The global “medical x-ray“ market size is expected to reach USD 16.86 billion by 2028. This information is published by Fortune Business Insights in its latest report, titled, “Medical X-ray Market, 2021-2028.” The report further observes that the market stood at USD 12.14 billion in 2020 and is projected to exhibit a CAGR of 4.4% between 2021 and 2028. The increasing demand for digital medical x-rays and the supportive government initiatives to create awareness among people are the factors attributed to the growth of the market in the forthcoming years.
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COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
Market to Exhibit a Year-on-Year Growth of 2.8% in 2021 amid COVID-19
According to an article published by the ScienceDirect, overall medical imaging volume in 2020 declined by about 12.2% compared to 2019 in the United States. The declining numbers are due to the either cancelled or postponed non-COVID procedures as per the guidelines of the government agencies in 2020. However, once the situation returns to normalcy and the resumption of medical procedures across several healthcare institutions, the global market will exhibit a positive growth during the forecast period.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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We have categorized the market on the basis of product type, technology type, application, end-user, and region. On the basis of type, the market is bifurcated into static and dynamic. Based on technology, the market is divided into analog and digital. Furthermore, based on application, the market is segregated into dental, veterinary, cardiovascular, oncology, others. Lastly, on the basis of region, the market is segmented into North America, Latin America. Europe, The Middle East and Africa, and Asia-Pacific.