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X-Ray Inspection Systems Technology Market size to grow by USD 518.05 Mn | 6.99% YOY growth expected in 2022 | Technavio
NEW YORK, Jan. 13, 2022 /PRNewswire/ -- "X-ray Inspection Systems Technology Market by Technology and Geography - Forecast and Analysis 2022-2026" has been added to Technavio's offering. The market is fragmented due to the presence of several regional and global vendors offering differentiated products. Vendors are adopting various organic and inorganic growth strategies to remain competitive and gain an edge over their rivals in the market.
The X-ray inspection systems technology market value is anticipated to grow by USD 518.05 million between 2021 and 2026, progressing at a CAGR of 8.92% during the forecast period.
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Market Dynamics
The market is driven by factors such as the stringent government regulations led by security concerns and growing consumer awareness raising the bar of safety and quality standards. However, the risk of radiation exposure and high system cost will be hindering the growth of the market.
Company Profiles
The X-ray inspection systems technology market report includes information on the product launches, sustainability, and prospects of leading vendors including Comet Holding AG, General Electric Co., Illinois Tool Works Inc., Image Scan Holdings plc, Mettler Toledo International Inc., Nikon Corp., Nordson Corp., Smiths Group Plc, VisiConsult X-ray Systems and Solutions GmbH, and VJ Group Inc.
Competitive Analysis
The report includes the competitive analysis, which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of the factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Market Segmentation
- By Technology, the market is classified into film-based technology and digital imaging technology. The film-based technology segment accounted for maximum growth in 2021. Film-based X-ray inspection technology is cost-effective compared to other advanced technology, which is driving the growth of the segment.
- By Geography, the market is classified as North America, Europe, Asia, and ROW. North America will have the largest share of the market. Factors such as rising capital expenditure on healthcare, the increasing number of chronic diseases such as cancer and diabetes, and the growing demand for diagnosis are driving the growth of the X-ray inspection systems technology market in North America. In addition, the availability of favorable reimbursement policies is contributing to the growth of the regional market.
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X-Ray Inspection Systems Technology Market Scope
| Report Coverage
| Details
| Page number
| 120
| Base year
| 2021
| Forecast period
| 2022-2026
| Growth momentum & CAGR
| Accelerate at a CAGR of 8.92%
| Market growth 2022-2026
| USD 518.05 million
| Market structure
| Fragmented
| YoY growth (%)
| 6.99
| Regional analysis
| North America, Europe, Asia, and ROW
| Performing market contribution
| North America at 38%
| Key consumer countries
| US, Canada, Germany, China, and UK
| Competitive landscape
| Leading companies, competitive strategies, consumer engagement scope
| Companies profiled
| Comet Holding AG, General Electric Co., Illinois Tool Works Inc., Image Scan Holdings plc, Mettler Toledo International Inc., Nikon Corp., Nordson Corp., Smiths Group Plc, VisiConsult X-ray Systems and Solutions GmbH, and VJ Group Inc.
| Market Dynamics
| Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,
| Customization purview
| If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
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