The global surgical imaging market is projected to reach $2.4 billion by 2025 from an estimated $1.8 billion in 2020, according to MarketsandMarkets. This would be a compound annual growth rate (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.
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 health care systems of the world. During the height of the pandemic, health care institutions and providers have been instructed to stop performing elective surgical procedures and medical examinations to slow the spread of the disease and conserve health care resources for COVID-19 patients.
According to a report published by researchers, approximately 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 U.S. hospitals of $50.7 billion per month from March 1 to June 30, 2020 because of cancelled elective procedures (as these procedures typically constitute a substantial part of hospital revenue).
Capital markets and economies worldwide have been negatively impacted by the COVID-19 pandemic, and it may cause an extended regional or global economic recession. Such economic disruption could have a negative impact on surgical imaging manufacturers. Most hospitals have deferred their ongoing purchase of capital equipment. Furthermore, as economic pressures increase, customers will seek leasing or alternative financing arrangements instead of outright purchases, leading to deferred revenues for surgical imaging system manufacturers.
Data Bridge Market Research reported that the surgical imaging market was valued at $1.91 billion in 2021 and is expected to reach $3.14 billion by 2029, registering a CAGR of 6.37% during the forecast period.
Data Bridge Market Research reported that factors driving market growth include an increasing prevalence of chronic diseases. The rising prevalence of chronic diseases such as diabetes, high blood pressure, cancer, high cholesterol and osteoporosis will propel the market’s growth rate during the forecast period of 2022-2029.
The number of persons aged 60 and older has consistently increased over time due to rising life expectancy. The worldwide geriatric population will grow from 727 million in 2020 to 1.5 billion by 2050, according to the United Nations Database on World Population Ageing 2020. Geriatric people have the highest risk of suffering from chronic diseases, increasing the demand for the surgical imaging market.
Furthermore, the rising demand for minimally invasive procedures will act as a major factor influencing the growth of the surgical imaging market. Along with this, increasing urbanization and the rising level of disposable income are factors accelerating the growth of the surgical imaging market. Also, increasing expenditure on health care infrastructure and the continuously changing lifestyle of people are major market drivers that will further escalate the growth of surgical imaging market.
Moreover, the rising adoption rate of advanced technologies will provide beneficial opportunities for the surgical imaging market growth. •