LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global radiography market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Chetan Mohan, a lead analyst from Technavio, specializing in research on computing devices sector says, “The growth of the global radiography market is mainly driven by demand for radiography from the healthcare sector. In the industrial sector, the use of radiography systems is beginning to increase as vendors are focusing on manufacturing reliable products to increase customer satisfaction.”
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- Rising demand for portable radiography equipment
- Customization of radiography equipment
- Increase in number of strategic acquisitions in digital X-ray system market
Rising demand for portable radiography equipment
Automated portable radiography equipment is more versatile and has generated a considerable amount of interest among end-users. There is an increased need for the development of miniaturized and portable testing equipment, such as the equipment used to test automotive components, because most of the inspection is carried out in different locations. In addition, these devices are portable and do not need to be installed, thus eliminating installation costs. Moreover, portable radiographic testing equipment is inexpensive as compared to conventional equipment and offers better ROI. Multiple objects can be tested at different locations using a single device.
“These devices are highly suitable for oil rigs and can be used for testing in locations with low accessibility. Vendors are reducing the size of their products to cater to the growing demand for compact equipment,” says Chetan.
Customization of radiography equipment
Market vendors are customizing testing equipment based on clients' manufacturing processes. They offer separate equipment for tube or bar manufacturing and rolling processes for plate manufacturing. Customized equipment is mainly used in production lines for testing products across end-user segments. During the forecast period, the customization of radiography equipment can act as a growth driver if vendors manage to efficiently meet specific customer requirements. Vendors need to understand customers' needs and consider their business requirements before manufacturing a product.
Increase in number of strategic acquisitions in digital X-ray system market
The digital X-ray system market, which is a major contributor to the healthcare sector of the radiography market, has had several strategic acquisitions since 2015. These acquisitions have been carried out to improve product expertise and enhance geographical presence to meet the rising demand for digital X-ray systems, especially from developing regions worldwide. Such strategies allow vendors to penetrate new markets quickly by capitalizing on the presence and offerings of acquired players. M&A will likely help the leading players maintain their dominant position in the market during the forecast period.
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