The United Kingdom Digital X-ray Devices Market is expected to register a CAGR of nearly 7.55% during the forecast period, with a revenue of approximately USD 418.28 million in 2019.
The COVID-19 pandemic is expected to have a significant impact on diagnostic imaging, particularly on digital X-ray devices. Digital imaging plays a key role in the diagnosis of COVID-19 as it aids in the clear detection of infected parts of the lungs among patients. According to the research article published by the British Institute of Radiology, 2020, the overall volumes of diagnostic imaging have been lower, given the impact of the pandemic on elective procedures in the United Kingdom. However, the study suggested that there Chest radiographs and Computed tomography were least affected, due to that increased Personal Protective Equipment use and equipment decontamination, which lead to increased examination times and workload per patient. Additionally, in April 2020, Behold.ai received CE Mark Class lla certification in the United Kingdom and European Union for its AI-based technology that can diagnose chest X-rays as ‘normal’. Thus, the increasing technological innovations and product launches to combat COVID-19 are expected to drive the Digital X-ray devices market in the United Kingdom.
Also, the rising geriatric population, the rising burden of chronic diseases, and surgical procedures that need X-ray imaging are projected to boost the digital X-ray devices market in the country. For instance, according to the World Population Ageing 2019 report, the regional population aged 65 years and older was 12.49 million in 2019, which is expected to increase to 15.16 million by 2030. The geriatric population is found to be easily affected by several age-associated bone-related diseases, thereby driving the market growth.
Additionally, according to the report published by Arthritis Research UK, in 2019, approximately 1 in 5 adults over 45 years in England had osteoarthritis of the knee, and 1 in 9 adults had osteoarthritis of the hip. Thus, X-ray imaging is useful to evaluate the amount of cartilage at the end of the bones, deformities and underlying conditions in the bones that may lead to arthritis, and changes in the bones that may be damaged from arthritis. This will increase the demand for the product, thereby positively influencing the regional market’s growth.
Owing to the growing demand for digital X-ray devices, market players are focusing on new partnerships and product launches to strengthen their market position in the United Kingdom. For instance, in February 2019, Royal Philips launched its DigitalDiagnost C90, a new ceiling-suspended digital radiography system in the United Kingdom. Thus, the advancements in technologies and growing inclination towards digital imaging solutions are opening up new avenues to the regional growth of the studied market.
Key Market Trends
The Application of Digital X-Ray Devices in Cancer Segment is Expected to Witness a Significant Growth Over the Forecast Period in United Kingdom
The growing burden of various cancers, along with the increasing awareness on advanced diagnostic/imaging solutions for the early and effective diagnosis of cancers are the major factors driving the demand for digital x-ray devices within the cancer segment in the United Kingdom.
According to Globocan 2020, there were an estimated 457,960 new cancer cases in the United Kingdom in 2020, with 179,648 deaths due to cancer. The ability of the digital radiograph for accurate detection of tumors in various body parts plays a vital role in the extensive use in the cancer segment. As digital radiography replaces the usage of films with digital images that can be transferred via PACs, the storage and easy access of the X-ray images across various healthcare professionals worldwide is made possible and thus, leads to the effective planning of treatment in the early stage of cancers.
Additionally, digital mammography has been widely adopted in the screening of breast cancers. As per the research article published in the Egyptian Journal of Radiology and Nuclear Medicine, 2020, the Contrast-Enhanced Digital Mammography was found to be more effective than 2D mammography in the determination of normal tissue, benign, or malignant lesions and the detection of multiplicity in cases of mammographic focal asymmetry. Thus, because of the aforementioned advantages of digital radiography and the rising incidence of cancers, the studied segment is expected to grow significantly over the forecast period in the United Kingdom.
The digital X-ray devices market is highly competitive, and a few companies are currently dominating the market in the United Kingdom. These companies include GE Healthcare, Koninklijke Philips NV, Fujifilm Holdings Corporation, Siemens Healthineers, and Canon Medical Systems Corporation among others. The competition among the key players in the market is majorly due to increasing product launches with technologically advanced features and the pricing of digital X-ray equipment. Moreover, the major players in the market have been concentrating on acquisitions, collaborations to improve their market presence and their position in the United Kingdom market. For instance, in Nov 2020, Agfa provided the Royal Brompton Hospital in London with two new Direct Radiography retrofit systems with MUSICA Image Processing, which helped in the upgrade of its mobile and fixed X-ray capabilities from computed radiography (CR) to direct radiography (DR).
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Occurrence of Chronic Diseases Such as Orthopedic Diseases and Cancers
4.2.2 Increasing Number of Serious Injuries/Trauma/Road accidents
4.2.3 Advantages of Digital X-ray Systems Over Conventional X-rays
4.3 Market Restraints
4.3.1 High Initial Cost of Installation
4.3.2 New Sales Affected by Increasing Use of Refurbished Devices
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.5 Other Applications
5.2 By Technology
5.2.1 Computed Radiography
5.2.2 Direct Radiography
5.3 By Portability
5.3.1 Fixed Systems
5.3.2 Portable Systems
5.4 By End User
5.4.2 Diagnostic Centers
5.4.3 Other End Users
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Carestream Health, Inc.
6.1.2 Fujifilm Holdings Corporation (Fujifilm Medical Systems)
6.1.3 GE Company(GE Healthcare)
6.1.4 Hitachi, Ltd.
6.1.5 Koninklinje Philips NV (Philips Healthcare)
6.1.6 Shimadzu Corporation
6.1.7 Siemens Healthineers
6.1.8 Canon Medical Systems Corporation
6.1.9 Samsung Electronics Co. Ltd (Samsung Healthcare)
6.1.10 Agfa-Gevaert N.V.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.