The fluoroscopy equipment market in U.S. holds a dominant position in the global fluoroscopy equipment market in terms of revenue. It is anticipated to grow by 1.5 times by 2031.
The global fluoroscopy equipment market reached a valuation of approximately US$ 1.9 billion in 2022, representing roughly 9% of the total medical imaging systems market. It is expected to reach US$ 3.5 billion by 2031, with a projected Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period from 2021 to 2031.
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Key Companies Profiled
- Agfa-Gevaert Group
- Ziehm Imaging GmbH
- Carestream Health Inc.
- Hitachi Ltd.
- GE Healthcare Inc.
- Hologic Inc.
- Siemens Healthineers
- Philips Group
- Lepu Medical Tech Co. Ltd
- Shimadzu Corporation
- Toshiba Medical Systems Corporation
Key Takeaways from the Fluoroscopy Equipment Market Study
- The market in the U.S. is estimated to witness the fastest growth in North America, expanding by 1.5X over the assessment period.
- Germany is projected to emerge as one of the highly remunerative markets in Europe, creating absolute dollar opportunity of more than US$ 400 Mn by 2031.
- Japan is forecast to account for a high share in the Asia Pacific market, exhibiting sales growth of fluoroscopy equipment at a CAGR of 3% through 2031.
- China is anticipated to emerge as one of the highly lucrative markets backed by government push to the expansion and modernization of healthcare infrastructure.
- As per Fact.MR, the C-arms system segment is expected to account for nearly 40% of the global fluoroscopy equipment market share, expanding at a CAGR of 5% between 2021 and 2031.
Market Segmentation
By Product Type
- Remote-Controlled Fluoroscopy Systems
- Conventional Fluoroscopy Systems
- C-Arms Systems
By End User
- Hospitals
- Diagnostic Center
By Application
- Cardiology
- Gastroenterology
- Urology and Nephrology
- Neurovascular
By Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Factors Fuelling Growth of the Global Fluoroscopy Equipment Market
Emerging technology has led to several innovations including artificial intelligence, wearable, Internet of Things, and 3D printing. With rapid development, technology continues to maintain a strong grip in the healthcare industry. In a bid to offer medical devices equipped with enhanced services, manufacturers operating in the healthcare industry are increasingly integrating the advanced technology in several medical devices. A research recently conducted reveals that several manufacturers in the healthcare industry are integrating technically enhanced tools such as Google Glass and HoloLens launched by Microsoft in the medical devices that are wearable that are used for visual overlays. These wearable devices enable the end users to get information, which help in the treatment process attributed to the image guided intervention.
Besides healthcare industry, fluoroscopy devices also witness considerable adoption in the aviation industry. Adoption of fluoroscopy devices is projected to remain concentrated in the aviation industry attributed for scanning hidden weapons and bombs. Unlike the medical devices, the fluoroscopy devices used in the aviation industry have comparatively low impact of radiation on the gadgets, luggage, and food products that are scanned.
Although the overall outlook on growth of the fluoroscopy equipment market looks positive, however, strong need to maintain quality standards continues to hinder growth of the global market for fluoroscopy equipment. One marker gap is further attributed to the investigations conducted by FDA, which ensures the level of quality remains high. However, lack of investment and support from the government is likely to hinder growth of the global market of fluoroscopy equipment.
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Competitive Landscape
The market for fluoroscopy equipment appears to be focused and competitive due to the presence of prominent market players. Several growth strategies have been observed, including penetration into untapped regions, strategic partnerships and collaborations, and intensive product development initiatives.
Product innovations and upgrades in existing product lines are used by top companies in the fluoroscopy equipment market to gain a competitive advantage.
Recently conducted research reveals that manufacturers are integrating innovative tools including Microsoft’s HoloLens and Google Glass in the wearable visual-overlay devices, which enables the end user to retrieve information for image-guided intervention.
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