by Fluoroscopy devices are essential tools in medical imaging that help physicians diagnose and treat various medical conditions. Fluoroscopy devices generate live X-ray images and allow physicians to see the internal organs of the body in real-time, enabling them to perform minimally invasive procedures with great precision. They are commonly used in cardiovascular, urology, gastroenterology, orthopedic and other surgical procedures to guide placement of medical devices or diagnose problems. The growing preference for minimally invasive procedures over traditional open surgeries due to advantages like smaller incisions, less pain and blood loss, and quicker recovery times has been a key driver for increasing demand of fluoroscopy devices.
The global Fluoroscopy Devices Market size is estimated to be valued at US$ 4720.31 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The emergence of hybrid operating rooms integrated with advanced imaging systems is a major trend in the fluoroscopy devices market. Hybrid operating rooms allow surgeons to perform both minimally invasive surgeries guided by fluoroscopy as well as open surgeries. They provide one integrated platform for surgical and imaging procedures, enabling improved workflow and collaborative care. Technological advancements are also enabling the development of new generation fluoroscopy devices with improved imaging capabilities. For instance, new devices offer higher resolution images, wider fields of view, better depth of focus and improved workflow capabilities. This is supporting more complex surgeries to be performed minimally invasively using fluoroscopy guidance.
Porter’s Analysis
Threat of new entrants: Low investment requirement for new companies to enter the market may increase competition. However, established players have strong brand image and distribution networks.
Bargaining power of buyers: Large hospitals and diagnostic centers have significant influence on pricing and purchase decisions. This allows them to negotiate on price and demand better services.
Bargaining power of suppliers: Key components like X-ray tubes and image intensifiers are specialized requiring significant R&D investments. This gives existing suppliers strong position over new entrants.
Threat of new substitutes: Technological advances in other medical imaging modalities like MRI and CT scans pose a potential threat. However, fluoroscopy remains preferable for its real-time imaging capability.
Competitive rivalry: The market has presence of few large multinational players and numerous regional players. Competition is based on product innovation, service, price and brand reputation.
Key Takeaways
The global Fluoroscopy Devices market is expected to witness high growth over the forecast period. The global Fluoroscopy Devices Market is estimated to be valued at US$ 4720.31 Mn in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to hold the largest share in the global Fluoroscopy Devices market during the forecast period. This is attributed to rising geriatric population, high prevalence of chronic diseases, and growing adoption of minimally invasive surgeries in the region.
Asia Pacific is likely to witness fastest growth during the forecast period. Improving healthcare infrastructure and rising medical tourism in countries like India, China, and Japan are pushing the adoption of advanced Fluoroscopy Devices.
Key players: Key players operating in the Fluoroscopy Devices market are Bayer AG, Henkel AG & Co. KgaA, Avon Products Inc., Johnson & Johnson Inc. Fluoroscopy Devices help physicians perform a variety of procedures with better accuracy and precision. Owing to rising demand for minimally invasive surgeries, key players are focusing on launching advanced products with improved features.
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