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The Mobile X-Ray product segment is the most attractive market segment, anticipated to showcase a healthy CAGR during the forecast period
Mobile X-Ray segment is the largest segment by product type in the global digital mobile X-Ray devices market, which is estimated to be valued at more than US$ 2,000 Mn in 2017, expanding at a CAGR of 7% over the forecast period. Mobile X-Ray segment is expected to create absolute $ opportunity of more than US$ 100 Mn in 2017 over 2016. The segments revenue in the global digital mobile X-Ray devices market is expected to grow 2.0x by 2026 end as compared to that in 2016. The Mobile X-Ray segment is projected to remain the most attractive in the global digital mobile X-Ray devices market with an attractiveness index of 1.8.
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Stringent regulations, costly clinical trials and inadequate imaging infrastructure in developing economies likely to hinder the growth of the Mobile X-Ray segment
The high cost associated with the clinical trial process has been preventing mobile X-Ray device manufacturers to reach the stage of development, which is necessary to attract major original equipment manufacturers. In the case of diagnostic imaging equipment, clinical trials ideally should be conducted one year prior to the product launch. However, due to the regulatory restrictions, it has become difficult for manufacturers to conduct early stage trials and establish partnerships with local players. For instance, GE Healthcare used to conduct many clinical trials in Canada and had to shut many of its local operations due to the stringent government regulations. Stringent regulatory and product approval policies are expected to hinder the development of the Mobile X-Ray segment.
Inadequate imaging infrastructure in developing and underdeveloped economies is likely to create obstacles in the growth of the Mobile X-Ray segment. Currently, many of the developing and underdeveloped nations lack adequate imaging infrastructure useful to conduct test and technology implementation compared to the U.S and other developed nations. Developed nations have seen greater investments in diagnostic imaging and increased use of more advanced imaging techniques. However, the scenario is the contrast in some of the developing and underdeveloped economies. These economies lack widespread access to diagnostic imaging. In addition, high costs involved in the initial setup and installation of advanced imaging equipment and broadband technology in remote locations is one of the factors that could hamper the growth of the Mobile X-Ray segment.
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The usage of medical imaging in the U.S. has increased dramatically over the last decade. Usage of diagnostic imaging devices has been the highest in the U.S. as compared to all OECD member nations. This has led to medical imaging emerging as the highest contributor to U.S. health care expenditure. As a result, certain reductions in Medicare payments have been observed in the last decade. Awareness of the superfluous usage of medical imaging has grown among physicians, and patients are increasingly becoming aware of the radiation hazards. Overall, the effect of these factors has been evident on the Mobile X-Ray device segment in the U.S. and thus, growth in the region has declined. Moreover, the U.S. is the trendsetter in major parts of the market, hence this effect could also trickle down to the other major markets.
The Mobile X-Ray segment is predicted to be the most attractive segment across the globe
In the MEA digital mobile X-Ray devices market, the Mobile X-Ray segment is forecast to be the most attractive segment by product type, recording an attractiveness index of 1.8 over the forecast period. In the Western Europe digital mobile X-Ray devices market, the Mobile X-Ray product type segment is expected to perform well during the period of assessment.
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