(Health-NewsWire.Net, March 10, 2022 ) COVID-19 Impact on the Surgical Imaging Market
The COVID-19 outbreak has upended many lives and businesses on an unprecedented scale. The pandemic is going to negatively impact the surgical imaging market. The pandemic has put significant strain on the healthcare systems of the world. During this period, healthcare institutions and providers have been instructed to stop performing elective surgical procedures and medical examinations to slow the spread of the disease and conserve healthcare resources for COVID-19 patients.
According to a report published by researchers of CovidSurg Collaborative, around 28 million surgeries were canceled across the globe during 12 weeks of peak disruption during the COVID-19 pandemic. . The American Hospital Association estimated an average loss of revenues to US hospitals of USD 50.7 billion per month from March 1 to June 30, 2020 due to loss of elective procedures (as these procedures typically constitute a substantial part of hospital revenue).
Expected Revenue Surge:
The global surgical imaging market is projected to reach USD 2.4 billion by 2025 from an estimated USD 1.8 billion in 2020, at a CAGR of 6.3% during the forecast period.
Major Growth Boosting Factors:
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.
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The image intensifier technology segment is expected to account for the largest share during the forecast period.
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 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 is expected to grow at the highest rate during the forecast period.
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 Hospital end user segment to account for the largest share during the forecast period
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.
North America regional segment to account for the largest market share of the surgical imaging market
Geographically, the surgical imaging market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. North America is the largest regional market for surgical imaging systems, followed by Europe. The large share of the North American market can be attributed to the significant growth in hospital expenditure, the increasing incidence of overuse sports injuries, rising prevalence of CVD, and the increasing number of hip and knee replacement surgeries in the region.
Some of the prominent players operating in the surgical imaging market include vendors GE Healthcare (UK), Siemens AG (Germany), Koninklijke Philips (Netherlands), and Ziehm Imaging (Germany).
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