Market growth is largely driven by declining prices and benefits offered by digital detectors, growing public and private investments in digital imaging technologies, and reimbursement cuts for analog X-rays. The introduction of wireless X-ray detectors, growing medical tourism in developing countries, and the emerging markets are expected to provide a wide range of growth opportunities for players in the market.
According to research report X-Ray Detectors Market is projected to reach $3.8 billion by 2024, at a CAGR of 6.1% during the forecast period.
The X-ray detectors market is highly consolidated in nature with several big and emerging players. Prominent players in this market include Varex Imaging Corporation (US), Thales Group (France), Teledyne DALSA Inc. (US), Fujifilm Holding Corporation (Japan), Canon, Inc. (Japan), Konica Minolta, Inc. (Japan), Agfa-Gevaert Group (Belgium), Carestream Health (US), Vieworks Co., Ltd (South Korea), Analogic Corporation (US), Hamamatsu Photonics K.K. (Japan) and Rayence (South Korea). These players have adopted various strategies such as acquisitions, partnerships, collaborations, and product launches to further expand their presence in the global X-ray detectors market. Acquisitions were the key growth strategies adopted by top players such as Varex Imaging Corporation (US), Canon, Inc. (Japan), Konica Minolta, Inc. (Japan), and Agfa-Gevaert Group (Belgium) from 2016 to 2018.
Varian Medical Systems dominated the X-ray detectors market in 2018. The company has managed to create a unique identity in this market due to its robust product portfolio and large geographic presence. In addition, the company also focuses on organic and inorganic growth strategies such as expansions, acquisitions, and agreements. For instance, in December 2016, the company acquired PerkinElmers medical imaging business (US), a manufacturer of diagnostic imaging products. The company also focuses on geographic expansions to maintain its leading position in the market. For instance, in March 2016, the company opened the Wuxi Regional Service Center in China.
By application, the market is segmented into medical, security, veterinary, dental, and industrial applications. The medical applications segment is expected to grow at the highest rate during the forecast period.
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