FLUOROSCOPY DEVICES MARKET ANALYSIS

The global fluoroscopy devices market was valued at US$ 4,436.3 MN in 2022 and is forecast to reach a value of US$ 6,242.3 Mn by 2028 at a CAGR of 5.9% between 2022 and 2028. The global fluoroscopy devices market is experiencing strong growth due to high prevalence of cardiovascular diseases and increase in geriatric population around the world. Moreover, increase in demand for fluoroscopy devices and rise in number of minimal invasive surgeries is expected to boost the growth of the market. However, factors such as side effects and the risk of radiation exposure and rise in adoption of refurbished fluoroscopy devices are expected to hamper growth of the market.

Global Fluoroscopy Devices Market: Regional Insights

Based on geography, the global fluoroscopy devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing burden of chronic diseases and growing geriatric population in the region. For instance, according to the Centers for Disease Control and Prevention (CDC), coronary artery disease (CAD) is the most common type of heart disease in the United States, killing 382,820 people in 2020. More than 20.1 million adults age 20 and older have CAD (about 7.2%). In 2020, about 2 in 10 deaths from CAD happen in adults less than 65 years old. In cardiac catheterization, fluoroscopy is used to evaluate the presence of arterial blockages.

Asia Pacific is also expected to witness significant growth in the global fluoroscopy devices market due to the high prevalence of cardiovascular diseases, growing geriatric population, and rising use of fluoroscopy devices in the region. For instance, according to the World Health Organization (WHO), around 3540,000 deaths occur in India due to cardiovascular disease (CVD), with it being more prevalent among the older population. Adults age 65 and older are more likely than younger people to suffer from cardiovascular disease. According to studies, India’s age-standardized CVD death rate is higher than the global average rate.

Figure 1. Global Fluoroscopy Devices Market Share (%), by Region, 2022

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Global Fluoroscopy Devices Market Drivers:

Rise in burden of heart diseases to underpin market growth

One of the key factors expected to augment the growth of the global fluoroscopy devices market during the forecast period is the rise in prevalence of cardiovascular diseases across the world. For instance, according to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death around the world, taking an estimated 17.9 million lives each year. In cardiac catheterization, fluoroscopy is used as an adjunct to enable the doctor to check the flow of blood through the coronary arteries to evaluate the presence of arterial blockages. This in turn has increased the use of fluoroscopy devices worldwide.

Growing geriatric population to augment market growth

Another factor which is driving the growth of the global fluoroscopy devices market is the increase in geriatric (aging) population across the globe. For instance, the percentage of the global elderly population is expected to more than double to 1.5 billion for those older than 65 by 2050, according to the United Nations. People aged 60 and older make up 12.3% of the global population, and by 2050, that number will rise to almost 22%. The growing population of the world is stimulating the demand for increased access and advances in healthcare treatments. Fluoroscopy devices play key role in the development of better diagnosis and treatment methods.

Global Fluoroscopy Devices Market Opportunities:

Increase in demand for fluoroscopy devices across the world is expected to offer significant growth opportunities for players in the global fluoroscopy devices market. For instance, with the increase in prevalence of chronic diseases, the demand for effective fluoroscopy devices is also increasing rapidly. In July 2022, FUJIFILM Healthcare Americas Corp. launched the FDR Cross, a hybrid c-arm and portable x-ray solution built for hospitals and ambulatory surgery centers (ASC). A dual-function c-arm is a portable fluoroscopic and radiographic imaging platform, reducing the need to bring in additional imaging equipment for essential image guided procedures.

Rise in number of minimal invasive surgeries is expected to offer significant growth opportunities for players in the global fluoroscopy devices market. For instance, fluoroscopy and other imaging tests are non-invasive procedures that provide visual guidance for certain medical procedures. In July 2020, Fujifilm Medical Systems USA announced the launch of its ELUXEO surgical system, which contains both the endoscopy and minimally invasive surgery portfolios of the company and helps surgeons in performing flexible and rigid endoscopy from a single tower by providing better visualization. This in turn is driving the growth of the market.

Global Fluoroscopy Devices Market Trends:

Rise in usage of fluoroscopy is a recent trend

With the introduction of advanced and effective fluoroscopy equipment, early diagnosis of heart diseases has become possible. In cardiac catheterization, fluoroscopy is used as an adjunct to help the doctor to see the flow of blood through the coronary arteries to evaluate the presence of arterial blockages. Thus, with the increase in burden of cardiovascular diseases, the use of or demand for fluoroscopy devices is also increasing. This trend is expected to continue over the forecast period, driving the growth of the fluoroscopy devices market.

Technological advancements is another trend

Technologies, such as artificial intelligence (AI), are transforming health systems. The present-day AI landscape has been merged with deep-learning and big data to increase predictability and precision. Moreover, ongoing researches on the fluoro-less future and the introduction of AI into fluoroscopic techniques. The use of technological advanced fluoroscopy devices is also increasing with a rapid pace, and this trend is expected to continue over the forecast period, driving the growth of the global fluoroscopy devices market.

Global Fluoroscopy Devices Market Restraints:

Side effects and radiation exposure to hamper market growth

One of the key factors expected to hamper the growth of the global fluoroscopy devices market is the side effects and risk of radiation exposure. Fluoroscopy can result in relatively high radiation doses, especially for complex interventional procedures. Radiation-induced injuries and radiation-induced cancer are common side effects caused by the radiation exposure while using fluoroscopy devices. Radiation-induced injuries occur shortly after the exposure and radiation-induced cancer occur later in life, restraining the market growth. However, new devices help improve the patient satisfaction as they have low risk of side-effects due to low radiation levels.

Rising adoption of refurbished devices to hinder market growth

Another factor which is hampering the growth of the global fluoroscopy devices market is the rise in adoption of refurbished fluoroscopy devices. For instance, not only local players but key players in the market, such as Philips Healthcare and Siemens Healthcare, have also launched refurbished diagnostic devices in the market, matching the quality of the original product and for an affordable price. Refurbished devices are also providing equally well with the originally manufactured ones. This in turn is expected to hamper growth of the market.

Figure 2. Global Fluoroscopy Devices Market Share (%), by Product, 2022

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Global Fluoroscopy Devices Market Segmentation:

The fluoroscopy devices market report is segmented into Type, Application, and Geography.

Based on Type, the market is segmented into Fixed Fluoroscopes and Mobile Fluoroscopes. Out of which, Fixed Fluoroscopes Segment is expected to dominate the fluoroscopy devices market over the forecast period and this is attributed to the increasing usage of fluoroscopes. Fixed systems are employed in specialized rooms for a wide range of procedures.

Mobile Fluoroscopes Segment is also expected to witness significant growth in the near future and this is due to the increase in adoption of mobile fluoroscopes. The design gives surgeons more freedom and improved imaging in a cordless compact.

Based on Application, the global market is segmented into Orthopedic, Cardiovascular, Pain Management and Trauma, Neurology, Gastrointestinal, Urology, General Surgery, and Other Applications. Out of which, Orthopedic Segment is expected to dominate the market during the forecast period and this is attributed to the rise in adoption of fluoroscopy devices and C-arms in orthopedic clinics, critical care, urgent care clinics, and imaging centers.

Cardiovascular Segment is also expected to witness significant growth in the near future and this is owing to the increase in prevalence of cardiovascular diseases worldwide.

Global Fluoroscopy Devices Market: Key Developments

In November 2021, FUJIFILM Healthcare launched the Persona CS mobile fluoroscopy system, its new, compact mobile C-arm imaging solution designed for rapid and seamless positioning in operating room (OR) environments.

In March 2021, Canon Inc. announced the launch of CXDI-RF Wireless B1, a new wireless digital radiography device that supports a wide range of imaging techniques, including fluoroscopy and general radiography in Japan.

In January 2021, General Electric Company (GE Healthcare) increased the safety and efficiency of fluoroscopy techniques with AI and Big Data applications.

Global Fluoroscopy Devices Market: Key Companies Insights

The global fluoroscopy devices market is highly competitive. This is attributed to the increase in demand for fluoroscopy devices across the world, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global 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.).

*Definition: Fluoroscopy is a type of medical imaging that shows a continuous X-ray image on a monitor. It is a type of imaging that helps doctor diagnose illnesses and help them through certain treatment procedures. Thus, there is an increase in demand for fluoroscopy devices.