Flat Panel X-Ray Detectors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/24/2017 -- The global flat panel X-ray detectors market is currently being driven by the surge in demand shown by the manufacturing sector due to improving quality check standards. The use of these detectors also reduces the overall need for manpower while increasing production efficiency. The growing demand for electronic products has also led to the growing need to increase manufacturing capabilities, further increasing the scope of demand for flat panel X-ray detectors. The market is also being bolstered by the advancing research and development efforts that are contributing in making the units more affordable. However, the global flat panel X-ray detectors market is being restrained by the increasingly stringent regulatory framework applied to the detectors due to them being classified under radiation emitting devices.
The global flat panel X-ray detectors market is being projected at a CAGR of 5.9% in terms of value from 2016 to 2024. The market's revenue at the end of 2016 was calculated to reach US$1.08 bn and is expected to reach US$1.72 bn by the end of 2024.
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APAC Demand for Flat Panel X-ray Detectors Surges
In terms of geography, the global flat panel detectors market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America grabbed the leading share in the global flat panel X-ray detectors market for 2015, owing to the increasing use of these detectors in security and bomb disposal services. Their continued use in the above applications as well as the growing use in manufacturing is expected to drive the region's market further during the forecast period. Flat panel X-ray detectors are also being used extensively in the medical sector. Furthermore, the steady recovery of North America from recession is resulting into increased infrastructure development for manufacturing, putting more focus on the use of flat panel X-ray detectors for quality analytics purposes.
The flat panel X-ray detectors market in Asia Pacific is characterized by its growing demand in the emerging economies of India, China, Indonesia, Malaysia, Singapore and Thailand, especially in the healthcare sector. The flat panel detector market in Asia Pacific offers considerable opportunities to global and regional players and is projected to expand at a CAGR of 6.6% from 2016 to 2024, mainly due to the availability of untapped opportunities, improving health care infrastructure, and increasing awareness about modern diagnostics. Moreover, the region is witnessing growth in terms of new manufacturing facilities due to easy availability of workforces in China and India. The use of flat panel detectors to improve production quality is aiding their demand in Asia Pacific as well.
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Manufacturing Utilities for Flat Panel X-ray Detectors on the Rise
By application, the global flat panel detectors market has been segmented into security, manufacturing, construction, semiconductors, and bomb disposal. The manufacturing sector is expected to hold the leading market share over the given forecast period. Other applications in the global flat panel X-ray detectors market lie in the industries of healthcare, automotive, and aerospace, all of which are likely to provide sizeable opportunities to players over the coming years.
The leading players in the global flat panel X-ray detectors market so far have included Rayence, Inc., PerkinElmer, Teledyne DALSA, Inc., Konica Minolta, Inc., Olympus Corporation, YXLON International , Toshiba Electron Tubes & Devices Co., Ltd. , Varian Medical Systems, Bruker Corporation, and Hamamatsu Photonics.