Brazil X-Ray Market Is Estimated to Reach at a CAGR 5.3% During the Forecast Period (2023-2030)

Hyderabad, Telengana -- (SBWire) -- 02/15/2023 --Overview:

The Brazil X-ray market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 5.3% during the forecast period (2023-2030). X-ray is a quick, painless test that produces images of structure inside the body. X-ray beams pass through the body and are absorbed in different amounts depending upon the material's density. An X-ray is a noninvasive medical test that helps physicians diagnose and treat medical conditions. X-ray has a wavelength ranging from 10 picometers to 10 nanometers. The Brazil X-ray market growth is driven by several factors, such as the increasing geriatric population and the subsequent growth in orthopedic diseases and cancer incidence, favorable government initiatives & investments, the advantages of digital X-ray systems over conventional X-rays, and technological advancements and product development.

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Market Dynamics:

Increase in Cancer patient's population in Brazil drives market growth.

In Brazil, cancer is the second most common cause of death after cardiac and cerebrovascular diseases. According to a World Health Organization report published in 2020, there were approximately 5,92,212 new cancer cases in Brazil, 300,114 in men and 292,098 in women. The most incident types of cancer are prostate, lung, colon, and rectum. Various diagnostic imaging tests are carried out in laboratories or hospitals to diagnose these cancers. X-ray screening is very important to the detection and primary treatment of cancer patients, owing to the increase in the X-ray market growth.

Also, the increasing aging population in Brazil drives market growth. According to the social statistical data published on July 2022, the country's population was estimated at 212.7 million in 2021, an increase of 7.6% from 2012. In this period, the share of persons aged 60 and over went from 11.3% to 14.7% of the population.

Moreover, technological advancement and increasing incidents of chronic disease are the prime factors boosting the growth of the X-ray market. The emerging AI-based digital X-ray systems are also expected to provide a wide range of growth opportunities for players over the forecast period. Artificial Intelligence has many applications in managing patient information related to diagnosis and treatment of patients. Artificial Intelligence helps physicians to incorporate the information into meaningful disease diagnosis and patient care. AI not only diagnose patients without doctors but also augment doctors' abilities and find and collate relevant data for patient care. In March 2021, Researchers found a new technique diagnostic tool for detecting Covid 19 in which X-rays combine with Artificial Intelligence.

However, the high cost of digital X-ray systems is one of the major factors hampering the market's growth. Most small and medium-sized hospitals cannot afford these expensive systems, as their budgets are restricted. The healthcare facilities that purchase such expensive systems depend on third-party payers (such as Medicaid, Medicare, or private health insurance plans) to reimburse costs incurred in diagnostic, screening, and therapeutic procedures. The shortage of trained radiologists is expected to restrain the market in the forecast period.

Market Segmentation:

Portable X-ray systems segment accounted for the highest share in Brazil X-ray market.

Based on portability, the portable X-ray systems segment is expected to grow at the fastest CAGR over the forecast period, owing to increasing demand for the diagnosis and monitoring of patients in the healthcare setting, where it is difficult to transfer patients to the radiology department. Portable X-ray systems are easy to use and widely available. These X-ray systems can be operational with little to no construction costs. The portable X-ray machine has the potential to overcome location barriers and benefit patients who are in life-threatening situations and require immediate treatment wherever they possibly need an on-the-spot diagnosis. Mobile X-ray is widely used in imaging workflow for managing COVID-19 Response. In the portable X-ray machine segment, mobile X-Ray equipment is easy to set up, quick to move to the patient, easy to park next to the bedside, and easy to disinfect and prepare for the next exam. Mobile X-ray equipment is being used as an important triaging and screening tool for determining lung conditions before being directed to advanced imaging techniques. Even after medical intervention, when the patient is in ICUs or in Ambulatory care, Mobile X-rays may be used for monitoring the condition of the lungs through regular chest X-rays.

Based on application, the Brazilian x-ray market is segmented into dental, general radiography, mammography, fluoroscopy, and others. Among these, the general radiography segment accounts for the largest market share due to the increasing prevalence of diseases such as cardiovascular diseases, tuberculosis, and osteoporosis, among others, and product development.

Geographical Penetration:

The Brazil is the dominating region during the forecast period.

The Brazil X-ray market is estimated to grow at the fastest CAGR during the forecast period. The presence of major key players in south Brazil helps grow the X-ray market. Southern Brazil includes Espírito Santo, Minas Gerais, Rio de Janeiro, and São Paulo. It is the country's richest region; responsible for approximately 60% of the Brazilian GDP, like Sao Paulo, Rio de Janeiro, and Minas Gerais are the three richest states of Brazil, the top three Brazilian states in terms of GDP. In Brazil, breast cancer represents almost 30 percent of all types of cancer, with approximately 40 percent of patients only diagnosed in the advanced stages. Screening is widely used to detect cancers early when they can treat effectively. In February 2022, Ikea charts Amazon waters, boosting access to life-saving cancer screening. Women living in Amazon river communities now have increased access to breast cancer screening along even its most remote banks due to the installation of two mammography units on Brazil Ship navy. Each ship can perform thousands of screening tests per year.

Competitive Landscape:

The Brazil X-ray market is consolidated, and a few companies are currently dominating the market. These companies include Carestream Health Inc. (Onex Corporation), Hitachi Medical, Philips Healthcare, Hologic Corporation, GE Healthcare, Koninklijke Philips NV, Fujifilm Holdings Corporation, Siemens Healthineers, and Canon Medical System Corporation (Toshiba). The competition in the market is majorly based on technological advances and the pricing of X-ray equipment. The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the digital X-ray market in Brazil. For instance, In August 2020, Canon Medical Systems launched an all-new Soltus 500 Mobile Digital X-ray; facilities now have access to a system equipped with enhancements that can streamline bedside exams to help improve workflow productivity. Hospitals and healthcare facilities regularly require rapid imaging exams performed in various complex situations, often at the patient's bedside. In November 2021, Konica Minolta Healthcare Americas, Inc. announced the launch of the mKDR Xpress Mobile X-ray System and the AeroDR Carbon Flat Panel Detector. These new products are mostly available for the diagnostic imaging modality and are often the first imaging test a patient receives. These products are applicable in all general X-ray applications. Using the mKDR Xpress Mobile X-ray System and AeroDR Carbon Flat Panel Detector together delivers a synchronized, smart imaging solution for greater efficiency and optimal image quality

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