Global Surgical Imaging Industry is Aiming to Gain a Revenue Growth at a CAGR of 6.3%

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.

(EMAILWIRE.COM, May 27, 2021 ) Overview of This Study:

This study involved four major activities in estimating the size of the Surgical Imaging Procedure 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.

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

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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 Procedure 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).

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. A similar decrease in system installation and utilization is expected in Q3 and Q4 2020, given the recurrence of COVID-19 in some regions. Demand is expected to reach pre-COVID levels by early 2022. 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.

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.

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Some of the prominent players operating in the Surgical Imaging Procedure Market include vendors GE Healthcare (UK), Siemens AG (Germany), Koninklijke Philips (Netherlands), and Ziehm Imaging (Germany)

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