FLAT PANEL DETECTOR (FPDs) market to witness high demand in the coming yearsPublished On: October 29, 2018
Flat Panel Detector (FPD) is the most widely used type of detector in X-ray imaging machines. It works on the principle of converting X-rays into light or charge, which is then read out using thin film transistors. With the properties such as greater sensitivity, faster output, and high dynamic range, they are highly suitable for detection of a wide range of diseases. The prevalence of cancer, cardiovascular, and orthopedic diseases is growing across the globe and the healthcare facilities are increasingly experiencing the rising burden of patients suffering from such diseases. The ability of FPDs to diagnose as well as assist treatment of such diseases at low radiation dose, faster pace, and high image quality makes them an ideal detector type to be incorporated into the X-ray machines and streamline the workflow at the healthcare facilities. Further, their demand is also growing in security and industrial markets as the governments across the globe are strongly focusing on strengthening the security measures at the ports and borders.
As the demand for FPDs is increasing, the systems using these detectors are likely to witness high growth. At present, FPDs used in new digital X-ray systems has the greater market share compared to FPDs fitted into retrofit systems. This is owing to relatively high dollar value of FPDs used in new digital systems and their greater adoption in developed countries. It is found that ~70-80% of X-ray systems installed across the globe are still analog. However, as the healthcare systems throughout the world are rapidly embracing digitization, the X-ray detectors market is expected to witness an increasing switch from analog (film and CR) to FPD in the next 10 to 15 years. FPD market for retrofit systems is slated to grow at the fastest rate. An ability to fit into existing radiography rooms and providing digital workflow without high initial investment supports their rapid growth in low budget facilities in developed countries and many healthcare facilities in developing countries. Recently, in 2017, the U.S. government made amendments in the reimbursement policies in order to push the adoption of digital radiography. From January 2018, through Consolidated Appropriations Act 2016, the U.S. government imposed the reimbursement cuts for computer radiography (CR) X-rays by 7% for the next five years (2018-2022) and 10% after January 2023. Further, the Medicare started reducing payment for analog X-rays. From 2017 onwards, a 20% cut in the reimbursement rate was imposed on X-rays captured on film. Owing to these reasons, the key players operating in the X-ray detectors market are strategically focusing on enriching their product basket with new as well as retrofit FPD upgrades.
Hence, increasing adoption of FPDs in medical, industrial, and security markets is expected to propel the X-ray detectors market growth at a lucrative CAGR of 5.8% to reach $3,887.3 million by 2024, according to the Meticulous Research.
Browse in-depth Report: X-Ray Detectors Market- Global Opportunity Analysis and Industry Forecast to 2024.