Fluoroscopy equipment market was valued at $4,072.80 million in 2020, and is projected to reach $6,500.20 million by 2028, registering a CAGR of 4.8% from 2021 to 2028.
List of Key Players
The key players profiled in this report include ADANI Systems Inc., Agfa-Gevaert Group, Canon Medical Systems, GE Healthcare, Hitachi Ltd., Koninklijke Philips N.V., Shimadzu Corporation, Siemens Healthineers, Toshiba Medical Systems Corporation and Ziehm Imaging GmbH
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The advent of COVID-19 led to a massive economic de-growth due to its spread to masses. It is a large family of viruses that causes illness ranging from common cold to more severe diseases. The overall impact of COVID-19 is projected to remain negative for fluoroscopy equipment companies operating in the fluoroscopy equipment industry. The pandemic has significantly affected revenues of neurology hospitals and clinics, owing to decline in number of patient visits amid nationwide lockdowns along with changing healthcare approach for providing care to emergency cases and critically ill COVID-19 patients. Similarly, COVID-19 has resulted in decline of demand for fluoroscopy equipment. This is majorly attributed to low availability of healthcare professionals across the country. Higher susceptibility of COVID-19 to spread in the form of hospital acquired infection lead to decrease in scheduled procedures of diagnostics through fluoroscopic equipment and hence decreases growth in the coming years.
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By product, the fluoroscopy equipment market is categorized into fluoroscopy devices and c-arm. The fluoroscopy devices segment dominated the global market in 2020 and is anticipated to continue this trend during the forecast period. Growth in use of these devices in wide array of procedures such as image-guided biopsy, discography, and angiography is the major factor for growth of this segment. Furthermore, surge in use of fluoroscopes in formerly unmapped applications such as non-destructive testing of medical devices and quality assurance is expected to be a key factor contributing toward growth of this segment.
On the basis of application, the fluoroscopy equipment market is segregated into orthopedic, cardiovascular, pain management and trauma, neurology, gastrointestinal, urology, general surgery, and other applications. Presently, the cardiovascular segment accounts for majority of the market share, owing to rise in prevalence of cardiovascular diseases in both developed as well as developing countries, surge in demand for this equipment in imaging due to suitable intensity of its energy projections and surge in geriatric population facing chronic cardiovascular related conditions.
North America is expected to remain dominant during the forecast period, owing to surge in demand for fluoroscopy equipment, increase in incidences of chronic orthopedic conditions, and presence of major key players along with R&D centers. Moreover, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to key players during the forecast period, owing to surge in number of hospitals equipped with advanced medical facilities, coupled with surge in utilization of fluoroscopy equipment.
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