Surge in prevalence of diseases such as pain management and trauma and other conditions and advantages of FPDs over other image intensifiers drive the growth of the global fluoroscopy equipment market
PORTLAND, Ore., July 12, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Fluoroscopy Equipment Market by Product (Fluoroscopy Devices and C-Arm) and Application (Orthopedic, Cardiovascular, Pain Management & Trauma, Neurology, Gastrointestinal, Urology, General Surgery, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028" According to the report published by Allied Market Research, the global fluoroscopy equipment market generated $4.07 billion in 2020, and is estimated to garner $6.50 billion by 2028, witnessing a CAGR of 4.8% from 2021 to 2028.
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Drivers, restrains, and opportunities-
Surge in prevalence of diseases such as pain management and trauma, gastrointestinal disorders, urological disorders, and other conditions and advantages of FPDs over other image intensifiers fuel the growth of the global fluoroscopy equipment market. On the other hand, exposure to radiation and adoption of refurbished diagnostic imaging systems hinder the market growth. However, rise in demand for data integrated imaging systems is expected to offer an array of opportunities in the future.
Covid-19 Scenario:
- Patients in hospitals and clinics for non-Covid conditions has been extremely reduced to limit the contact with people and avoid cross-contamination.
- Many diagnostic procedures through fluoroscopic equipment have been suspended and the spaces have been made to available for Covid-infected patients and necessary equipment. Also, limited availability of hospital staff is another factor for suspension of procedures.
- Nevertheless, the diagnostic procedures needing fluoroscopic equipment have been conducted only in severe conditions or extreme cases.
The fluoroscopy devices segment held the highest market share-
Based on product, the fluoroscopy devices segment held the largest market share, holding nearly three-fifths of the total market share in 2020, and is expected to maintain its dominant status throughout the forecast period. In addition, this segment is also projected to manifest the largest CAGR of 5.3% from 2021 to 2028. This is attributed to increased preference of the fluoroscopic devices for the diagnostic purposes.
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The cardiovascular segment to lead the trail throughout the forecast period-
Based on application, the cardiovascular segment held the highest share in 2020, accounting for nearly one-fourth of the global fluoroscopy equipment market, and is estimated to maintain its dominance throughout the forecast period. This is owing to the increasing incidences of cardiovascular diseases. On the other hand, the orthopedic segment is expected to cite the highest CAGR of 7.1% from 2021 to 2028. The surge in incidences of orthopedic conditions worldwide is the major factor that drives the growth of the segment.
North America region to hold the highest revenue share-
Based on region, North America accounted for the largest market share in 2020, with around two-fifths of the total share, and is projected to maintain its lead in terms of revenue by 2028. This is due to surge in incidences of chronic diseases such as orthopedic conditions, cardiovascular diseases and other applications in 2020. At the same time, Asia-Pacific is projected to manifest the largest CAGR of 6.7% during the forecast period. This is attributed to the rising incidences of cardiovascular diseases in Asia-pacific region.
Leading market players-
- ADANI Systems Inc.
- Canon Medical Systems
- Agfa-Gevaert Group
- Hitachi Ltd.
- GE Healthcare
- Shimadzu Corporation
- Koninklijke Philips N.V.
- Toshiba Medical Systems Corporation
- Siemens Healthineers
- Ziehm Imaging GmbH.
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