Number of pages: 100 | Report Format: PDF | Published date: January 31, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global image guided surgery market was valued at US$ 4.5 billion in 2021 and is expected to register a revenue CAGR of 5.3% to reach US$ 7.5 billion by 2030.
Image Guided Surgery Market Fundamentals
Image-guided surgery technologies provide real-time monitoring during surgery, allowing healthcare practitioners to reduce procedure time and errors. These surgical technologies have transformed traditional surgical approaches by offering a precise treatment guiding system that can assist assure the protection of important structures while achieving the best possible outcome for patients. Image-guided procedures could use various equipment, including endoscopes, ultrasound, and MRI. Furthermore, image-guided surgery equipment aids in the diagnosis and treatment of a wide range of illnesses. Image-guided surgical technology enables more precise and successful surgery. Although endoscopic sinus surgery (ESS) was created for neurosurgery, it swiftly rose to the top of its applications. Image-guided surgery has been one of the most significant advances in endoscopic sinus surgery since the commencement of the endoscopic approach.
Image Guided Surgery Market Dynamics
The primary factors propelling the global market revenue growth include the aging population, a shift toward minimally invasive surgeries, and technological developments in imaging equipment. The rising prevalence of chronic diseases, such as cancer, combined with increased efforts for cancer radiation, is also boosting the market revenue growth. For instance, GLOBOCAN estimated around 19,292,789 new cancer cases worldwide in 2020. During the COVID-19 crisis, industry participants focused on developing remote solutions, such as cloud-based training on virtual computers, to provide remote guidance and support to patients.
Image Guided Surgery Market Ecosystem
The global image guided surgery market has been analyzed from four perspectives: product, application, end user, and region.
Image Guided Surgery Market by Product
Based on the product, the global image guided surgery market has been segmented into computed tomography scanners, ultrasound systems, magnetic resonance imaging, endoscope, x-ray fluoroscopy, positron emission tomography, and single photon emission computed tomography.
The endoscope segment dominates the market owing to technological improvements in endoscopy and subsequent product introductions. However, the magnetic resonance imaging segment is expected to be the fastest-growing segment during the forecast period. The primary elements driving segment revenue growth include technological advancements and the broad application scope of these therapies in treatment planning, location and delivery, and treatment response assessment.
Image Guided Surgery Market by Application
Based on the application, the global image guided surgery market has been segmented into cardiac surgery, neurosurgery, orthopedic surgery, urology, oncology surgery, gastroenterology, and others.
The cardiac surgery segment dominated the market during the forecast period. Cardiovascular diseases (CVDs) are the leading cause of death worldwide. The key driver of the segment’s growth is increasing number of the elderly population, paired with the prevalence of various disorders. Numerous research efforts to develop real-time cardiac therapies are also helping to grow the industry.
Neurosurgery is the fastest-growing segment due to the rising number of accidents and trauma cases and increasing incidence of neurological disorders. The segment’s growth is also being supported by increased collaboration among major corporations to develop innovative image-guided treatment systems.
Image Guided Surgery Market by End User
Based on the end user, the global image guided surgery market has been segmented into hospitals, ambulatory surgical centers, specialty clinics, and research & academic institutions. The hospital segment is expected to dominate the market during the forecast period. The two primary forces propelling the category are the rise in varied treatments and the widespread usage of image-guided therapy systems in hospitals. Hospitals are deploying these technologies in response to the increased demand for clinical workflows to be optimized cost-effectively.
Image Guided Surgery Market by Region
Based on the region, the global image guided surgery market has been segmented into North America, Europe, Asia Pacific, Rest of the World.
North America and Europe are expected to register the fastest revenue growth during the forecast period. Furthermore, rising neurological illnesses, rising demand for minimally invasive surgeries, expanding healthcare awareness, growing older population, and rising healthcare spending contribute to the market's rise in these regions. Moreover, Asia Pacific is expected to register revenue growth at the fastest CAGR during the forecast period, owing to a rise in the aging population, increase in instances of target diseases, and improved healthcare infrastructure in the region. A growing number of research institutions in regional nations, such as India and China, are boosting the market revenue growth.
Image Guided Surgery Market Competitive Landscape
The prominent market players in the global image guided surgery market include:
Image Guided Surgery Market Strategic Developments
Asia Pacific is the key growth region in the global image guided surgery market.
The rising aging population and technological advancements have driven the global image-guided surgery market revenue growth.
The global image-guided surgery market is expected to be valued at US$ 7.5 billion by 2030.
The global image guided surgery market is expected to register a revenue CAGR of 5.3% during the forecast period.
GE Healthcare, Medtronic Plc., Olympus Corporation, Siemens Healthineers, and Koninklijke Philips N.V. are among the prominent companies in the global market.
*Insights on financial performance are subject to the availability of information in public domain