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North America Fluoroscopy Devices - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 90 Pages I Mordor Intelligence
The North America Fluoroscopy Devices Market size is estimated at USD 2.21 billion in 2024, and is expected to reach USD 2.78 billion by 2029, growing at a CAGR of 4.68% during the forecast period (2024-2029).
The major factors driving the growth of the market in North America are due to the presence of established healthcare infrastructure, technological advancements, rising demand for minimally-invasive surgeries, growing geriatric population and prevalence of chronic diseases, and increasing use of fluoroscopy in pain management.
According to the World Ageing 2019 report, estimated that in 2019 there were about 53.340 million (16.2%) population aged 65 years or over in the United States. This number is projected to reach 70.842 million (20.3%) in 2030. As the number of the elderly population is expected to increase in the near future and this population is more prone to chronic conditions such as cardiovascular, neurological disorders, and other diseases which will show a positive impact on the market.
Furthermore, according to the American Heart Association Research, approximately 2,300 Americans die due to cardiovascular diseases each day, an average of one death for every 38 seconds.
Thus, owing to above factors the market is expected to show signifcant growth over the forecast period. However, the side effects associated with radiation is expected to hinder the market growth over the forecast period.
North America Fluoroscopy Devices Market Trends
Cardiovascular Segment is Expected to Hold Significant Market Share under Application over the Forecast Period
The rising burden of cardiovascular diseases in North America is a major factor driving the growth of the market. For instance, as per the data from the Centers for Disease Control and Prevention published in October 2022, every year, 805,000 people in the United States have a heart attack, 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks. Similarly, as stated by the American Heart Association 2021 journal, it is estimated that by the year 2035, more than 130 million adults in the United States will have some type of heart disease. Additionally, the statistics provided by the Heart and Stroke Foundation of Canada in February 2022, state that there are 750,000 people currently living with heart failure, and 100,000 people are diagnosed with this condition each year in Canada. As per the data from the American Heart Association 2022, in Mexico, 56.1% of adults have high levels of LDL-C, or bad cholesterol, which is thought to be the primary risk factor for cardiovascular disease. Furthermore, increasing cardiovascular diseases, such as high blood pressure, arrhythmias, and stroke are increasing the demand for fluoroscopy devices, along with growing demand for minimally invasive surgeries, and technological advancements are also expected to drive the market in the near future.
Furthermore, initiatives by key market players are expected to increase the market growth. For instance, in June 2021, Turner Imaging Systems stated that its affiliate company Turner Innovations was the winner of a Small Business Technology Transfer (STTR) Phase I contract from the U.S. Air Force (AFWERX). Turner Innovations, based in Orem, Utah, will use the non-equity position funds to develop a next-generation compact, highly portable, battery-powered full-body fluoroscopic X-ray to help Special Operations Surgical Teams (SOSTs), Army Forward Surgical Teams (FSTs), and Navy Fleet Surgical Teams (NFSTs), save lives in remote and austere environments. Thus, increasing cardiovascular diseases and initiatives by key market players are expected to increase segmental growth.
United States is Expected to Have Significant Share in the Market Over the Forecast Period
The United States is expected to have a significant share in the studied market due to increasing trauma and injuries coupled with the initiatives by market players. The incidence of sport-related injuries, such as ligament sprains, muscle sprains, supraspinatus tendinitis, and others, is increasing among the population. This is anticipated to fuel the demand for medical imaging thereby boosting the market growth. For instance, according to the National Safety Council (NSC), in 2021 exercise equipment accounted for about 409,224 injuries in the United States, the most in any category of sports and recreation. Next, to exercise equipment injuries, the injuries caused by bicycles and accessories accounted for 375,797 in 2021. Furthermore, as per the Sports Accident Statistics report updated by LegalMatch in August 2022, injuries to the anterior cruciate ligament (ACL) occur roughly 150,000 times every year in the United States. In addition, female basketball and soccer players had an ACL injury 2 to 8 times more frequently than other athletes. This prevalence of a high number of sports-related injuries in the region is expected to boost the demand for medical imaging in the country.
Furthermore, initiatives by key market players such as partnership agreements are another factor in market growth. For instance, in March 2022, OXOS Medical entered into distribution partnerships with Pacific Medical, Redstone Ortho, and Specialty Medical. These partnerships allow OXOS to bring advanced orthopedic imaging to the entire country. Pacific Medical, Redstone Ortho, and Specialty Medical add unprecedented scale to Micro C's commercialization, giving providers in their geographies an opportunity to see how OXOS can assist in delivering the most efficient, highest-quality orthopedic care in both their surgical and clinical settings. Thus, such agreements are expected to increase market growth in the country over the forecast period.
North America Fluoroscopy Devices Industry Overview
The North American Fluoroscopy Devises Market is consolidated and competitive. The major market players are focusing on technological advancements and reducing the side effects of the procedures. Some of the players who are currently dominating the market are GE Healthcare (GE Company), Carestream Health, Canon Medical Systems Corporation, Siemens Healthineers, Koninklijke Philips NV, Hologic Inc, Orthoscan Inc, and Shimadzu Medical
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Minimally-invasive Surgeries
4.2.2 Growing Geriatric Population and Prevalence of Chronic Diseases
4.2.3 Increasing Use of Fluoroscopy in Pain Management
4.3 Market Restraints
4.3.1 Side Effects and Radiation Exposure
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Device Type
5.1.1 Fixed Fluoroscopes
5.1.2 Mobile Fluoroscopes
5.1.2.1 Full-size Fluoroscopes
5.1.2.2 Mini Fluoroscopes
5.2 By Application
5.2.1 Orthopedic
5.2.2 Cardiovascular
5.2.3 Pain Management and Trauma
5.2.4 Neurology
5.2.5 Gastrointestinal
5.2.6 Urology
5.2.7 General Surgery
5.2.8 Other Applications
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Corporation
6.1.2 Carestream Health
6.1.3 GE Healthcare
6.1.4 Hologic Inc
6.1.5 Koninklijke Philips NV
6.1.6 Orthoscan Inc
6.1.7 Shimadzu Medical
6.1.8 Siemens Healthineers
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