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Image Guided Therapy System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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    Report

  • 117 Pages
  • April 2023
  • Region: Global
  • Mordor Intelligence
  • ID: 5012651
UP TO OFF until Mar 31st 2024
The image-guided therapy system market is expected to register a CAGR of 6.5% during the forecast period.

COVID-19 had a significant impact on the growth of the market during the forecast period owing to the rising adoption of image-guided therapy during COVID. For instance, the article published in July 2022 in the RSNA journal mentioned that adults who received image-guided corticosteroid injections for pain management performed during the pandemic recovery period had a lower incidence of symptomatic COVID-19 compared with the general population. An image-guided joint injection is a shot of anti-inflammatory steroid medicine that uses fluoroscopy or ultrasound to pinpoint where the needle needs to go and to show the needle's progress. Furthermore, the image-guided therapy system market is anticipated to witness growth in the coming years due to the rise in chronic diseases, the rise in the geriatric population, and the surge in cancer radiotherapy. For instance, as per the article published in February 2022, image-guided surgery can contribute to oncologic safety and decrease complications in gastric cancer surgery by helping surgeons optimize the surgical approach, and new developments show promise for the use of Intraoperative hyperspectral imaging (HSI) in intraoperative tissue diagnostics.

Several factors, such as a rise in the geriatric population, an increase in the burden of chronic diseases, and an increase in the number of initiatives for cancer radiotherapy, are propelling the growth of the image-guided therapy system. For instance, as per the American Cancer Society 2022 update, the estimated number of new cancer cases is 1.9 million in 2022 in the United States. Thus, the high prevalence of cancer cases leads to the rising demand for minimally invasive surgical procedures, thereby contributing to the growth of the image-guided therapy system market over the forecast period.

Moreover, collaborations, partnerships, and product launches in image-guided therapy are expected to drive market growth over the forecast period. For instance, in Aug 2021, Royal Philips signed an agreement with NICO.LAB, a MedTech stroke care company, to newly developed stroke abilities of Philips Image Guided Therapy System, Azurion. The new partnership particularly promotes Philips' dedication to enhancing results for people who suffer a stroke. Additionally, in February 2021, Philips launched an image-guided therapy solution called ClarifEye Augmented Reality Surgical Navigation for spine procedures; this solution has been designed to advance minimally-invasive spine procedures in the hybrid operating room, such as Philips hybrid suite.

Also, an increase in the geriatric population is likely to lead to many chronic conditions such as hypertension, high cholesterol, cancer, and many more, which further has a high chance of adopting an image-guided therapy system as the population is more inclined toward minimally invasive procedures. For instance, the data published by WPP in 2022, by 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as the number of children under age 12. Moreover, minimally invasive image-guided therapies are preferred more as they reduce postoperative complications and control healthcare costs.

Thus, due to the rise in chronic diseases, the high prevalence of the geriatric population, and the increased adoption of minimally invasive procedures, the image-guided therapy system market is expected to drive growth over the forecast period.

Image Guided Therapy System Market Trends

Endoscopes Segment is Expected to Hold a Significant Market Share in the Image Guided Therapy System Market

The endoscopic system segment is anticipated to witness growth in the image-guided therapy system market owing to the factors such as the growing incidences of cancer and gastrointestinal diseases. According to the International Foundation for Gastrointestinal Disorders 2022 updates, it's estimated that 5-10% of the population has inflammatory bowel disease worldwide. Gastroenterologist visits in the United States were found to be 2.4 to 3.5 million yearly. Such factors are likely to boost the adoption of image-guided therapy systems, thereby contributing to the growth of the segment. The high volume of endoscope-guided surgeries with increased adoption of robot-assisted endoscopic-guided surgeries for diagnosis purposes is some more key driving factors for the market.

Moreover, technologically advanced endoscopies with many product developments and launches help to trigger the endoscopy segment. For example, in August 2022, Medtronic launched GI Genius, an artificial intelligence-driven endoscopy module for treating colorectal cancer. In addition, the magnetic resonance imaging-guided therapy segment is also showing significant market growth as these therapies are widely used in neurology, radiation oncology, and trauma care. Furthermore, in February 2022, Ambu received the 510(k) regulatory clearance from the FDA for the Ambu aScope Gastro and Ambu aBox 2 in the United States. aScope Gastro is Ambu's first sterile single-use gastroscope and includes new advanced imaging and design features in a combined solution with next-generation display and processor technology.

Thus, due to the rise in chronic diseases that require endoscopy, the rise in endoscopy product launches, and the increased adoption of minimally invasive procedures, the endoscopy segment is anticipated to witness a growth in the image-guided therapy system market over the forecast period.



North America is Expected to Hold a Significant Share in the Market and is Expected to do Same in the Forecast Period

North America is expected to hold a significant share in the global image-guided therapy system market attributed to the well-established healthcare infrastructure, rise in product launches, and quick adoption of advanced radiation therapies with technological advancements.

Moreover, the increasing aging population with rising cases of chronic diseases and value-based reimbursements in this region is likely to raise the high demand for minimally invasive procedures, thus promoting the growth of the image-guided therapy system market. For instance, as per the Statistics Canada 2022 report, an estimated 233,900 people in Canada is likely to be diagnosed with cancer in 2022.

Additionally, product launches, collaborations, and partnerships in image-guided therapy systems are anticipated to boost market growth. For instance, in Jun-2022 GE Healthcare launched the Allia platform for minimally invasive, image-guided surgery. The new platform is developed through a multi-year alliance with surgeons and interventionists to improve the consumer experience, enhance workflow efficiency, and grow the adoption of developed image guidance in daily routines. Furthermore, in January 2022, Medtronic completed the acquisition of Affera, a Boston area-based, personally held medical technology firm. This acquisition is likely to expand Medtronic’s offering of developed cardiac ablation products and supplements to fulfill physician requirements within an increasing patient population.

Thus, due to the rise in chronic diseases, the rise in image-guided therapy system product launches, and the increased adoption of minimally invasive procedures, North America is anticipated to witness growth in the image-guided therapy system market over the forecast period.



Image Guided Therapy System Market Competitor Analysis

The image-guided therapy system market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some prominent players are acquiring other companies to consolidate their market positions across the globe and while others are launching new products. Some of the companies which are currently dominating the market are Siemens Healthneers, Koninklijke Philips N.V., Altaris Capital Partners, LLC (Analogic Corporation), Medtronic, KARL STORZ SE & Co. KG, and Stryker Corporation.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in the Geriatric Population
4.2.2 Rising Burden of Chronic Diseases
4.2.3 Increase in the Number of Initiatives for Cancer Radiotherapy
4.3 Market Restraints
4.3.1 High Price of Image-Guided Therapy Systems
4.4 Porter Five Forces
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Ultrasound Systems
5.1.2 Computed Tomography (CT) Scanners
5.1.3 Magnetic Resonance Imaging (MRI)
5.1.4 Endoscopes
5.1.5 Positron Emission Tomography (PET)
5.1.6 Others
5.2 By Application
5.2.1 Neurosurgery
5.2.2 Cardiac Surgery
5.2.3 Urology
5.2.4 Orthopedic Surgery
5.2.5 Others
5.3 By End-user
5.3.1 Hospitals
5.3.2 Ambulatory Surgery Centers
5.3.3 Clinics
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Siemens Healthineers
6.1.2 Koninklijke Philips N.V.
6.1.3 General Electric Company (GE Healthcare)
6.1.4 Altaris Capital Partners, LLC (Analogic Corporation)
6.1.5 Brainlab
6.1.6 Medtronic Plc
6.1.7 Olympus Corporation
6.1.8 KARL STORZ SE & Co. KG
6.1.9 Stryker Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Siemens Healthineers
  • Koninklijke Philips N.V.
  • General Electric Company (GE Healthcare)
  • Altaris Capital Partners, LLC (Analogic Corporation)
  • Brainlab
  • Medtronic Plc
  • Olympus Corporation
  • KARL STORZ SE & Co. KG
  • Stryker Corporation

Methodology

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