |
$1.6 billion |
|
Projected Revenue by 2029 |
$1.9 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 3.5% |
|
Market Driver |
Increasing geriatric population and associated rise in disease incidence |
|
Market Opportunity |
Development of AI-based digital radiography systems |
This report has segmented the global digital radiography market to forecast revenue and analyze trends in each of the following submarkets
By Product
- Fixed Digital Radiography Systems
- Floor-To-Ceiling-Mounted Systems
- Ceiling-Mounted Systems
- Portable Digital Radiography Systems
- Mobile Systems
- Handheld Systems
By Type
- Retrofit Digital System
- New Digital System
By Application
- Chest Imaging
- Cardiovascular Imaging
- Orthopedic Imaging
- Pedatric Imaging
- Other Applications
By End User
- Hospitals
- Diagnostic Imaging Centers
- Orthopedic Clinics
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
Recent Developments of Digital Radiography Industry
- In July 2023, Canon Medical Systems introduced the Zexira i9 Digital X-ray RF System, featuring a versatile table with numerous new functions and a compact design.
- In July 2023, Shimadzu introduced a new mobile X-ray system featuring serial radiography and static image display capabilities. This system integrates digital radiography, catering to international demand beyond Japan.
- In May 2023, Carestream Health launched the DRX-Rise Mobile X-ray System, which is a new mobile X-ray system designed to enhance patient care and boost diagnostic confidence.
Frequently Asked Questions (FAQ):
What would be the addressable market value of the digital radiography market over the next five years?
The global digital radiography market is projected to reach USD 1.99 billion by 2029 from USD 1.67 billion in 2024, at a CAGR of 3.5% from 2024 to 2029.
Which digital radiography product segment is anticipated to attract maximum attention?
The fixed digital radiography systems segment will register the highest growth rate during the forecast period. .
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Four major activities were involved in the estimation of the current market size of digital radiography. Extensive secondary research was conducted to find data regarding the market, peer markets, and parent markets. Following that, obtained and verified data from about 3-5 secondary documents and different sources; the findings, assumptions, and sizing with industry experts from the total value chain were validated through primary research. Top-down and bottom-up approaches were used to estimate the complete market size. After that, the market size of segments and subsegments was estimated through market breakdown and data triangulation.
Secondary Research
The secondary research process shall make an extended use of the following sources: directories, databases such as Bloomberg Businessweek, Factiva, and D&B Hoovers; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. The information gathered from the secondary research was used in identifying and collecting data helpful in undertaking an in-depth technical, market-oriented, and commercial study of the digital radiography market. It was also used to derive crucial information of the key players and market classification & segmentation according to industry trends up to the bottom-most level, and key developments related to market and technology perspectives. A database of key industry leaders was also prepared using secondary research.
Primary Research
During the course of this primary research, various sources of supply and demand were consulted to obtain the qualitative and quantitative information required for this report. On the supply side, the primary sources include industry experts like CEOs, vice presidents, marketing and sales directors, technology and innovation directors, and related key executives from various key companies and organizations in the digital radiography market. Primary sources from the demand side include hospitals, orthopedic clinics, diagnostic centers, dental clinics, and other end users. Primary research was conducted to validate the market segmentation, identify key players, and get an idea about key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
The tiers of the companies are defined based on their total revenue. As of 2022: Tier 1 => USD 1.5 billion, Tier 2 = USD 200-500 million to USD 1 billion, and Tier 3 =< USD 500 million
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Market Estimation Methodology
In this report, revenue share analysis of leading players has been done to determine the size of the digital radiography market. Identified key players operating in the market have their revenue lined up through their market business. This insight is collected during the primary and secondary research phase. Secondary research includes the study of annual and financial reports of the top market players. On the other hand, primary research included in-depth interviews with key opinion leaders, viz., CEOs, directors, and key marketingexecutives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value.
This process involved the following steps:
- A list of major players operating in the digital radiography market at the regional/country level
- Product mapping of various manufacturers for each type of digital radiography product at the regional/country level
- Mapping of annual revenue generated by listed major players from digital radiography products segments (or the nearest reported business unit/product category)
- Revenue mapping of major players to cover at least ~87.5% of the global market share as of 2023
- Extrapolation of the revenue mapping of the listed major players to derive the global market value of the respective segments/subsegments
- Summation of the market value of all segments/subsegments to arrive at the digital radiography marke
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Bottom-up approach
In this report, the size of the global digital radiography market was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the digital radiography business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and marketing executives.
Approach 1: Company revenue estimation approach
To calculate the digital radiography market value, segmental revenues were calculated based on the revenue mapping of major solution/product providers. The steps involved in this process are as follows:
- A list of major global players operating in the digital radiography market had to be generated.
- Mapping of the annual revenues generated by major global players from the digital radiography segment or the nearest reported business unit/product category was done.
- Mapping the revenues of major players to at least cover 87.5% of the global market share as of 2022
- Extrapolation of the global value of the digital radiography industry
Market Size Estimation For Digital Radiography : Approach 1 (Company Revenue Estimation)I
Data Triangulation
The overall market size was arrived at after the market size estimation process described in the previous section. Further, the digital radiography market was segmented and subsegmented. The data triangulation and market breakdown procedures were conducted to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Apart from this, the digital radiography market has also been validated using both top-down and bottom-up approaches.
Market Definition
The digital radiography market represents the global market for the development, production, distribution, and sales of radiographic imaging systems that capture images of internal body structures using digital detectors and processing technologies. These replace the old equipment that used film-based radiography to produce images of internal body structures. It caters to a broad spectrum of applications: medical diagnostics, dental imaging, veterinary care, and industrial non-destructive testing follow with the developments in imaging technology, rising adoption within healthcare facilities, and a raising trend toward more effective and accurate diagnostic procedures.
Key Stakeholders
- Digital radiography system product manufacturers
- Original equipment manufacturers (OEMs)
- Suppliers, distributors, and channel partners
- Healthcare service providers
- Hospitals and academic medical centers
- Radiologists
- Research laboratories
- Health insurance providers
- Government bodies/organizations
- Product distributors and channel partners
- Hospitals and imaging centers
- Orthopedic clinics
- Diagnostic imaging centers
- Radiologists and Technicians
- Regulatory agencies
- Quality control & assurance companies
Objectives of the Study
- To define, describe, and forecast the digital radiography market based on product, type, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa
- To profile the key players and comprehensively analyze their market ranking and core competencies
- To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of market share and product footprint
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present global digital radiography market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe digital radiography market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others
- Further breakdown of the Rest of Asia Pacific digital radiography market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
- Further breakdown of the Rest of Latin America (RoLATAM), which comprises Argentina, Chile, Peru, Colombia, and Cuba
- Further breakdown of the RoW market into Latin America and MEA regions
Growth opportunities and latent adjacency in Digital Radiography Market