PerkinElmer, Konica Minolta, Inc., Rayence, Inc., and Olympus Corporation collectively account for around 56.1% of the overall share in global flat panel x-ray detectors market in 2015. The strong presence of these firms in the market are overshadowing the smaller shares accounted by other regional firms. These players are foreseen to keep on dominating the market in forthcoming years as well, as per the revenue rates and size. Moreover, it is expected to experience a high level of competition in upcoming years. The players are working on bringing cost-effective, advanced, and improved advanced flat panel detectors.
According to a recent report published by Transparency Market Research (TMR), the global flat panel x-ray detectors market is anticipated to expand at a robust CAGR of 5.9% within the forecast period from 2016 to 2024. In 2016, the market was valued around worth of US$1.08 bn. This figure is expected to reach around worth of US$1.7 bn by the end of 2024.
On the basis of application, the global flat panel detectors market is segmented into semiconductors, manufacturing, security, construction, and bomb disposal. Among these, the manufacturing sector is estimated to account for the major market share during the forecast period. Geographically, in 2015, North America bagged the highest share in the global flat panel X-ray detectors market, because of the rise in usage of these detectors in bomb disposal and security services. The segment is expected to lead the global market owing to the consistent usage of the above mentioned applications along with the rising usage in manufacturing sector.
Technological Advancement to Fuel Overall market Demand
The emergence of new and advanced technologies are taken positively by most of the regions around the world, which contributes in the surge in demand for advanced flat panel X-ray systems. The global flat panel x-ray detectors market also witnessing a growth due to reduction in price of flat panel technologies, as the manufacturing rates are surging in the nations for example, China and India. Moreover, owing to advancement in radiology is also expected to help the market growth. Manufacturing firms are adopting the flat panel x-ray detectors increasingly so as to have an edge over the other firms in the market and improve product quality as well.
Strict Regulations Regarding Usage of Flat panel X-ray to Hinder Market Growth
However, among a few restricting factors hampering the market growth, the stringent regulations regarding the flat panel x-ray detectors is a major one. Flat panel detectors come under the radiation devices and radiation emission category. This results in extra pressure on the manufacturing firms to build devices that would be considered safe to use under certain norms. Nevertheless, the developing economies are presently depicting an immensely promising scope of opportunities in flat panel x-ray detectors. South Africa, India, Brazil, and , China are some of the important nations which are targeting on the basis of rise in sales of flat panel x-ray detectors along with better manufacturing services.
This analysis is based on a recent market research report by Transparency Market Research, titled, “Flat Panel X-Ray Detectors Market (Application - Security, Manufacturing, Construction, Semiconductors, and Bomb Disposal) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
Key segments of the Global Flat Panel X-Ray Detectors Market
Global Flat Panel X-Ray Detectors Market, By Application
Global Flat Panel X-Ray Detectors Market, By Geography
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