Report Code : A11202
growth of the fluoroscopy equipment market is attributed to rise in prevalence of gastrointestinal disorders and other pain causing conditions. Furthermore, technological advancements related to fluoroscopy equipment and increase in geriatric population are other factors that contribute toward growth of the market.
Onkar Sumant
Manager, Healthcare at Allied Market Research
According to a new report published by Allied Market Research, titled, “Fluoroscopy Equipment Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2021–2028," the 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.
Fluoroscopy is a form of medical imaging that uses X-rays to obtain real-time moving images of interior of an object. The image is sent to a camera, which permits movement of a body part, an instrument, or a contrast agent across the body to be seen in detail. Fluoroscopy allows a physician to see internal structure and function of a patient, such as pumping action of heart or motion of swallowing. Furthermore, it is used to support in diagnosis of illness and to assist doctors through treatment procedures. This can be carried out in different ways. One of the ways through which it is accomplished is when a patient is conscious, the procedure can be done as outpatient procedure. For instance, a barium enema or an upper gastrointestinal series to investigate esophagus, liver, and small intestine. Another way include, procedures done in hospitals on the same day or as inpatient procedure, usually while a patient is sedated. For instance, heart and coronary arteries that provide blood to heart muscle are examined using a procedure called cardiac catheterization. During surgery, other fluoroscopy operations can be done under general anesthesia.
The key factors affecting the growth of the industry includesurge in use of fluoroscopic equipment for pain management and trauma, gastrointestinal disorders, urological disorders, and other conditions; ease of visualization of the targeted area with fluoroscopy equipment, and rise in geriatric population. According to the International Osteoporosis Foundation, globally, osteoporosis causes more than 8.9 million fractures annually, which means that an osteoporosis fracture occurs in every 3 seconds. Moreover, growth in adoption of fluoroscopy equipment by patients, rise in awareness among healthcare professionals for use of fluoroscopy, and surge in incidences of cardiovascular diseases are other factors that contribute toward growth of the market. However, complications and side-effects associated with contrast agents and high cost associated with fluoroscopic equipment are expected to hinder growth of the market.
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.
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.
Key Findings Of The Study
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Fluoroscopy Equipment Market by Product (Fluoroscopy Devices and C-Arm) and Application (Orthopedic, Cardiovascular, Pain Management & Trauma, Neurology, Gastrointestinal, Urology, General Surgery, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028
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