Global Image Guided Surgery Devices Market Outlook:
Image guided surgical devices have revolutionized surgical techniques by enhancing surgical safety and improving patient outcomes. The market is anticipated to reach a valuation of US$ 4.9 Bn by the end of the forecast period of 2020-2025, expanding at a CAGR of 6.0%. Increasing preference for minimally invasive surgeries owing to better clinical outcomes, technological advancements in imaging and collaboration between the public and private sectors for deploying image guided surgery devices are key growth determinants.
The COVID-19 pandemic is expected to lead to a setback in image guided surgical procedures, attributed to delays in elective surgeries in the face of escalating fatalities occurring as a result of the disease.
Global Image Guided Surgery Devices Market: Technological Insights:
Technological advances continue to revolutionize medical care, by enabling early diagnosis and provision of safer and more efficient treatments. Rising demand for minimally invasive procedures has stimulated investments in R&D in the image guided surgery devices market. For instance, in January 2019, Koninklijke Philips launched its Azurion imaging-guided therapy system with the FlexArm technology which allows clinicians to perform imaging across the entire body through 2D and 3D modes.
Similarly, 7D Surgical launched its Machine-vision Image Guided Surgery (MIGS) system to provide a faster, radiation-free image guided surgery in spine procedures. Such advancements in surgical navigation technologies and innovative product developments are anticipated to leverage demand for image guided surgery, thereby fueling the growth of the market.
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Global Image Guided Surgery Device Market Analysis By Device-Type
Computed Tomography (CT) scanners are anticipated to enjoy the maximum market share (> 1/4th), expanding at a CAGR of 6.5%. This is attributed to its suitability in detecting strokes, cardiovascular, inflammatory and spinal cord diseases. Moreover, the procedure also aids in proper positioning of biopsy needles and treatment catheters in the body. The CT scanners segment is poised to reach a valuation of US$ 1.3 Bn by 2025-end.
MRI devices are poised to capture the second-largest share in the global image guided surgery devices market, amounting to more than two-fifths. The segment is poised to grow impressively at a CAGR of nearly 7.0%, reaching a value of US$ 1 Bn by 2025-end. The rising popularity of MRI devices is attributed to its ability to better differentiate between normal and abnormal tissues in the body. Moreover, MRI scanning is a reliable technique for detecting cancerous growth in the body.
Global Image Guided Surgery Market: Application Insights:
Neurosurgeries find the maximum application of image-guided surgeries. The neurosurgery segment is poised to expand at a CAGR of 6.5%, capturing greater than one-fourth of the global image guided surgery devices market. However, in terms of growth, the oncology segment is poised to surpass neurosurgical procedures, and set to capture nearly 1/5th of the market.
Minimum risk of damage to non-surgical sites in the brain and increase in accuracy of operating procedures are key factors anticipated to accelerate the growth of the neurosurgeries segment. This is attributed to proper distinction between healthy and damaged brain cells. Rising prevalence of cancer is poised to drive the oncology segment. Moreover, it is much easier to detect and improve the outcomes of several oncology surgeries such as breast cancer and ovarian cancer.
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Global Image Guided Surgery Devices: Regional Insights:
North America dominated the global image guided surgery devices market during the historical period, capturing more than 2/5th of the market share. This trend shall continue throughout the forecast period, expanding at a healthy CAGR of 6.0%. In contrast, Asia-Pacific is anticipated to outperform North America in terms of growth, recording a whopping 7.0% CAGR.
Increasing number of minimally invasive procedures in North America, particularly in the U.S, is generating greater demand for technologically-enhanced image guided surgical devices, owing to their advantages such as limited risk of surgical site infections which ultimately reduces the mortality rate. Rise in incidences of diseases such as cancer, strokes, tumors and cardiovascular diseases has greatly expanded the target patient population seeking minimally invasive procedures in the Asia-Pacific.
Global Image Guided Surgery Devices Manufacturers: Organic Growth Strategies to Assist Key Manufacturers in Leveraging their Market Presence
The global image guided surgery devices market is highly consolidated, with the top four market players accounting for over 70% market share. GE Healthcare, Medtronic, Siemens Healthineers and Koninklijke Philips N.V. are the key market players. GE Healthcare is the leader in the image guided surgery devices market, producing a range of dedicated systems for image guided surgeries such as Innova and Optima image guided surgery product series.
Medtronic accounts for the second largest share, attributed to preference of healthcare providers for its O-ARM and StealthStation product portfolio. A strong focus on organic growth strategies through expansion of business units is important for the abovementioned market players to consolidate their foothold in the market. For instance, in April 2017, GE Healthcare signed an agreement with HealthTrust to provide low energy (SPECT) and high energy (PET) radiopharmaceuticals to the latter across the U.S.
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COVID-19’s Impact on the Market:
The ongoing COVID-19 pandemic has generated widespread disruptions in production cycles across several business domains. Strict social distancing measures implemented by countries across the world have compelled businesses to provide remote working arrangements and shutting down of production units.
With the number of cases increasing on a daily basis, the healthcare industry has been facing immense pressure regarding treatment of infected patients. As hospitals and clinics face increasing shortages of beds and essential medical equipment such as ventilators, key healthcare companies are directing all their resources in producing such equipment, resulting in partial or complete cessation of its other activities.
The global image guided surgery devices market is also anticipated to take a dip as patients are delaying their elective surgical procedures regarding chronic conditions to provide greater room for treating COVID-19 patients. In this regard, GE Healthcare is accelerating production of its CARESCAPE R860 ventilators to hospitals and clinics. This is poised to shift focus away from the production of image guided surgery devices, causing a downturn in the market.
“Significant technological advancements in image screening in the wake of burgeoning preference for minimally invasive surgical procedures is anticipated to drive the global image guided surgery devices market. However, the COVID-19 pandemic is anticipated to stall market growth, attributable to a shifting focus by healthcare providers on eradicating the pandemic. However, a resurgence is on the cards post the pandemic, with North America and Asia-Pacific emerging as lucrative hubs for the market.”
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Global Image Guided Surgery Devices Market: Report Scope:
The recent study undertaken by Fact.MR on the global image guided surgery devices market provides a five-year forecast from 2020 to 2025, explication on key dynamics such as the key drivers, opportunities and restraints for the market. A detailed analysis based on revenue, market share and growth rate has been done for the market through the following segments: device type, application and end-user.
A detailed regional landscape incorporating the abovementioned segments has also been included. The regional analysis is based on the following geographies: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. In addition, a section on competitive landscape has been embedded.
This section elaborates on the key market players’ revenue, growth strategies, product portfolio and market share. Moreover, a SWOT analysis of each of the market players has been incorporated to provide a realistic outlook for them in the future.
Global Image Guided Surgery Devices: Market Segmentation
Fact.MR has studied the global image-guided surgery devices market with detailed segmentation on the basis of device type, application, end-user, and region.
- Computed Tomography (CT) Scanners
- Ultrasound Systems
- Magnetic Resonance Imaging (MRI)
- X-ray Fluoroscopy
- Position Emitted Tomography (PET)
- Single Photon Emission Computed Tomography (SPECT)
- Cardiac Surgery
- Orthopedic Surgery
- Oncology Surgery
- Ambulatory Surgical Centers
- Research & Academic Institutions
- North America
- Asia Pacific
- Eastern Europe
- Latin America
- Middle East & Africa (MEA)
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
Global Image guided surgery devices Market- Scope of the Report
The recent study by Fact.MR on the global image guided surgery devices market offers a 5-year forecast between 2020 and 2025. The study analyzes crucial trends that are currently determining the growth of the global image guided surgery devices market. This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the production of image guided surgery devices. The study also provides dynamics responsible for influencing the future status of the image guided surgery devices market over the forecast period.
A detailed assessment of the global image guided surgery devices market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the global image guided surgery devices market along with their product portfolio enhances the reliability of this comprehensive research study.
Global Image Guided Surgery Devices Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in global image guided surgery devices markets across the globe.
A comprehensive estimate of the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales in the global image guided surgery devices market during the forecast period. Price point comparison by region with global average price is also considered in the study.
Global Image Guided Surgery Devices Market: Analysis on Market Size Evaluation
The global image guided surgery devices market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for global image guided surgery devices is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent global image guided surgery devices market segments, along with market attractiveness evaluation, has been incorporated in the report.
Global Image Guided Surgery Devices Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the global image guided surgery devices report, which have helped deliver projection on the regional markets. These chapters include the regional macros (economic, and business environment outlook), which are expected to have a momentous influence on the growth of the global image guided surgery devices market during the forecast period.
Country-specific valuation on demand for global image guided surgery devices has been offered for each regional market, along with the market scope estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
Global Image Guided Surgery Devices Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading providers of global image guided surgery devices along with their detailed profiles. Essential and up-to-date data information related to market performers, who are principally engaged in the production of image guided surgery devices, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits the report readers to take preemptive steps in advancing their businesses.
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