Top Leaders of X-Ray Detectors Market and Business Strategies
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.
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Market
growth is largely driven by growing public and private investments in
digital imaging technologies, declining prices and benefits offered by
digital detectors, 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. On the
other hand, the high cost of digital X-ray systems is a major factor
limiting market growth.
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), Canon, Inc. (Japan), Konica Minolta, Inc. (Japan),
Teledyne DALSA Inc. (US), Fujifilm Holding Corporation (Japan),
Agfa-Gevaert Group (Belgium), Carestream Health (US), Vieworks Co., Ltd
(South Korea), Hamamatsu Photonics K.K. (Japan), Analogic Corporation
(US), 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.
Trixell (Division of Thales Group) is among
the major player in the X-ray detectors market for FPDs. It is a joint
venture of Philips Medical Systems, Siemens Medical, and Thales Electron
Devices. The company‘s large market share is attributed to its
exhaustive product portfolio of X-ray detectors. The company has been
active in the market for more than 15 years and is a pioneer in WiFi FPD
technology. The company believes in investing in product development
and strengthening its solutions-based business. For instance, in
November 2016, the company launched the Pixium Portable 3543 DR
detector. The innovation-centric company invests heavily in R&D to
maintain its market share. It invested USD 912.1 million and USD 812.0
million in R&D in 2017 and 2016, respectively.
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.
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In
2019, North America is expected to account for the largest share of the
market. The large share of this region is attributed to factors such as
technological innovations, increasing healthcare spending, availability
of venture capital and government funding, and increasing incidence of
chronic diseases. Europe is expected to account for the second-largest
share of the market in 2019. Factors such as advancements in healthcare
infrastructure, technological advancements, and favorable venture
capital funding are expected to fuel the market growth in this region.
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