The Fluoroscopy Devices Market is estimated to be valued at US$ 4720.31 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fluoroscopy devices are advanced imaging systems that produce real-time moving X-ray images of the internal structures of the body for medical examination and medical procedures. They aid in minimally invasive surgeries and intervention procedures by providing live images of the anatomy. Key applications of fluoroscopy devices include radiology, cardiology, urology & nephrology, gastroenterology, and other areas. Advancements in flat panel detector technology and introduction of compact fluoroscopy C-arms have further augmented their adoption across hospitals and clinics.
Market Dynamics:
The growth of the fluoroscopy devices market is driven by rising demand for minimally invasive procedures, growing elderly population prone to chronic diseases, and technological advancements. According to WHO, the aging population, defined as people aged 65 years and above, is growing at an unprecedented rate and is projected to reach around 1.5 billion by 2050 from about 962 million globally in 2017. With advancing age comes vulnerability to diseases like cardiovascular, orthopedic, which necessitates diagnostic imaging procedures involving fluoroscopy devices.
Furthermore, manufacturers are increasingly focusing on developing advanced fluoroscopy systems with hybrid operating rooms and interventional suites integration, anti-scatter grids, flat panel detectors, and wireless detectors. For instance, in 2022, Canon Medical Systems launched Alphenix 4D CT, featuring advanced imaging capabilities to aid complex interventions with real-time 3D/4D navigation and realistic visualizations. Such innovative product launches are helping to modernize cath labs and hybrid operating rooms, thereby propelling the market growth over the forecast period.
Segment Analysis
The global fluoroscopy devices market is divided into two main segments - fluoroscopy devices and C-arms. Fluoroscopy devices hold the largest market share currently due to their widespread adoption across multiple application areas like radiology, cardiology and vascular surgery. Within the fluoroscopy devices segment, fixed C-arm fluoroscopy systems are the most commonly sold sub-segment globally. This is because fixed C-arm systems offer high image quality along with flexibility of operation at a relatively lower cost compared to mobile C-arms.
PEST Analysis
Political: Governments across major markets are increasing healthcare spending to boost diagnostic imaging capacities. This is driving growth opportunities for fluoroscopy device vendors.
Economic: The rising incidence of chronic diseases, aging population and purchase of refurbished systems are fueling overall market expansion economically.
Social: Growing health awareness and better access to healthcare is creating demand for advanced imaging modalities like fluoroscopy for improved clinical outcomes.
Technological: Continuous innovation in terms of compact systems, higher resolution imaging and lower radiation dose delivery is supporting the adoption of new fluoroscopy technologies.
Key Takeaways
Global Fluoroscopy Devices Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period of 2023 to 2030, due to increasing disease burden of chronic diseases and aging population.
Regionally, North America dominated the market in 2023 with a share of over 35% owing to rapid technological advancements and widespread medical insurance. Asia Pacific is expected to be the fastest growing regional market through 2030 on account of rising healthcare expenditures and increasing investments by key players in developing nations.
Key players operating in the fluoroscopy devices market are 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.). Hologic has the largest global market share currently with its robust C-arm and radiography systems portfolio.
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