March 28, 2020
Fluoroscopy Systems

Fluoroscopy Systems Market is gaining huge growth in upcoming years: Credence Research

The global fluoroscopy systems market was valued at US$ 2,906.3 Mn in 2016, and is expected to reach US$ 4,619.8 Mn by 2025, expanding at a CAGR of 5.1% from 2017 to 2025.

The increase in the global market for fluoroscopy devices is mainly due to the increasing prevalence of chronic diseases and the corresponding increase in demand for minimally invasive surgeries. The use of fluoroscopic systems helps not only in early diagnosis of chronic diseases, but also in rapid and appropriate guidance during corrective and treatment procedures. The growth in demand for fluoroscopy systems is also due to improved safety outcomes, efficacy and cost efficiency. The global market for fluoroscopy systems is further driven by technological advances such as more accurate and enhanced image guidance during surgical and diagnostic procedures.

Growing orthopedic surgery rates, cardiac diagnostic procedures and surgeries, growing geriatric population are considered to be the most important factors affecting the current market status of fluoroscopy systems. Compact and portable fluoroscopy systems are currently experiencing significant demand, and the same trend is also expected to continue over the forecast period.

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Between fluoroscopy devices and C-arms, the fluoroscopy systems gathered the largest revenue share in 2016 (over 65%). The dominance of this segment is due to high usage of these devices in image guided surgeries, discography and angiography. Fluoroscopes are also being increasingly used in newer applications such as medical device testing and will thus open opportunities for market players. Greater portability of fluoroscopes, radiation sensitivity, recording capability, and low level of scattered radiation favor greater demand for fluoroscopy systems.

Among the application areas, cardiac procedures occupy the largest revenue share due to the clear dominance in terms of high prevalence of cardiovascular diseases. Procedures such as coronary angiography, electrophysiology studies, catheter ablation and percutaneous coronary interventions are mostly carried out under fluoroscopy guidance. Furthermore, rising awareness programmes in conferences and exhibitions carried out by manufacturers support the demand for fluoroscopy systems in cardiology.

Based on the use areas, the global market for fluoroscopy systems is categorized into hospitals and specialty clinics and diagnostic centers. Between the two, hospitals and specialty clinics have a larger share of revenue in the global market for fluoroscopy systems. Higher hospital affordability and higher admission rates are key factors contributing to the dominance of hospitals and specialty clinics in this market. The segment of diagnostic centers will see constant and faster growth during the forecast period. This growth is mainly due to the increasing importance of early diagnosis and monitoring of diseases with a view to reducing the overall costs of disease management.

Geographically, North America is the largest market for fluoroscopy systems and will continue to dominate the world market. The domicile of several U.S. market-holders and a multitude of research and development activities in the region largely contribute to the dominance of the North American market. High prevalence of chronic diseases and increasing preference for minimally invasive surgeries also contribute to the region’s high revenue share. Moreover, given the rapid evolution of healthcare infrastructure in emerging economies, Asia Pacific is expected to be the fastest-growing regional market.

The global market for fluoroscopy systems is highly competitive due to aggressive strategies adopted by prominent market players. Companies such as Siemens Healthineers, GR Healthcare and Philips Healthcare together have a significant revenue share due to their global reach. Market-leading players are identified to focus on a number of growth strategies, such as penetration into untapped regions, strategic partnerships and collaborations, and intensive product development initiatives.

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