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| Global Digital Fluoroscopy System Market Size |
Digital fluoroscopy systems are medical imaging systems that capture a
continuous flow of X-ray images and transmit them to a monitor. These systems
are used during minimally invasive surgeries to guide medical devices inside
the body without the need for large incisions. Some key advantages of digital
fluoroscopy systems include real-time imaging, less radiation exposure compared
to conventional fluoroscopy, and improved image quality. The growing preference
for minimally invasive techniques among patients and doctors due to benefits
like less pain, fewer complications, and shorter hospital stays has increased
the demand for digital fluoroscopy systems in operating rooms and surgical
centers.
The global Digital Fluoroscopy System Market is estimated to be valued at US$ 2.01 Bn in 2023 and is expected to
exhibit a CAGR of 6.0% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
The rising adoption of minimally invasive surgical procedures presents a
lucrative opportunity for the digital fluoroscopy system market. Minimally
invasive surgeries are associated with several benefits like less
post-operative pain, decreased hospitalization time, and reduced scarring.
Moreover, factors such as the growing geriatric population, increasing
incidence of chronic diseases, and technological innovations are expected to
drive the demand for minimally invasive procedures. As digital fluoroscopy
provides real-time imaging guidance during minimally invasive surgeries,
increasing preference for such surgeries will boost the demand for digital
fluoroscopy systems during the forecast period.
Porter's Analysis
Threat of new entrants: The digital fluoroscopy system market requires high
R&D investment and technological expertise to develop innovative products.
This poses significant entry barriers for new players.
Bargaining power of buyers: The availability of substitute imaging modalities
and integrated imaging systems increases buyers' bargaining power. However, the
need for real-time medical imaging during surgeries limits this threat.
Bargaining power of suppliers: The presence of numerous component suppliers
gives buyers leverage in negotiating prices. Suppliers' bargaining power is
relatively weak due to low switching costs.
Threat of new substitutes: Computed Tomography and Magnetic Resonance Imaging
are established substitutes. However, fluoroscopy offers real-time imaging
capability, posing limited threat from substitutes.
Competitive rivalry: The market comprises many global players. Intense
competition over pricing and technological innovation increases rivalry.
SWOT Analysis
Strengths: Real-time intraoperative imaging capability. Ability to guide
minimally invasive procedures.
Weaknesses: High installation and maintenance costs. Exposure to radiation dose
for patient and staff.
Opportunities: Rising chronic diseases and orthopedic surgeries drive demand.
Untapped growth potential in developing nations.
Threats: Stringent regulatory approval process increases compliance costs.
Risks of diagnostic errors and technical issues.
Key Takeaways
Global
Digital Fluoroscopy System Market Size is expected to witness high
growth. North America currently dominates owing to the rising healthcare
expenditure and technological advancements. However, Asia Pacific is poised to
grow the fastest due to expanding medical infrastructure, growing medical
tourism, and increasing healthcare expenditure in China and India.
Key players operating in the digital fluoroscopy system market are Philips
Healthcare, GE Healthcare, Siemens Health, Toshiba Medical Systems, Shimadzu
Medical, Ziehm Imaging, Hitachi Medical Systems, Orthoscan Inc. and Hologic
Corporation. Technological innovations to develop premium products with enhanced
functionality and improved workflow efficiency will remain key strategies of
market leaders.
The benefits of real-time imaging, reduced radiation exposure, and advanced
features for complex surgeries drive growing adoption. Furthermore, rising
joint replacement surgeries, trauma cases, and prevalence of chronic diseases
augment demand. However, high installation costs, regulatory compliance
challenges, and risks of misdiagnosis restrain market growth.
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