PUBLISHER: Inkwood Research | PRODUCT CODE: 1170428
PUBLISHER: Inkwood Research | PRODUCT CODE: 1170428
The global X-ray tube market is forecasted to record a CAGR of 3.81% over the estimated period of 2022 to 2030. The market growth is ascribed to key factors, such as the rising demand from the healthcare industry, the growing need for quality control in the manufacturing industry, as well as the development of the aerospace & defense sector.
X-ray tubes entail vacuum tubes capable of converting electrical input power into X-rays. The field of radiography, involving the use of penetrating radiation in order to image partially opaque objects, was formed due to the availability of such controllable sources of X-rays.
The increase in fatal accidents across the world fuels the demand for diagnostic terminals as well as X-ray machines. For example, as per estimations, approximately 40 million people globally are injured in accidental road crashes. The surge in cardiovascular ailments further pushes the demand for X-ray machines. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death worldwide, claiming more than 17 million lives annually.
Furthermore, a recent study published by the Population Reference Bureau (PRB) stated that major non-communicable illnesses, including cardiovascular disease, cancers, chronic respiratory diseases, and diabetes, will be responsible for around 81% of fatalities by 2030, thereby increasing the need for X-ray tubes. As a result, the rising demand for X-ray tubes from the healthcare industry is set to augment the global market growth during the forecast period.
The global X-ray tube market growth assessment encompasses the study of the Asia-Pacific, North America, Europe, and Rest of World. Asia-Pacific is projected to grow with the highest CAGR during the forecast period. The market growth of the region is credited to the increasing population, promising trends in the healthcare sector, the adoption of new technologies, and digital transformation.
The presence of leading players governs industrial rivalry in the global X-ray tube market. While key companies flourish via well-established distribution channels as well as an international presence, developing companies have a technical edge over product differentiation. In addition, the level of advertising expenses is large. As a result, the competition is moderately high in the global X-ray tube market.
The top firms operating in the market include: Lafco India Scientific Industries, Dunlee (Philips Company Group), Malvern Panalytical Ltd, etc.