The global Portable X-Ray Devices Market is estimated to be valued at US$ 8843.72 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Portable X-ray devices are small, hand-held medical imaging devices that can provide X-ray images at the point-of-care or in emergency situations. They are extensively used in medical conditions diagnosis such as bone fractures, abdominal issues, chest illnesses and dental problems. Portable X-ray devices offer advantages of convenience, mobility and time-saving radiology compared to conventional large stationary X-ray machines. The increasing need for point-of-care diagnosis and growing medical tourism industry is fueling the demand for portable X-ray devices.
Market key trends:
The growth of medical tourism industry is propelling the portable X-ray devices market. Medical tourism refers to traveling abroad to obtain medical treatment. It enables consumers to benefit from significantly lower medical costs in other countries compared to their home country. Portable X-ray devices allow quick diagnosis and post procedure check-ups of medical tourists prior to their return, thereby enhancing the attractiveness of the medical tourism destinations. The proliferation of medical tourism is expected to drive the adoption of portable X-ray devices during the forecast period.
SWOT Analysis
Strength: Portable X-ray devices offer mobility and flexibility by allowing medical imaging to be conducted at the patient’s bedside or in remote areas without medical facilities. This eliminates the need to transfer or transport patients.
Weakness: Global portable X-ray devices market size have limited functionality compared to fixed X-ray systems, which have larger detectors and imaging capabilities. They also involve higher operational costs due to the need for frequent replacement of parts like cables and batteries.
Opportunity: Growing geriatric population and rising number of road accidents and trauma cases are increasing the demand for X-ray imaging in emergency rooms and operating rooms. Portable devices are well-suited for urgent diagnostic needs in these settings.
Threats: Stringent regulations for sales and usage of X-ray emitting devices pose compliance challenges for manufacturers. Increased adoption of refurbished imaging systems can also affect new product demand.
Key Takeaways
The global portable X-ray devices market is expected to witness high growth over the forecast period of 2024 to 2031. The global Portable X-Ray Devices Market is estimated to be valued at US$ 8843.72 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Regional analysis: North America accounts for the largest share of the portable X-ray devices market led by the United States due to the presence of major players and growing adoption of technologically advanced medical products. Asia Pacific is projected to exhibit the highest growth rate during the forecast period with China and Japan being the major revenue generators in the region. This growth can be attributed to rapidly developing healthcare infrastructure and rising healthcare expenditure in developing Asian countries.
Key players: Key players operating in the portable X-ray devices market are Awarepoint Corporation (CenTrak), Allscripts Healthcare Solutions, Inc., Care Logistics, LLC, McKesson Corporation, Central Logic, STANLEY Healthcare, Sonitor Technologies, Inc., TeleTracking Technologies, Inc., Cerner Corporation, and Epic Systems Corporation. These players are focussing on new product launches and strategic partnerships with healthcare facilities to increase their revenue share
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it