Global Leaders:
GE Healthcare (UK), Siemens AG (Germany), Koninklijke Philips (Netherlands), and Ziehm Imaging (Germany) are considered to be the leading players in the surgical imaging market.
Overview of This Study:
This study involved four major activities in estimating the size of the surgical imaging market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
Expected Revenue Growth:
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. 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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GE Healthcare held the leading position in the global surgical imaging market in 2019. Its leading position in this market is attributed to the highest number of installed systems—with around 35,000 C-arms installed globally—and its wide and diverse mobile C-arm offerings. The strong, wide, and diversified portfolio of mobile C-arms is an asset to the company. Some of the biggest advantages that GE Healthcare has over its competitors are its diverse product portfolio and strong customer base (to which GE can upsell products and offer bundled services).
Siemens Healthineers held the second-leading position in the market in 2019. The firm maintains its position in the market by offering eight mobile C-arms. Cios Alpha is the company’s flagship mobile C-arm that delivers excellent image quality at low dosages. The company also focuses on expanding its presence in emerging markets (such as India). For this, the company has lowered its production costs and is delivering price-competitive products in emerging markets. Siemens Healthineers has a powerful brand image, strong product portfolio, and vast geographical presence. All these factors enable the company to retain its position as a prominent player in the surgical imaging market.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the surgical imaging market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and markets have been identified through extensive secondary research.
# The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Philips is another leading player in the surgical imaging market. The company has a strong product portfolio comprising a variety of mobile C-arm platforms that it offers under its Image-guided Therapies (IGT) segment. The IGT segment of Philips has shown strong growth in the past couple of years due to aggressive expansion in emerging markets, strong product portfolio, and strong focus on innovation. The revenues increased by 10.5% between 2017 and 2019. A strong product portfolio and focus on innovation, coupled with aggressive expansion in Asia, is enabling the company to be a prominent player in the surgical imaging market.
Ziehm Imaging occupies the fourth position in the surgical imaging market. The company has over 40 years of experience in this market. Ziehm is recognized as a technological leader in the mobile C-arms segment. The company invests around 15% of its revenue in R&D. Also, a major part of its product portfolio is younger than 3 years. Ziehm Imaging was the first company to launch the flat-panel technology in the market and was the first company to launch a mobile C-arm with the motorization of all 4 axes.
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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.
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).
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