Global X-Ray Detectors Market to Reach $3.3 Billion by 2024

X-ray detectors are devices designed for measuring the flux, spectrum, spatial distribution and other properties of X-rays. These detectors are used in a broad range of applications in various fields including medical/dental, industrial, homeland security and veterinary. Amid the COVID-19 crisis, the global market for X-Ray Detectors is projected to reach US$3.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 5.5% over the analysis period. United States represents the largest regional market for X-ray Detectors, accounting for an estimated 31.0% share of the global total. The market is projected to reach US$1 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 10.1% over the analysis period.

The medical industry accounts for occupies a major share of the global x-ray detectors market. The demand for X-ray detectors in medical applications is exhibiting a vibrant growth due to increasing number of diagnostic and imaging tests performed each year on account of rising burden of chronic diseases and the need for radiological diagnostic testing. The market growth is also facilitated by increasing incident of cancer, trauma and sports injuries along with the resulting need for medical imaging techniques, especially in emerging countries. The market growth is expected to be fueled by availability of advanced detectors with enhanced operational and design efficiencies and adoption of sophisticated manufacturing and digital electronics. The US represents a major regional market, led by ongoing technological advances and increasing adoption of minimally-invasive procedures. The regional market is gaining from digital transformation, product innovations, and increasing focus on healthcare services. In Asia-Pacific region, market growth is facilitated by increasing investments in R&D, government regulations for improving security systems, robust demand for sophisticated security systems capable of detecting hazardous weapons in freight.

The market for Flat panel detectors (FPDs) is forecast to dominate market growth over the analysis period. Representing advanced digital radiography devices, FPDs are designed to convert X-rays into light or electric charge that is read by thin-film transistors (TFTs). Flat panel detectors hold various advantages over their counterpart analog radiography systems, such as portability, superior image quality, durability, lower radiation doses and cost/time savings. The segment is anticipated to benefit from increasing demand for fluoroscopic and interventional imaging techniques for pediatric patients due to their less-invasive nature than surgery.