According to the latest report published by Credence Research, Inc. “Fluoroscopy Systems Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” 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.
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The growth of the global fluoroscopy devices market is majorly attributed to the rising prevalence of chronic diseases and corresponding growth in demand for minimally invasive surgeries. The use of fluoroscopy systems assist not only in early diagnosis of chronic diseases but also in swift 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 fluoroscopy systems market is further driven by technological advancements such as more precise and enhanced image guidance during surgical and diagnostic procedures.
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Growing procedure rate of orthopedic surgeries, cardiac diagnostic procedures and surgeries, growing pool of geriatric population are touted to be the greatest factors influencing the current status of fluoroscopy systems market. Compact and portable fluoroscopy systems are currently experiencing significant demand and it is further expected that the same trend will continue through 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 usage areas, the global fluoroscopy systems market is categorized into hospitals and specialty clinics, and diagnostic centers. Between the two, hospitals and specialty clinics capture the larger revenue share in the global fluoroscopy systems market. Higher affordability by hospitals, and greater admission rates are the major factors contributing to the dominance of hospitals and specialty clinics in this market. Diagnostic centers segment will witness constant and faster growth during the forecast period. This growth is majorly due to rising importance of prompt disease diagnosis and monitoring with a view to reduce the overall disease management costs.
Geographically, North America is the largest market for fluoroscopy systems and will continue to dominate the global market. Domicile of several market incumbents in the U.S. and multitude of research and development activities being conducted in the region majorly contribute to the dominance of North America market. High prevalence of chronic diseases and growing preference for minimally invasive surgeries also contribute to high revenue share of the region. Furthermore, on the ground of rapid evolution of healthcare infrastructure in emerging economies, Asia Pacific is expected to be the fastest progressing regional market.
The global fluoroscopy systems market is highly competitive due to aggressive strategies adopted by prominent market players. Companies such as Siemens Healthineers, GR Healthcare and Philips Healthcare together capture a prominent revenue share due to their global reach. The market prominent players are observed to focus on several growth strategies such as penetration in untapped regions, strategic partnerships and collaborations, and intensive product development initiatives.
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