With strong growth among market leaders and even more growth anticipated in emerging sectors, digital x-ray technology is set to expand.
A few key leaders share dominance in the global flat panel x-ray detectors market. With a collective share of 56.1%, current market leaders include Konica Minolta, PerkinElmer, Olympus Corporation, and Rayence. While these companies hold strong market presence, they’re often overshadowed by smaller shares held by regional players in vital areas of North America and Europe.
As stated in a research report published by Transparency Market Research, the global flat panel x-ray detectors market is likely to continue being dominated by these companies in terms of size and revenue generation. The degree of rivalry between these competitors is expected to be very high over the coming years, while the companies try to cater to the growing demand for new, improved, advanced flat panel detectors. The leaders in the market are interested in creating cost-effective solutions in order to penetrate the markets in new and emerging economies.
The global flat panel x-ray detectors market is expected to reach US $1.08 billion by the end of 2016. The market’s value is expanding at a CAGR (Compound Annual Growth Rate) of 5.9% in the forecast period from 2016 to 2024 and will lead the market to reach US $1.7 billion in 2024.
Technological Improvements in Flat Panel X-Ray Detectors Find Greater Regional Contact
“Many markets have taken up the advantages to civilization brought about by globalization and attaining a global commercial perspective, including the global flat panel x-ray detectors market. The introduction of newer technologies is being received positively by all key regions, thereby creating a surge in uptake for all advanced X-ray systems. Digital X-ray systems are far more advanced than the older analog technologies and have been successfully introduced to the large client pools from emerging economies,” states a TMR analyst.
The global flat panel x-ray detectors market is also being driven by the steadily lowering price caps of flat panel technologies, primarily due to an increase in their manufacturing rate as they’re adapted by nations such as India and China. The market is also benefiting from the current advancements in radiology. One of the key applications that players from the global flat panel x-ray detectors market need to be aware of is the manufacturing sector. Manufacturers are increasingly adopting flat panel x-ray detectors in order to improve product quality to get an edge over competitors. This is seen especially in the manufacture of automobiles, healthcare devices, and defense and aerospace equipment. Security companies are also taking up flat panel x-ray detectors amid the growing concerns over safety and anti-infiltration advancements in aerospace.
Advancements Slowed by High Regulatory Pressure
A key factor hindering the overall growth rate of the global flat panel x-ray detectors market is the extremely strict regulatory framework surrounding them. Flat panel detectors technically fall into the category of radiation emission and radiation devices. This puts an additional strain on manufacturers into building devices considered as safe under these norms.
“The emerging economies are currently showing a great deal of promise to ramp up their demand for flat panel x-ray detectors. India, China, Brazil, and South Africa are among the key countries that global entities are targeting in terms of increasing sales of flat panel x-ray detectors as well as introducing manufacturing facilities. Countries in the Asia Pacific regions are showing an especially positive outlook towards adopting newer technologies, thereby improving the revenue generation scope of current players,” adds the analyst.
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
• Bomb Disposal
Global Flat Panel X-Ray Detectors Market by Geography
• North America
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Middle East and Africa
• United Arab Emirates
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa
• Latin America
• Rest of Latin America