As the competitive spirit amongst market players intensifies, a majority of them have been zeroing in on developing and offering cost-effective, advanced flat panel x-ray detectors, states Transparency Market Research (TMR). Partnerships and collaborations have been aiding the market players to extend their customer base and therefore characterize the competitive scenario.
For instance, in March 2017, Logos Imaging LLC, a prominent supplier of x-ray solutions, partnered with PARC, a U.S.-based Xerox company. The primary common objective of the agreement is to take the x-ray detector technology of PARC to the next level. During the same month, Varex Imaging Corporation, a leading manufacturer of flat panel x-ray detectors, announced the renewal of its agreement with Toshiba Medical Systems. Similarly, innovative products have been coming to light. For example, Canada-based Teledyne DALSA, a major digital imaging developer, introduced its next-generation scanning reconstruction software for its Xineos complementary metal-oxide semiconductor flat panel x-ray detectors. According to TMR, the global flat panel x-ray detectors market was pegged at US$1.08 bn during 2016. During the forecast period of 2016 to 2024, the market is expected to expand at a reassuring CAGR of 5.9%, reaching US$ 1.7 bn by the end of 2024.
Ripe Opportunities in Asia Pacific to Emanate Growth
Expanding at a CAGR of 6.6% between 2016 and 2024, Asia Pacific is likely to represent a major share in the global market for flat panel x-ray detectors over the forthcoming period. Although the growing use of flat panel x-ray detectors in bomb disposal and security services has triggered the growth of North America, placing it at the fore, Asia Pacific is a region with greatest opportunities for expansion. The readily available labor force in China and India, upgrading of healthcare infrastructure, growing awareness pertaining to modern diagnostics, and availability of untapped potential are the primary growth drivers of the flat panel x-ray detector market.
Construction, security, bomb disposal, manufacturing, and semiconductors are the key application segments of the global market for flat panel x-ray detectors. Of these, the manufacturing segment is slated for maximum growth during the forecast period.
Breakthroughs in Radiology to Whip up Demand
The steadily declining prices of flat panel technologies are likely to result in an increased demand for these products on a global scale. The fall in costs can be attributed to the robust expansion of the manufacturing capacities of China- and India-based manufacturers. Recent advancements in radiology have been lending a hand to the market, thereby bringing in further growth. Moreover, the advanced flat panel x-ray detectors possess more advantageous features than conventional detectors such as imaging plates, image intensifiers, scintillators, films, and PSP and CR detectors.
With the goal of gaining an edge over other companies, several market players are deploying flat panel x-ray detectors to a great degree. This trend is particularly characteristic of the defense, aerospace, healthcare, and automobile industries. All these factors have stoked the growth of the market.
On the contrary, the strict regulatory frameworks surrounding the flat panel x-ray detectors might interfere with the growth of the market. As these devices are categorized under radiation equipment, the manufacturers face the challenge of creating safer devices. However, the increasing number of innovative product launches can aid in negating the effect of this market restraint, ensuring that the market keeps flourishing.
The information presented in this review is based on a Transparency Market Research report, 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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