At 5.9% CAGR, Global Image-Guided Therapy Systems Market Size & Share to Surpass USD 3.39 Billion by 2028 | Industry Trends, Growth, Value, Opportunities, Statistics, Analysis & Forecast Report by Zion Market Research
NEW YORK, June 22, 2022 /PRNewswire/ -- As per Zion Market Research study, 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.
Key Industry Insights & Finding of the Image-Guided Therapy Systems Market Reports:
- As per the analysis shared by our research analyst, the Image-Guided Therapy Systems Market is expected to grow annually at a CAGR of around 5.9 % (2022-2028).
- Through the primary research, it was established that the Image-Guided Therapy Systems Market was valued approximately USD 2.31 Billion in 2021 and is projected to reach to roughly USD 3.39 Billion by 2028.
- The North America region's broad adoption of technologically advanced medical equipment and the availability of a favorable reimbursement environment.
- 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 rising incidence of chronic diseases including cancer, cardiovascular, and respiratory disorders is propelling the industry forward globally.
Zion Market Research published the latest report titled as "Image-Guided Therapy Systems Market By Product (Positron Emission Tomography (PET), Magnetic Resonance Imaging (MRI), And Others), By Application (Oncology, Cardiology & Electrophysiology, Neurosurgery, Urology, And Others), By End-User (Ambulatory Surgery Centers, Hospitals, And Clinics), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data And Forecasts 2022 – 2028." into their research database.
Image-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.
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Industry Dynamics:
Image-Guided Therapy Systems Market : Growth Drivers
- Developing innovative platforms to redefine the landscape of surgical procedures.
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.
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Global 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.
Global 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.
Global 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.
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List of Key Players of Image-Guided Therapy Systems Market :
- 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
- Accuray Incorporated
Key questions answered in this report:
- What are the growth rate forecast and market size for Image-Guided Therapy Systems Market ?
- What are the key driving factors propelling the Image-Guided Therapy Systems Market forward?
- What are the most important companies in the Image-Guided Therapy Systems Market Industry?
- What segments does the Image-Guided Therapy Systems Market cover?
- How can I receive a free copy of the Image-Guided Therapy Systems Market sample report and company profiles?
Report Scope:
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Recent Developments
- December 2021, Royal Philips, a global leader in health technology, confirmed that it has agreed to buy Vesper Medical Inc., a medical technology business located in the United States that produces minimally invasive peripheral vascular products. With a sophisticated venous stent array for treating deep venous illness, Vesper Medical will add to Philips' diagnostic and therapeutic device range.
- April 2021, Siemens Healthineers AG announced that the purchase of Varian Medical Systems, Inc. ("Varian") was completed successfully. The transaction was previously disclosed in August 2020. The company's foundations in in-vitro diagnostics, image-guided treatment, in-vivo diagnostics, and revolutionary cancer care will be strengthened by this acquisition.
Regional Dominance:
- 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.
Global Image-Guided Therapy Systems Market is segmented as follows:
Image-Guided Therapy Systems Market : By Product Outlook (2022-2028)
- Positron Emission Tomography (PET)
- Magnetic Resonance Imaging (MRI)
- Others
Image-Guided Therapy Systems Market : By Application Outlook (2022-2028)
- Oncology
- Cardiology and Electrophysiology
- Neurosurgery
- Urology
- Others
Image-Guided Therapy Systems Market : By End-User Outlook (2022-2028)
- Ambulatory Surgery Centers
- Hospitals
- Clinics
Image-Guided Therapy Systems Market : By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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