Fluoroscopy Devices Market

Fluoroscopy Devices Market is Estimated to Witness High Growth Owing to Growth in the Diagnostic Imaging Industry

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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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Fluoroscopy devices are medical imaging machines that use x-rays to obtain real-time moving images of internal structures of the body. These devices are widely used in surgery, radiology, and cardiology for guiding placement of catheters or other medical devices. They are used for imaging gastrointestinal tract, respiratory system, vascular system and urinary tract. Fluoroscopy is commonly used in surgical procedures including angiography, angioplasty, implant surgeries and orthopedic reduction of fractures.

Market Dynamics:
The growth of the fluoroscopy devices market is majorly driven by the increasing prevalence of chronic diseases and growth in the diagnostic imaging industry. According to WHO, chronic diseases accounted for 63% of total deaths globally in 2020, with cardiovascular diseases, cancers, respiratory diseases and diabetes being the leading causes. Imaging plays a vital role in diagnosis and treatment of chronic diseases. Growing geriatric population, which is more prone to degenerative diseases, is also contributing to market growth. Moreover, technological advancements enabling high resolution imaging, minimally invasive surgeries and real-time viewing are further propelling the demand for fluoroscopy devices. However, stringent regulations for new product approval and high costs associated with fluoroscopy devices may restrain the market growth.

SWOT Analysis

Strengths: Fluoroscopy devices market has high growth potential owing to increasing prevalence of chronic diseases. The real-time imaging ability of these devices helps surgeons perform complex procedures efficiently. Moreover, technological advancements have made these devices compact and portable.
Weaknesses: High cost of advanced fluoroscopy devices limits their adoption in budget constrained settings. Rising concerns about radiation exposure to patients and medical practitioners hinders the growth of this market.
Opportunities: Untapped growth opportunities in developing regions due to increasing healthcare expenditure and infrastructure development. Growing demand for minimally invasive surgeries also creates new opportunities.
Threats: Stringent regulatory approval process increases the time for new product launches. Growing preference for refurbished and rental devices poses a threat to new device sales.

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 burden of chronic diseases and rising healthcare expenditure across the globe. Growing demand for minimally invasive procedures, technological advancements, and rising affluence in emerging nations will further aid market expansion during the analysis timeframe.

Regional analysis North America dominated the fluoroscopy devices market and accounted for over 40% revenue share in 2023 owing to high healthcare spending, availability of advanced facilities, and increasing disease prevalence in the region. Asia Pacific exhibits lucrative opportunities and is projected to be the fastest growing regional market between 2023 -2030. This can be attributed to growing healthcare infrastructure, burgeoning patient pool, and increasing awareness about minimally invasive surgeries in developing Asian countries.

Key players operating in the fluoroscopy devices market are Siemens Healthcare GmbH, Koninklijke Philips NV, GE Healthcare, FUJIFILM Holdings Corporation, ATON GmbH (Ziehm Imaging Inc. and OrthoScan, Inc.), Shimadzu Medical, Carestream Health, Canon Medical Systems Corporation and Hologic Inc. Leading manufacturers are focusing on new product launches and strategic acquisitions to enhance their market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it