[150+ Pages Research Report] According to the recent analysis research report; the global Surgical Imaging Market in 2020 was approximately USD 2.0 Billion . The market is expected to grow at a CAGR of 5.9% and is anticipated to reach around USD 4.2 Billion by 2027. Top market players are GE Healthcare (UK), Siemens AG (Germany), Koninklijke Philips (Netherlands), and Ziehm Imaging (Germany), Shimadzu Corporation (Japan), Canon Medical Systems (Japan).
Overview of Surgical Imaging Market Study
Surgical Imaging market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The major factors driving the growth of this market include the advantages of FPDs over image intensifiers, technological advancements, reimbursement cuts for analog radiography systems, and the increasing demand for minimally invasive procedures. However, the high cost of systems is estimated to restrain the growth of this market during the forecast period.
Surgical Imaging Market Dynamics
Drivers: Advantages of FPDs over image intensifiers
The evolution of C-arms—from the traditional X-ray image intensifier technology to digital flat-panel detectors (FPDs)—has brought about significant advancements in surgical imaging. FPDs have a number of advantages over image intensifiers, such as compact size and reduced radiation dose. Although resolution varies from model to model, FPDs have the ability to produce a more consistent, high-quality digital image.
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, in the case of image intensifiers, the field of vision is reduced with higher magnification; this does not happen if FPDs are used. Due to a larger opening in C-arms, physicians get more space to operate near the patient and use their instruments in a hassle-free manner. FPDs offer other important advantages such as lower exposure to radiation, no image distortion, greater sensitivity, and better patient coverage. Due to such advantages, the preference for FPD C-arms among hospitals is increasing, thereby driving market growth.
Also, as many companies are introducing FPD C-arms, the cost of these systems is coming down. This would further increase the adoption of these systems.
Restrains: High price of surgical imaging systems
Owing to their advanced features and functionalities, mobile C-arms are generally expensive and cost above USD 200,000. Advanced mobile C-arms are equipped with powerful generators (up to 20kW), which enable the penetration of dense anatomies. GE Healthcare’s OEC 9900 Elite and Ziehm Imaging’s Vision RFD are among the most expensive mobile C-arms manufactured. The large image displays in these mobile C-arms enable a precise evaluation of the images while allowing surgeons to view and analyze these images at a distance.
In addition to the high purchase cost, these equipment have several other direct expenses for printers and DICOM boxes, which results in an overall increase in the total cost of ownership. Due to the requirement of significant capital expenditure, many small and medium-sized institutions find it hard to purchase these equipment.
Another concern is the decrease in hospital budgets—for instance, in the US, the Florida government’s budget cuts for South Florida hospitals amounted to USD 160 million in 2017. In 2017, 44 urban hospitals in Denver faced budget cuts ranging between USD 0.1 million to USD 20 million. Hospitals in European countries also faced similar budget cuts, with further reductions expected in the coming years. Reductions in budgets have necessitated cost-containment measures in many facets of hospital operations. Cost-cutting has resulted in staff lay-offs, delays in facility upgrades, and freezing the purchases of capital equipment such as high-cost C-arm systems. Furthermore, the current pandemic situation has put a lot of financial strain on healthcare facilities, which is making an outright purchase of capital equipment quite difficult for them. Most hospitals have delayed the purchase of capital equipment (by a year or more), which could negatively impact the surgical imaging market in the coming years.
Opportunities: Emerging markets and growing medical tourism
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. According to the Centre for Economics and Business Research (CEBR), it is projected that by 2028, China will overtake the US to become the world’s largest economy. Similarly, India is expected to become the third-largest economy in the world by 2030.
More than half of the world’s population resides in India and China, owing to which these countries are home to a large patient base. The increasing burden of cancer, improvements in healthcare infrastructure, the presence of a less-stringent regulatory environment, and growing medical tourism are encouraging players in the surgical imaging market to increase their presence in emerging countries.
Owing to the expansion of the patient population base, the number of hospitals and surgical centers is expected to increase in emerging countries in the coming years. Also, currently, governments in these countries are undertaking initiatives to expand and modernize their respective healthcare infrastructures.
Market saturation in developed regions, such as North America and Europe, will further compel surgical imaging equipment providers to focus on emerging markets in the coming years. In addition, countries such as India, Mexico, Thailand, Singapore, Malaysia, and South Africa have emerged as major medical tourism destinations for patients worldwide. The major factors responsible for this trend are the low cost of medical procedures and improvements in medical infrastructure in these countries. For instance, the cost of a hip replacement surgery in India is USD 6,000–7,000, whereas the same procedure costs around USD 45,000–50,000 in the US. This has resulted in an increasing number of patients visiting developing countries to undergo surgical procedures. In this scenario, surgical imaging systems are expected to play a major role in effectively managing the growing patient volume in these countries, thus creating potential opportunities for market growth.
The image intensifier segment to hold the largest market share in 2020
Based on technology, the surgical imaging market has been segmented into image intensifier C-arms and FPD C-arms. The image intensifier C-arms segment commanded the largest share of 75.1% of the market in 2019. However, the FPD C-arms segment is projected to register the highest CAGR of 7.7% during the forecast period. The large market share of this segment can be attributed to the large installed base, low price and low maintenance costs of this systems.
The orthopedic & trauma surgeries application segment to hold the largest market share in 2020
Based on application, the market has been segmented into orthopedic & trauma surgeries, neurosurgeries, cardiovascular surgeries, gastrointestinal surgeries, and other applications (urological, endobronchial & thoracic, and maxillofacial surgeries). The orthopedic & trauma surgeries segment is the largest and the fastest-growing application segment in this market. This can be attributed to the increasing popularity of minimally invasive procedures in orthopedic and trauma surgeries and the advantage of 3D navigation in these surgeries through the use of C-arms.
The hospitals end user segment to hold the largest market share in 2020
Based on end users, the market is divided into hospitals and surgery centers. Hospitals are expected to account for the largest share of the surgical imaging market in 2020, while surgery centers are expected to account for the highest growth rate. The large share of this segment can be attributed to the rising demand for effective disease management, growing surgical procedural volumes in hospitals, and the increasing number of hospitals being set up in developing countries.
Asia Pacific to witness significant growth from 2020 to 2027
North America is the largest regional market for surgical imaging systems, followed by Europe. the APAC market is estimated to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the rising prevalence of chronic diseases, improving healthcare infrastructure, and the increasing demand from key markets such as Japan, China, and India
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COVID-19 Impact on Surgical Imaging Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Surgical Imaging market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Surgical Imaging market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Surgical Imaging market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Surgical Imaging market include:
GE Healthcare (UK), Siemens AG (Germany), Koninklijke Philips (Netherlands), and Ziehm Imaging (Germany), Shimadzu Corporation (Japan), Canon Medical Systems (Japan).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Image Intensifier C-arms
- Flat-Panel Detector C-arms (FPD C-arms)
- Orthopedic & Trauma Surgeries
- Cardiovascular Surgeries
- Gastrointestinal Surgeries
- Other Applications
By End User
- Surgery Centers & Clinics
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The purpose of Nova one advisor’s Surgical Imaging market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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