Albany, NY -- (SBWIRE) -- 10/04/2017 -- A collective share in the global flat panel x-ray detectors market of 56.1% in 2015 was held by Konica Minolta, Inc., PerkinElmer, Olympus Corporation, and Rayence, Inc. Their strong presence in the market has overshadowed the much smaller shares held by regional players in the key regions of North America and Europe.
As stated in a research report published by Transparency Market Research, the global flat panel x-ray detectors market is likely to continue being dominated by these players in terms of size and revenue generation rates. The degree of rivalry between them is expected to be very high over the coming years, while players are trying to cater to the growing demand for new, improved, advanced flat panel detectors.
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The leaders in the market are largely interested in creating cost-effective solutions in order to penetrate the markets in emerging economies.The global flat panel x-ray detectors market is expected to reach US$1.08 bn by the end of 2016. The market's value is expanding at a CAGR of 5.9% within a forecast period from 2016 to 2024 and will lead the market to reach US$1.7 bn in 2024.
"Many markets have taken up the advantages to civilization brought about by globalization and attaining a global commercial perspective, including the global flat panel x-ray detectors market. The introduction of newer technologies is being received positively by all key regions, thereby creating a surge in uptake for all advanced X-ray systems. Digital X-ray systems are far more advanced than the older analog technologies and have been successfully introduced to the large client pools from emerging economies," states a TMR analyst.
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The global flat panel x-ray detectors market is also being driven by the steadily lowering price caps of flat panel technologies, primarily due to an increase in their manufacturing rate as taken up by nations such as India and China. The market is also benefitting from the current advancements in radiology. One of the key application segments that players from the global flat panel x-ray detectors market need to look out for is the manufacturing sector. Manufacturers are increasingly adopting flat panel x-ray detectors in order to improve product quality to get an edge over competitors. This is seen especially in the manufacture of automobiles, healthcare devices, and defense and aerospace equipment. Security companies are also taking up flat panel x-ray detectors amid the growing concerns over safety and anti-infiltration advancements in aerospace.
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One of the key factors hindering the overall growth rate of the global flat panel x-ray detectors market is the extremely strict regulatory framework surrounding them. Flat panel detectors technically fall into the category of radiation emission and radiation devices. This puts an additional strain on manufacturers into building devices considered as safe under these norms.
"The emerging economies are currently showing a great deal of promise to ramp up their demand for flat panel x-ray detectors. India, China, Brazil, and South Africa are among the key countries that global entities are targeting in terms of increasing sales of flat panel x-ray detectors as well as introducing manufacturing facilities. Countries in the Asia Pacific regions are showing an especially positive outlook towards adopting newer technologies, thereby improving the revenue generation scope of current players," adds the analyst.