The global Phosphor Screen Scanner Market is estimated to be valued at US$ 288 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Phosphor screen scanners are medical devices used for capturing, digitizing, analyzing and transferring images and information from phosphor plates used in medical imaging. They help produce high quality images from x-ray, CT scan and MRI-based procedures in a digital format. The captured digital images can be stored, shared over networks and analyzed on computers for quick and improved diagnosis. Phosphor screen scanners provide advantages like improved efficiency in medical imaging workflows, reduced storage costs for films and ability to enhance image quality for better diagnosis compared to traditional film-based systems. With growing adoption of digital imaging systems in hospitals and diagnostic centers, the demand for phosphor screen scanners is increasing significantly.
The global Phosphor Screen Scanner Market size is estimated to witness high growth owing to opportunity in medical imaging. Medical imaging is one of the largest applications of phosphor screen scanners due to growing need of quicker and improved diagnosis. According to World Health Organization, worldwide annual medical imaging tests are estimated to increase from 4 billion currently to over 7 billion by 2030. This is expected to drive the demand of digital medical imaging systems including phosphor screen scanners at a significant rate during the forecast period. Improved accessibility of healthcare in emerging nations and increasing cases of chronic diseases are also contributing to growth of medical imaging market thereby phosphor screen scanners.
Porter’s Analysis
Threat of new entrants: Low startup costs and no patents act as barriers to entry for new players. However, established players enjoy advantages of economies of scale and brand loyalty.
Bargaining power of buyers: Buyers have moderate power as there are few substitutes available. However, stringent regulations ensure consistent quality across manufacturers.
Bargaining power of suppliers: Suppliers of key components like screens and sensors have some bargaining power due to differentiated products and close relationships with established players.
Threat of new substitutes: Alternatives like digital pathology are being explored but phosphor screens continue to remain viable due to reliability and cost advantages for high volume applications.
Competitive rivalry: Intense competition exists between major providers to gain market share through product innovations.
SWOT Analysis
Strengths: High resolution for precise diagnosis. Digital archiving and remote consulting capabilities.
Weaknesses: High startup costs. Requires specialized infrastructure and skilled technicians to operate.
Opportunities: Growing clinical trials and emerging pharmaceutical hubs in Asia Pacific and Latin America offer new markets. Integration with AI and cloud-computing could enhance applications.
Threats: Slow adoption in developing nations due to budget constraints. Stringent regulations around data security and privacy.
Key Takeaways
The global Phosphor Screen Scanner market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated at US$ 288 Bn. Rapid expansion of the pharmaceutical industry and increasing research activities are driving demand.
North America dominates currently due to presence of leading life sciences firms and research infrastructure. However, Asia Pacific is emerging as the fastest growing regional market with countries like China and India strengthening their pharmaceutical manufacturing capabilities.
Key players operating in the phosphor screen scanner market are Intomics, GENinCode, NanoString, Tepnel Pharma Services Limited, Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Merck & Co., Inc, QIAGEN, Quest Diagnostics Incorporated, Medtronic, Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, bioMérieux SA, F. Hoffmann-La Roche Ltd, Eli Lilly & Company, GlaxoSmithKline plc, Cepheid, AstraZeneca PLC, Myriad Genetics, Inc., Bristol-Myers Squibb Company, and Found. These companies are focusing on new product launches and geographic expansions to increase their revenue shares.
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