Global X-Ray Tube Market - Segmented by Type (Rotating Anode Tube, Microfocus X-Ray Tubes), Verticals (Manufacturing Industries, Healthcare, Food Industry, Aerospace and Defense Industry and Region - Growth, Trends and Forecasts (2018 - 2023)
As of 2017, the global X-ray tube market was valued at USD 2.42 billion and is expected to reach a value of USD 3.3 billion by 2023, registering a CAGR of about 5.21% during 2018-2023 (the forecast period). An X-ray tube is a device that produces X-rays when subjected to an electric charge. Increasing technology advancement is one of the primary factors that is driving the growth in demand for X-ray tubes. The application of X-rays has drastically expanded beyond the field of medicine, over the past few decades. With innovations in electronics, the size of a system has decreased, immensely. With the availability of compact systems, X-ray machines are being used in various fields, such as airport security, baggage scanning, metallurgical applications etc. In addition, the increase in medical cases and accidental injuries around the globe is influencing the market’s growth. With an increase in medical cases and diagnostic equipment, the demand for X-ray tubes in medical imaging is growing, which is, in turn, driving the market growth. However, the presence of stringent and strict regulations by FDA, across the globe, for manufacturing and designing X-ray tubes have created additional costs for manufacturers, while becoming a barrier for new entrants. These factors are restraining the market growth.
Increasing Demand for Healthcare Diagnostics is Driving the Growth of the Market
The healthcare industry has been one of the primary industries to employ X-rays. Earlier in 1896, X-rays were used as a diagnostic tool and remain one of the main diagnostic tools. In 2016, the global medical imaging market was valued at 26.7 billion, with X-ray machines occupying the majority market share. An increase in the number of medical illness cases is one of the primary factors driving the growth of X-ray machines. In addition, an increase in the number of fatal accidents globally, is also driving the demand for X-ray machines and other diagnostic terminals using X-ray tubes. It has been estimated that around 40 million people are injured in accidental road crashes, globally. The medical industry relies heavily on the diagnostics, to address the injury and treat the patient. In addition, the number of medical cases, which require X-ray diagnostics, is increasing at a rapid pace. With the increase in medical imaging equipment usage, the investment in X-ray-related applications is growing lucratively. Thus, this factor is fueling the demand for diagnostic equipment and driving the growth of the X-ray tubes market.
Manufacturing Segment dominating the Market Landscape
The manufacturing industry is one of the leading end-user industries for X-ray tubes. In the last 20 years, X-ray applications for industrial and manufacturing was dominated by conventional technologies. With the advancements in technology, the industry developed towards higher energies (450kV) and recognized advances for voltage stability and better visualization concepts. Also, there was no breakthrough innovation in X-ray generation methods. Applications were designed around existing X-ray tubes. Digital technologies are taking over, and as a trend, it is replacing the conventional technologies. X-ray sources, such as X-ray tube. This trend has contributed to significant productivity gains, which are achieved by digital imaging technologies. New X-ray tubes and generator technologies are gaining applications, and the market is expected to grow lucratively during the forecast period.
North America to Dominate the Market
North America is the largest market for X-ray tubes. Latest technological breakthroughs have assisted the advancement of new X-ray tubes that can make the overall processes more efficient and can significantly improve accuracy in various applications. In North America, a series of new product launches, and mergers and acquisitions has been witnessed. The major driver behind these investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, non-destructive testing, security and electro medical imaging applications, North America is set to achieve remarkable changes in the market during the forecast period.
Key Developments in the market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook