The Growth of Digital Fluoroscopy System Market is driven by rising prevalence of chronic diseases
Author : Purvaja Jadhao | Published On : 17 Jan 2024
Digital fluoroscopy systems are medical imaging devices which utilizes low dose x-ray radiation to produce real-time moving images of internal body structures to aid in medical procedures. These systems are widely used in surgeries, cardiac catheterization, gastroenterology and urology applications. Digital fluoroscopy systems offers numerous advantages over the conventional analog fluoroscopy systems such as improved image quality with less radiation exposure, easy image storage and sharing, versatile imaging functionality and remote viewing capabilities. With rising burden of chronic diseases worldwide, the demand for minimally invasive surgeries and diagnostic procedures has increased significantly. According to a report by World Health Organization, cardiovascular diseases are the leading cause of mortality globally, taking an estimate of over 17 million lives each year.
The global Digital Fluoroscopy System Market is estimated to be valued at US$ 2.01 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the global digital fluoroscopy system market has been increasing adoption of flat panel detectors. Flat panel detectors are lightweight, compact and offers better image quality as compare to image intensifiers used in conventional analog systems. Due to flat panel detectors capabilities of acquiring fast framing images at high resolution and with less radiation, they have become standard of care in modern fluoroscopy systems. Manufacturers are innovating novel flat panel detector designs with improved features like direct conversation of x-rays into electrical signals for better contrast and more penetration by x-rays through dense body parts. This increasing technological advancement in flat panel detectors will propel the demand for digital fluoroscopy systems over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high capital investment costs as digital fluoroscopy systems are expensive medical devices. Strict regulations by medical agencies also create barriers.
Bargaining power of buyers: Physicians buying fluoroscopy systems have moderate bargaining power as there are multiple vendors however systems come with high costs.
Bargaining power of suppliers: Major system component manufacturers like GE, Philips, and Siemens have significant bargaining power over OEMs as they provide key technologies and parts.
Threat of new substitutes: CT and MRI provide alternative imaging solutions but have limitations compared to live fluoroscopy. They also have higher costs.
Competitive rivalry: The market is dominated by GE Healthcare, Philips, and Siemens Medical Solutions. Competition is based on technological advancements, product pricing and performance.
Key Takeaways
The Global Digital Fluoroscopy System Market Demand is expected to witness high growth. The global Digital Fluoroscopy System Market is estimated to be valued at US$ 2.01 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis related content comprises Regional analysis related content The North America region currently dominates the market owing to growing geriatric population, higher healthcare expenditure and technological advancements. Asia Pacific is expected to witness fastest growth due to expanding medical infrastructure and increasing investments by key players in developing countries.
Key players related content comprises Key players related content
Key players operating in the Digital Fluoroscopy System Market are GE Healthcare, Philips, Siemens Healthineers, Shimadzu, Ziehm Imaging GmbH. GE Healthcare holds the largest share in the global market due to its diversified product portfolio and widespread geographical presence across major markets. Philips focuses on advancing its mobile C-arms and full-sized systems.
For more insights, Read- https://www.ukwebwire.com/digital-fluoroscopy-system-market-size-and-share/
