The global portable x-ray device market produced $2.05 billion in revenues in 2015 and will grow at a 14.8% compound annual growth rate (CAGR) to reach $4.1 billion by the end of 2020, according to a new report from market research firm Mordor Intelligence.
Growth is being driven by increased demand for point-of-care diagnostics, a growing geriatric population with mobility issues, and substantial research and development funding by both private players and government bodies, according to Mordor. An increasing focus on preventive care is also contributing to the sector's momentum.
Market growth is being restrained, however, by stringent U.S. Food and Drug Administration (FDA) regulations/validation guidelines and the high cost of portable x-ray devices. On a regional basis, the North American market is the leading sector, followed by Europe. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, Mordor said.
