The global Fluoroscopy Devices Market is estimated to be valued at US$ 4,436.3 million in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Fluoroscopy devices are medical imaging equipment that utilize X-rays to view real-time images or videos of the internal organs, blood vessels, and musculoskeletal system. These devices have numerous applications in various medical procedures such as angiography, orthopedic surgeries, and gastrointestinal examinations. The market for fluoroscopy devices is witnessing significant growth due to the advantages they offer, including accurate diagnosis, real-time imaging, and minimal invasiveness. With the growing prevalence of chronic diseases and increasing demand for minimally invasive procedures, the market for fluoroscopy devices is expected to experience substantial growth in the coming years.
B) Market Key Trends:
One key trend observed in the fluoroscopy devices market is the increasing adoption of minimally invasive procedures. Minimally invasive surgeries have gained popularity over traditional open surgeries due to several advantages such as smaller incisions, reduced pain and scarring, shorter hospital stays, and faster recovery time. Fluoroscopy devices play a crucial role in guiding these minimally invasive procedures by providing real-time imaging and enhanced visualization. For example, in orthopedic surgeries, fluoroscopy devices help surgeons accurately position implants and assist in performing precise joint replacements. The growing preference for minimally invasive procedures among both patients and healthcare providers is driving the demand for fluoroscopy devices globally.
C) PEST Analysis:
Political: The political landscape can influence the healthcare policies and regulations related to medical devices such as fluoroscopy devices. Government initiatives to provide affordable healthcare services and regulations regarding patient safety and radiation exposure may impact the market.
Economic: Economic factors such as healthcare expenditure, reimbursement policies, and the overall affordability of healthcare services can influence the adoption of fluoroscopy devices. The availability of health insurance coverage also plays a crucial role in determining the market growth.
Social: The increasing geriatric population, changing lifestyle habits leading to chronic diseases, and rising awareness about the benefits of early diagnosis and minimally invasive procedures are some of the social factors driving the demand for fluoroscopy devices.
Technological: Advancements in technology have led to the development of innovative fluoroscopy devices with improved imaging quality, reduced radiation dose, and enhanced user interface. Technological advancements such as digital fluoroscopy, flat-panel detectors, and mobile C-arms have significantly contributed to the growth of the market.
D) Key Takeaways:
In terms of market size, the global fluoroscopy devices market is expected to witness high growth, exhibiting a CAGR of 5.9% over the forecast period due to increasing adoption of minimally invasive procedures. The advantages offered by fluoroscopy devices, such as accurate real-time imaging and minimal invasiveness, are driving their demand in various medical procedures.
Regionally, North America dominates the global fluoroscopy devices market due to the presence of well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies. However, Asia Pacific is expected to emerge as the fastest-growing region during the forecast period. The increasing prevalence of chronic diseases, improving healthcare infrastructure, and rising medical tourism are fueling the demand for fluoroscopy devices in this region.
Key players operating in the global fluoroscopy devices market include Hologic Inc., Siemens Healthcare GmbH, Shimadzu Medical, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Carestream Health, Canon Medical Systems Corporation, General Electric Company (GE Healthcare), and ATON GmbH (Ziehm Imaging Inc. and OrthoScan, Inc.). These players are focusing on strategic collaborations, product launches, and acquisitions to strengthen their market position and expand their product portfolio.
In conclusion, the global fluoroscopy devices market is expected to witness significant growth due to the increasing adoption of minimally invasive procedures. Advancements in technology and a favorable regulatory environment are further supporting market growth. However, challenges such as high maintenance costs and concerns regarding radiation exposure may hinder market growth to some extent.
