The major factors driving the growth of the fluoroscopy equipment are the advantages of FPDs over image intensifiers, the use of fluoroscopy in pain management, reimbursement cuts for analog radiography systems, rising geriatric population, growing prevalence of chronic diseases, and awareness programs, conferences, and funding activities. The Fluoroscopy Equipment Market is expected to grow from USD 5.9 billion in 2020 to USD 7.5 billion by 2025, at a CAGR of 4.8% during the forecast period.
FLUOROSCOPY EQUIPMENT MAKET DYNAMICS
Driver: Advantages of FPDs over image intensifiers
The evolution of fluoroscopy systems and C-arms from traditional X-ray image intensifier technology to digital flat-panel detectors (FPDs) has brought about significant advancements in fluoroscopic imaging. FPDs have a number of advantages over image intensifiers, including compact sizes and reduced radiation dose. Systems with FPDs have the potential for higher image resolution than their predecessors.
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Although resolution varies from model to model, overall, FPDs have the ability to produce a more consistent and high-quality digital image. Moreover, while the quality of images generated from traditional image intensifiers deteriorates as the system ages, this is not the case with FPDs. They continue to deliver the same image quality even years after use and can provide a wider and more dynamic range of imaging compared to image intensifiers. Additionally, the field of vision reduces with higher magnification in the case of image intensifiers, which does not happen if FPDs are used.
FPDs offer no image distortion, greater sensitivity, and better patient coverage. Due to their advantages, many hospitals are now opting for FPD fluoroscopes. The growing preference for advanced technologies, and the need to shift to new, more efficient products, will be a key factor driving the growth of this market segment.
Restraint : Radiation exposure
Although fluoroscopic procedures ensure minimally invasive diagnosis, they come with the risk of radiation exposure. Fluoroscopic procedures can result in high radiation dose exposure for complex procedures, such as stent placement. These procedures are time-consuming, which greatly increases the radiation that patients are exposed to and the risk of hazards such as radiation-induced injuries to the skin and underlying tissues. The long-term side-effects of prolonged radiation exposure can also include cancer.
This has served to push users towards non-radiation modalities, particularly in the case of pediatric patients. For instance, the ACR (American College of Radiology) Appropriateness Criteria specify that for infants younger than two months, ultrasound should be considered before a fluoroscopic examination. Additionally, CT examinations can completely eliminate the need for a fluoroscopic examination, as a CT scan is noninvasive as opposed to the minimally invasive fluoroscopic imaging.
The growing prominence of other non-radiation imaging modalities, like ultrasound, is likely to restrain market growth.
Challenge: Increased adoption of refurbished diagnostic imaging systems
Many hospitals in developing countries are unable to invest in fluoroscopy equipment due to their high costs, poor reimbursement rates, and budget constraints, and therefore prefer refurbished systems. These systems are less expensive than new systems—approximately 40% to 60% of the original price.
As a result, many market leaders are promoting refurbished devices. Siemens’ Medical Proven Excellence Program, GE Healthcare’s GoldSeal Program, and Philips’ Diamond Select Program are some noteworthy global refurbishing programs that promote the utilization of refurbished imaging systems. Increasing demand for refurbished devices poses a major challenge to the sales of new instruments—and, subsequently, to the growth of market players and small manufacturers.
Opportunity: Growing demand for data – integrated imaging systems
Data-integrated imaging systems enable the processing and reconstruction of images, computer-assisted recognition of medical conditions, generation of 3D images, and the use of appropriate quality control systems. These systems come with a software package that helps store patient information. With the help of data integration, physicians can easily compare scans to effectively observe disease progression.
To devise a treatment plan, clinicians are demanding access to integrated, comprehensive data on the patient’s diagnostic history. In addition to data integration, there lies a huge opportunity for making data available through mobile technologies. This will help doctors to view and study scans wherever they are. Due to their advantages, convenience, and huge demand from clinicians, data integrated systems offer a huge opportunity for market growth.
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North America accounted for the largest share of the fluoroscopy equipment market in 2018, while the Asia Pacific market is expected to register the highest growth during the forecast period
In 2019, North America accounted for the largest share of the fluoroscopy equipment market. Factors such as the increasing incidence of overuse sports injuries, rising prevalence of CVD, and the increasing number of hip and knee replacement surgeries are driving the growth of the North American fluoroscopy equipment market. However, the Asia Pacific market is projected to register the highest CAGR during the forecast period primarily due to the growing geriatric population in Japan and China and the healthcare reforms and government initiatives & investments in several APAC countries.
Key Market Players
The major players in the fluoroscopy equipment market are Siemens Healthineers (Germany), GE Healthcare (US), and Philips (Netherlands). These companies together accounted for a share of ~80% of the fluoroscopy equipment market in 2018. Other players in the market include Shimadzu Corporation (Japan), Ziehm Imaging GmbH (Germany), Toshiba Medical Systems Corporation (Japan), Hitachi Ltd. (Japan), Carestream Health, Inc. (US), Hologic, Inc. (US), Lepu Medical Technology Co., Ltd. (China), Agfa-Gevaert Group (Belgium), and ADANI Systems Inc. (Belarus) among others.
- In 2019, Siemens Healthineers (Germany) launched the Artis icono biplane, an angiography system with special functions for neuroradiology.
- In 2019, Philips (Netherlands) launched the Zenition mobile C-arm platform.
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