Fluoroscopy is a type of medical imaging that makes a real-time video of the movements inside a part of the body by passing x-rays through the body over a period of time. It is a type of x-ray that shows organs, tissues, or other internal structures moving in real time. Fluoroscopy imaging shows a continuous X-ray image on a monitor. Doctors use fluoroscopy devices to diagnose illnesses and help them through certain treatment procedures. There is an increase in demand for these devices, as they are used in many types of examinations and procedures.
Market Statistics:
The global Fluoroscopy Devices Market is estimated to account for US$ 4,436.3 Mn in terms of value by the end of 2022.
Drivers:
Increase in demand for fluoroscopy devices across the world is expected to augment growth of the global fluoroscopy devices market during the forecast period. For instance, associated benefits of fluoroscopy devices have increased the adoption of fluoroscopy devices over the years. In June 2021, FUJIFILM Medical Systems U.S.A. announced the launch of the Persona RF PREMIUM in the United States. Persona RF PREMIUM is an innovative radiography and fluoroscopy system designed for hospitals and medical centers of all sizes, providing real-time imaging for skeletal, digestive, urinary, respiratory, reproductive systems; and specific organs including the heart, lung and kidneys. The Persona RF PREMIUM is launched to provide hospitals with the technologies they need to positively impact patient care.
Opportunities:
High prevalence of chronic diseases and rise in geriatric population is expected to offer significant growth opportunities for players in the global fluoroscopy devices market. For instance, according to the U.S. 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 devise are used as an adjunct to enable the doctor to see the flow of blood through the coronary arteries in order to evaluate the presence of arterial blockages.
Restraints:
Rising adoption of refurbished devices, risk of side effects due to radiation exposure, and stringent rules and regulations for imaging devices are major factors expected to hinder growth of the global fluoroscopy devices market. For instance, fluoroscopy can result in relatively high radiation doses, especially for complex interventional procedures. Common side effects caused owing to radiation exposure are radiation-induced injuries and radiation-induced cancer. Radiation-induced injuries occur shortly after radiation exposure and radiation-induced cancer occur later in life, restraining the growth of the market. However, new fluoroscopy devices help improve the patient satisfaction as they have low risk of side-effects due to low radiation levels.
Global Fluoroscopy Devices Market- Impact of Coronavirus (Covid-19) Pandemic:
Outbreak of COVID-19 had a severe impact on the fluoroscopy devices market as many diagnostic centres worldwide were closed owing to the nationwide lockdown. The number of patients visiting hospitals, clinics, diagnostic laboratories, and ambulatory surgery centres has reduced significantly during the pandemic. However, there has been a strong recovery in the market since the restrictions were eased. Increase in demand for fluoroscopy devices, increase in product launches, and increase in number of minimally invasive surgeries have led the market recovery. This in turn is expected to aid in the growth of the global fluoroscopy devices market.
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Key Takeaways
The global fluoroscopy devices market was valued at US$ 4,209.0 Mn in 2021 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.
Among product, fixed fluoroscopes segment held dominant position in the global fluoroscopy devices market in 2021, accounting for 70.9%% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
One of the key trends expected to boost the growth of the global fluoroscopy devices market is the increase in use of fluoroscopy or fluoroscopy devices and technological advances in fluoroscopy. 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 global fluoroscopy devices market.
Competitive Landscape:
Major players operating in the global fluoroscopy devices market include Hologic Inc., Siemens Healthcare GmbH, Shimadzu Medical, Koninklijke Philips NV, FUJIFILM Holdings Corporation, Carestream Health, Canon Medical Systems Corp., General Electric Company (GE Healthcare), and ATON GmbH (Ziehm Imaging Inc. and OrthoScan, Inc.).
Recent Developments:
In March 2021, FUJIFILM Healthcare completed the process to acquire diagnostic imaging related business of HITACHI Ltd. and started operating as a FUJIFILM fully-owned subsidiary.
In April 2021, Carestream Health and Ziehm Imaging teamed up to provide Ziehm Vision RFD C-arm, a surgical imaging system to the company’s mobile and fluoroscopic product offerings for exceptional image quality and reducing exposure significantly.
In January 2018, Hologic, Inc. announced the launch of the Fluoroscan InSight FD Compact C-Arm in mini-C-arm imaging, the latest innovation demonstrating the company's commitment to addressing the continuum of skeletal health care.
