The global image-guided therapy systems market was worth around USD 2.31 billion in 2021 and is estimated to grow to about USD 3.39 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.9 percent over the forecast period.
The global image-guided therapy systems market was worth around USD 2.31 billion in 2021 and is estimated to grow to about USD 3.39 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.9 percent over the forecast period. The report analyzes the image-guided therapy systems market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the image-guided therapy systems market.
mage-guided Therapy Systems Market: Overview
A novel approach to invasive surgeries is image-guided treatment, which allows doctors to design, perform, and evaluate treatment methods and surgical operations using an imaging platform. Image-guided treatment is a diagnostic technique used frequently in minimally invasive surgeries. The growing preference for minimally invasive operations, technical improvements in medical imaging, and the global burden of chronic diseases are all supporting the market expansion.
The impact of the pandemic was observed to be positive on the global image-guided therapy systems market growth. To reduce TAT and hospital stay, physicians preferred minimally invasive operations during this period. Further, to reduce the risk of hospital-acquired infections, image-guided and robotic procedures became more popular. This includes protection against the highly dangerous coronavirus. This pattern is likely to persist in the future. With the increased efficiency of this treatment, both emerging and developed countries are projected to increase their use of robotic surgery and image-guided surgery. As a result, the number of remote surgeries will increase in the upcoming years.
Image-guided Therapy Systems Market: Growth Drivers
The rising incidence of chronic diseases including cancer, cardiovascular, and respiratory disorders is propelling the industry forward globally. According to the International Agency for Research on Cancer, global cancer incidence increased to over 18 million in 2018. To tackle such prevalent diseases, many medical device companies are developing innovative platforms to redefine the landscape of surgical procedures for chronic diseases in response to the urgent scenario. For example, Philips' Azurion platform recently released an image-guided platform with additional workflow choices and performance dashboards to aid doctors in regular and challenging surgeries like vascular surgery, interventional cardiology, neuroradiology, and oncology. The advancement of image-guided therapies has the potential to drastically reduce medical expenses while also improving the standard of care. All these factors are expected to contribute to the growth of the market.
Image-guided Therapy Systems Market: Restraints
Low penetration of image-guided therapy in low-income countries due to the high cost of the devices may hinder the market growth.
Catheters, micro-instruments, biopsy needles, endoscopes, and lasers are used in image-guided surgical operations, which are mostly minimally invasive procedures in which direct visibility is limited or not available. Considering the cost, the MR unit, navigational system, and MR-compatible gadgets installation costs are normally in the USD 5 million to USD 6 million brackets. In addition, the added annual running costs, which are similar to those of a traditional OR, would be roughly USD 1 million, bringing the total cost to USD 10 million for five years. Even if the MR unit performs 1,000 treatments each year, each procedure would cost at least an extra USD 2,000 per year. However, it is unclear whether patient outcomes would improve or hospital stays will be reduced. All such factors may restrain the global image-guided therapy systems market growth.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Image-guided Therapy Systems Market: Opportunities
Increasing funding for the innovation and development of cost-effective image-guided therapy systems is likely to offer better growth opportunities.
In recent years, demand for minimally invasive surgeries has increased double-fold. The changes in surgical procedures can be seen in developing countries as well. The governments in these regions are willing to offer better growth prospects for the manufacturers in the field. For this, many government schemes and funding are now available which is significantly fueling the development of new and cost-effective image-guided systems in the emerging markets. These all factors are pushing the manufacturers and healthcare providers to develop and adopt image-guided systems.
Image-guided Therapy Systems Market: Challenges.
A dearth of skilled professionals and high prices of therapy poses a major challenge to the market growth.
Image-guided therapy demands a skilled medical expert and time for the medical people to maneuver the imaging device through the patient's organs. All new technology and techniques necessitate further training for both imaging and traditional OR employees (physicians and nurses). Because the full benefits of novel technology cannot be assessed without sufficient staff training, conducting outcomes studies too soon will have negative consequences. As a result, it is beneficial to undergo training before undertaking this research. As a result, it is more expensive than other screening/testing methods. This could prevent the market from expanding.
Image-guided Therapy Systems Market: Segmentation
The global image-guided therapy systems market is categorized into product, application, end-user, and region. The product segment of the market is categorized into Positron emission tomography (PET), magnetic resonance imaging (MRI), and others. By application, the market is segregated into oncology, neurosurgery, cardiology & electrophysiology, urology, and others. The end-user segment of the market is split into hospitals, ambulatory surgery centers, and clinics.
Image-guided Therapy Systems Market: Regional Landscape
North America to dominate the global market over the forecast period.
North America will continue to dominate the global image-guided therapy systems market throughout the projected period. This is due to the region's broad adoption of technologically advanced medical equipment and the availability of a favorable reimbursement environment. Other factors driving market expansion include the rising prevalence of chronic illnesses and the increasing demands for less invasive operations. The growing number of ambulatory surgical facilities across the area is also driving the market. Further, Latin America is also seeing a surge in health tourism for minimally invasive cardiovascular and gastroenterology procedures, which is anticipated to fuel market growth in the region. The image-guided therapy systems industry in Asia Pacific is expected to develop rapidly. This is due to the region's fast-expanding geriatric population and increasing chronic illness prevalence.
Image-guided Therapy Systems Market: Competitive Landscape
Key players operating in the global image-guided therapy systems market include Siemens, Koninklijke Philips N.V., FUJIFILM Holdings Corporation, General Electric Company, Medtronic, Brainlab AG, CANON MEDICAL SYSTEMS CORPORATION, Varian Medical Systems, Inc., Analogic Corporation, XinRay Systems, TOSHIBA CORPORATION, Olympus Corporation, Hitachi, Ltd., C-RAD, KARL STORZ SE & Co. KG, Elekta AB, IBA Worldwide, Isoray Inc., Mevion Medical Systems, and Accuray Incorporated, among others.
Global image-guided therapy systems market is segmented as follows:
Image-guided therapy is the practice of using medical imaging to arrange, execute, and assess therapeutic interventions and surgical procedures. Surgeries can be made more precise and less invasive by using image-guided therapy systems. On the other hand, minimally invasive surgeries are steered by image-guided therapy systems. Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET), and Computed Tomography (CT) scan are the most commonly used image-guided therapy procedures. Magnetic Resonance Imaging (MRI) is used to form detailed pictures of the organs in the body by employing radio waves, strong magnetic fields, and magnetic field gradients. A Positron Emission Tomography (PET) scan uses a radioactive drug to reveal the functioning of tissues and organs. In Computed Tomography (CT) scan, a slender beam of X-rays is aimed at a subject and rapidly rotated around the body producing signals. These signals are processed by the computer to develop cross-sectional images of the body.
Image-guided therapy systems have been used in a wide variety of disorders and conditions. The most important and popular application of image-guided therapy systems is in the treatment of cancer. The development of new innovative image-guided systems has made cancer treatment less invasive, more targeted, and economical. Use of imaging to spearhead treatment procedures allows the physicians to precisely focus on the tumor. This targeted treatment keeps the healthy tissue unharmed and reduces the side effects to a great extent. Recently many studies have shown that local tumor ablation based treatment approaches are more effective in the treatment of cancer. In thermal ablation therapy, instead of removing the tumor surgically it is destroyed at its place by increasing the temperature inside the tumor above lethal levels. Thermal ablation therapy is a localized cancer treatment that reduces hospital stay and is well tolerated by the patients. Image-guided therapy systems are required at all the levels of treatment such as planning, targeting, heating, and validation. In thermal ablation, MRI (Magnetic Resonance Imaging), US (Ultrasonography), and CT (Computed Tomography) are used.
According to the World Health Organization (WHO), cardiovascular diseases are the number one cause of death worldwide. According to WHO estimates, around 17.7 million people died from cardiovascular diseases in 2015. According to WHO, cancer causes a second highest number of deaths around the world. In 2018, the number of cancer-related deaths was around 9.6 million. One in six deaths in the world is due to cancer. The majority (approximately 70%) of cancer-related deaths take place in middle and low-income nations.
Factors such as growing incidence of chronic conditions like hypertension and cardiovascular disorders, increasing inclination towards minimally invasive procedures, advantages of image-guided therapies like reduction of post-operative complications, and increased government spending on healthcare will act as driving factors in the growth of global image-guided therapy systems market. Moreover, increasing investments by major companies and a growing number of cancer cases will boost the global image-guided therapy systems market. The rise in research and development activities leading to the development of new and improved image-guided systems will act as an opportunity for the market players in the image-guided therapy systems market. However, high costs related to these therapy systems and lack of skilled professionals in developing regions will restrict the growth of global image-guided therapy systems market.
The global image-guided therapy systems market has been segmented into product, application, end-use, and region. The product segment has been segmented into Positron Emission Tomography (PET), Magnetic Resonance Imaging (MRI), and others. Magnetic Resonance Imaging (MRI) segment holds the maximum share of the product segment owing to its wide application range. Based on the application, image-guided therapy systems market has been segmented into oncology, cardiology and electrophysiology, neurosurgery, and others. Based on end-use, the image-guided therapy systems market has been segmented into ambulatory surgery centers and hospitals.
North America will be the leading region during the forecast period. Presence of major companies and increased government funding for the accommodation of image-guided therapies at research centers will drive the market growth in this region. Europe will be the second largest market. The Asia Pacific is expected to grow at a rapid rate over the forecast period. Increasing prevalence of cardiovascular disorders and cancer will boost the image-guided therapy systems market in this region. Latin America market will grow at a conservative rate during the forecast period. The Middle East and Africa are expected to experience a reasonable market growth in the near future.
Some of the key players in the image-guided therapy systems market include Toshiba Medical Systems, Koninklijke Philips N.V., General Electric Company, Medtronic Plc, Siemens AG, Image Guided Therapy, Brain Lab AG, and Varian Medical System, Inc., among others.
The rising incidence of chronic diseases including cancer, cardiovascular, and respiratory disorders is propelling the industry forward globally. The advancement of image-guided therapies has the potential to drastically reduce medical expenses while also improving the standard of care. All these factors are expected to contribute to the growth of the market.
According to the Zion Market Research report, the global image-guided therapy systems market was worth about 2.31 (USD billion) in 2021 and is predicted to grow to around 3.39 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 5.9 percent.
North America will continue to dominate the image-guided therapy systems market throughout the projected period. This is due to the region's broad adoption of technologically advanced medical equipment and the availability of a favorable reimbursement environment. Other factors driving market expansion include the rising prevalence of chronic illnesses and the increasing demands for less invasive operations. The growing number of ambulatory surgical facilities across the area is also driving the market.