Growing prevalence of cancer in the healthcare industry has led to an upsurge in demand for radiation therapy. Surge in demand for radiation therapy in the healthcare industry is projected to boost growth of the global market.
Moreover, increasing demand for security checks at the airport will fuel demand for the fluoroscopy equipment in the aviation industry globally. A recently compiled report by Fact.MR reveals that the global fluoroscopy equipment market is expected to reflect a CAGR of 4.7% throughout 2022.
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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.
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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.
Hospital to Represent a Dominant Segment
Conventional products is expected to sell more than the remote-controlled products in the healthcare industry. Sales of the conventional products is likely to generate significant revenues in the healthcare industry globally. Currently, the conventional product type segment is projected to represent more than US$ 400 Mn in the global market of fluoroscopy equipment by 2022-end.
With growing need for treatment of cancer in the healthcare industry, the hospitals are likely to represent the major end user globally. Increasing adoption for treatment of cancer in the healthcare industry is projected to rev up the sales of the fluoroscopy equipment globally. The hospital end user segment is projected to represent more than US$ 400 Mn by 2017-end.
The diagnostic centres and the other end user segment will also contribute towards growth of the global market through 2022. Demand for the fluoroscopy equipment will continue to remain concentrated towards treatment of cardiology diseases. The cardiology application type segment is represent more than US$ 300 Mn by 2022-end. However, gastroenterology application type segment is projected to represent a relatively high CAGR in the global market of fluoroscopy equipment throughout 2022.
Major players in the global market of fluoroscopy equipment are Ziehm Imaging GmbH, Agfa-Gevaert Group, Hitachi, Ltd., Carestream Health, Inc., Hologic, Inc., GE Healthcare Inc., Philips Group, Siemens Healthineers, Shimadzu Corporation, Lepu Medical Tech Co. Ltd, Ziehm Imaging GmbH and Toshiba Medical Systems Corporation.
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