by The Fluoroscopy Devices Market is estimated to be valued at US$ 4720.31 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fluoroscopy devices are medical imaging systems used by physicians for minimally invasive procedures. Fluoroscopy uses x-rays to obtain real-time moving images of internal body structures like joints, internal organs, and blood vessels. It allows doctors to see how body parts move while performing procedures. Fluoroscopy offers advantages over other imaging such as offering dynamic real-time imaging, reduced radiation dose compared to CT scans, and improved accessibility for various interventional procedures.
Market key trends:
Technological advancements are driving growth of the fluoroscopy devices market. Major players are focusing on developing advanced systems with improved image quality, reduced radiation dose, and advanced features. For instance, in March 2020, Canon Medical Systems launched Cordis VERISTO angiography system with advanced flat detectors and technology to reduce radiation dose by up to 35%. Similarly, in March 2019, Siemens Healthineers launched Artis icono biplane system featuring Swift HD technology for high-quality fluoroscopy images. Swift HD produces 60 frames per second using a very low dose. These advanced systems are gaining traction due to improved imaging capabilities and safety benefits.
Porter’s Analysis
Threat of new entrants: The fluoroscopy devices market requires high initial capital investments and there are regulations imposed by authorities which makes the entry of new players difficult in this market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous fluoroscopy devices manufacturers however not all devices are substitutable hence limits the bargaining power of the buyers.
Bargaining power of suppliers: The suppliers have low bargaining power as there are many component suppliers in this market and switching costs are relatively low for manufacturers.
Threat of new substitutes: New advanced imaging modalities like CT and MRI pose threat to fluoroscopy devices but they do not completely substitute fluoroscopy as they have their own set of unique features.
Competitive rivalry: The market is moderately competitive with presence of few global players.
SWOT Analysis
Strength: Fluoroscopy devices offers real-time imaging guidance during diagnostic and interventional procedures. Wide range of medical applications from cardiology to urology.
Weakness: Requires high setup and maintenance cost. Exposure to radiation can cause health risks if not used properly.
Opportunity: Growing geriatric population prone to chronic diseases drives the demand. Increasing investments in healthcare infrastructure in developing regions.
Threats: Stringent regulations associated with radiation exposure. Shift towards adoption of advanced non-ionizing imaging modalities like MRI & CT scans.
Key Takeaways
Global Fluoroscopy Devices Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of chronic diseases and rising demand for minimally invasive surgeries. North America is expected to dominate the fluoroscopy devices market over the forecast period owing to growing geriatric population, rising incidence of chronic disorders, developed healthcare infrastructure and stringent FDA guidelines in the region.
Key players operating in the 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.). Hologic Inc. and Siemens Healthcare hold major share of the fluoroscopy devices market. However, other players are also focusing on new product launches and regional expansion to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
