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Image Guided Surgery Devices Market

Image Guided Surgery Devices Market

Image Guided Surgery Devices Market Analysis by Product (Image Guided Surgery Devices [Computed Tomography (CT) Scanners, Ultrasound Systems, Magnetic Resonance Imaging (MRI), Endoscopes], Software), by Application, by End User, by Region - Global Forecast 2022-2032

Image Guided Surgery Devices Market
FACT4814MR
  • Apr-2022
  • List of Tables : 41
  • List of Figures : 167
  • 170 Pages
  • Healthcare

Image Guided Surgery Devices Market Outlook (2022-2032)

The global image guided surgery devices market was valued at US$ 6.7 Bn in 2021, and is expected to reach US$ 16.1 Bn by 2032, expanding at a CAGR of 8.4% over the 2022-2032 time frame.

Data Points

Market Insights

Image Guided Surgery Market Size (2021)

US$ 6.7 Bn

Estimated Market Value (2022)

US$ 7.2 Bn

Forecasted Market Value (2032)

US$ 16.1 Bn

Global Market Growth Rate (2022-2032)

8.4% CAGR

East Asia Market Share (2021)

11.1%

East Asia Market Growth Rate (2022-2032)

8.8% CAGR

China Market Growth Rate (2022-2032)

9.2% CAGR

Market Share of Top 5 Countries

63.9%

Key Market Players

  • GE Healthcare
  • Siemens Healthineers
  • Medtronic plc.
  • Koninklijke Philips N.V.
  • Stryker Corporation
  • Carestream Health
  • Hitachi Medical Corporation
  • Hologic
  • United Imaging Technologies Inc.
  • Brainlab AG
  • Karl Storz Gmbh & Co. Kg
  • Smith & Nephew Plc
  •  Esaote SpA
  • Zimmer Biomet
  • Varian Medical Systems, Inc
  • Medtronic Plc.
  • EndoMed Systems
  • Maxer Endoscopy
  • Blazejewski MEDI-TECH GmbH
  • Olympus Corporation
  • FUJIFILM Holdings Corporation
  • Shenyang Shenda Endoscope Co., Ltd.
  • Shimadzu Corporation
  • Shenzhen Anke High-tech Co., Ltd.

As per detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, the devices segment, categorized under product, dominated the global image guided surgery devices market in 2021 in terms of revenue and market share, accounting for 75.3% of the total market, and is expected to surge ahead at a CAGR of 8.2% over the forecast period (2022-2032).

Consumption of image guided surgery devices account for 17% of the global diagnostic medical imaging equipment market, which was valued at US$ 39.97 Bn in the year 2021.

Demand Analysis of Image Guided Surgery Devices (2017-2021) Compared to Market Outlook (2022-2032)

The global image guided surgery devices market expanded at a CAGR of 7.7% over the last five years.

Surgical navigation systems for minimally-invasive surgeries are becoming more common in hospitals. These surgeries are performed through tiny incisions instead of large openings. With these types of surgeries, patients tend to experience quicker recovery and less discomfort as compared to conventional surgeries that take more recovery time and don’t provide the required comfort. These surgeries include brain surgeries, colectomy, adrenalectomy, heart surgeries, and others.

Demand for minimally-invasive surgeries over open surgery is increasing owing to better clinical outcomes, fast recovery, minimal risk of post-surgical infections, and overall low cost.

  • According to a December 2020 publication in the Journal of the Society of Laparoscopic & Robotic Surgeons by Ace St. John, et.al., there was a steady rise in minimally-invasive surgeries from 2003 to 2018 across the world.

Furthermore, incidence of cardiovascular diseases and cancer is increasing dramatically across the world. Breast cancer and lung cancer are leading among all cancer types responsible for increasing the death count. It is thus one of the main factors driving demand for image guided surgery devices.

Advancements in surgical navigation systems and innovative device development are expected to increase demand for image guided surgery, thereby driving the global image guided surgery devices market through 2032.

Considering this, FACT.MR expects the worldwide image guided surgery devices market to expand at a CAGR of 8.4% throughout the forecasted years.

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Which Factors Present Opportunistic Growth Image Guided Surgery System Manufacturers?

“Development of Competent and Low-cost Devices”

Rise in popularity of image-guided surgery (IGS) along with high success rate as compared to open surgery is expected to increase the adoption of image guided surgery equipment among surgeons for a wide range of medical applications.

Usage of image guided surgical systems can address unmet clinical needs in orthopedic surgeries with good accuracy. Current navigation surgery devices are significantly expensive, and thus restrict adoption in small- and mid-size hospitals. Development of portable wireless systems and cost-effective devices presents large opportunities for market players.

FDA approval and CE marking of devices will aid in the expansion of the market and will lead to the launch of more products by manufacturers.

Global Image Guided Surgery Devices Market forecast analysis by Fact.MR

Why is Demand for Image Guided Surgery Devices Being Restraint to Some Extent?

“Lack of Trained Professionals and High Operating Cost”

Image guided surgery devices are complex and highly specialized with surgical navigation systems and require skilled surgeons to perform navigation surgeries accurately. Lack of sufficient training in the use of image guided surgical systems by surgeons is a major challenge hampering the growth of image guided surgery devices market.

Due to lack of experience and training in image guided navigation surgery, hospitals face a lack of surgeons and experts who can handle advanced and precise treatment procedure.

Demand for image guided surgical procedures is witnessing growth owing to the occurrence of rapid technological advances. Many device manufacturers are making substantial investments in the research & development of novel surgical platforms. However, this results in the increase in prices of these systems.

Primary customers of these devices, such as hospitals and commercial diagnostic laboratories & research institutes, are adversely affected by the high prices, and so is the overall market, subsequently.

Therefore, lack of training in the use of image guided surgery systems and high purchase and operating cost are the main restraints that are expected to limit demand growth of image guided surgery devices, globally.

NA Image Guided Surgery Devices Market forecast analysis by Fact.MR

An Adaptive Approach to Modern-day Research Needs

Country-wise Insights

Why is the U.S. a Large Market for Image Guided Surgery Equipment?

The U.S. accounted for 92.6% share of the North America image guided surgery devices market in 2021, and is expected to continue to expand at a CAGR of 7.5%, owing to the development of better treatment facilities and research & development centers.

Moreover, the U.S. is focusing on the introduction of new products into the market to generate revenue as well as expansion strategies to gain greater geographical footprint over the forecast period, thereby, driving the sales of image guided surgery devices.

  • In March 2021, Carestream Health, a U.S.-based company, launched the Lux 35 detector for medical imaging, keeping in mind the comforts of patients as well as radiographers.

Will Germany Be a Lucrative Market in Europe for Image Guided Surgery Device Suppliers?

Germany accounted for 27.7% market share in Europe in 2021. As the incidence of cardiac disorders and cancer is increasing, Germany is focusing on various research & development programs and supporting different clinical trials by acquiring and investing in small companies, which is expanding the image guided surgery device market in the country.

  • In March 2021, BrainLab acquired Mint Medical, which is involved in the development of image reading and reports using advanced data quality gathered in clinical routine and research with defined structure.

Also, rise in the adoption of advanced image guided surgery technologies offers lucrative opportunities for the German market to lead amongst all European countries.

What Factors are Fueling Demand for Image Guided Surgery Devices in China?

China is estimated to account for 42.6% of the East Asia image guided surgery device market share in 2022, and is expected to expand at 9.2% CAGR during the forecast period.

Rise in the burden of chronic and neurological diseases has led the Chinese population to shift towards minimally-invasive procedures. Additionally, China is focused on manufacturing innovative products to expand its market share.

  • In May 2019 United Imaging Technologies Inc., a China-based company, launched eight cutting-edge products with the latest research on molecular imaging and brain sciences.

How Will Market Growth of Image Guided Surgery Devices Progress in Emerging Countries Like India?

Demand for high-graded image guided surgery devices in India is expected to rise at 8.6% CAGR over the forecast period and is expected to hold nearly 33.5% market revenue share of the South Asia image guided surgery device market in the year 2022.

Developing healthcare infrastructure and enormous population base are luring AI innovations in medical imaging.

  • In September 2021, FUJIFILM, a company in Japan, launched a project to validate effective functioning of artificial intelligence incorporated technology assisting with diagnostic imaging in health screening services in India.

Owing to these factors, the India image guided surgery devices market will grow tremendously over the coming years.

Category-wise Insights

Why is Demand for Computed Tomography (CT) Scanners Gaining Traction?

By product, devices held the largest revenue share of over 75% in the global market in 2021. Categorized under the devices segment, computed tomography (CT) scanners displayed the highest share of 26.8% in 2021.

High growth is owed to the efficacy of CT scans in obtaining detailed internal images of the body in a non-invasive manner for diagnostic purposes. They can be used to identify disease or injury within various parts of the body.

Sales of computed tomography (CT) scanners have shown a high growth rate because of their high-speed scanning capabilities, making them the most attractive and highly adopted device, and are expected to grow the image guided surgery devices market in terms of sales during the forecast period.

Which Application of Image Guided Surgery Devices Displays High Demand?

The neurosurgery segment, by application, drives demand of this market, globally. The segment accounted for 29% market share, which was the highest among all mapped applications in 2021.

Image guided surgery has transformed the field of neurosurgery and is widely accepted, as it provides more precision in approach and reduces monitoring complications, all the while limiting surgical exposure and leading to detailed pre-operative planning.

Competitive Landscape

Major manufacturers of image guided surgery devices are focusing on partnerships with emerging companies to grow in the market space and reach a larger customer base. They are majorly focusing on promoting their devices at professional scientific meetings and conferences, and are acquiring small companies for business growth in order to create a good bearing in the market.

  • On 10 Jan 2022, Alcon acquired Ivantis, Inc., bringing Hydrus Microstent into its global surgical portfolio.
  • On 30 November 2020, at RSNA 2020, Siemens Healthineers introduced the Cios Flow Mobile C-arm System, which can help make surgical interventions more efficient and patient-friendly.

Similarly, recent developments related to companies supplying image guided surgery devices have been tracked by the team at Fact.MR, which are available in the full report.

Key Segments Covered in Image Guided Surgery Devices Industry Research

  • Image Guided Surgery Devices Market by Product:

    • Image Guided Surgery Devices
      • Computed Tomography (CT) Scanners
      • Ultrasound Systems
      • Magnetic Resonance Imaging (MRI)
      • Endoscopes
      • X-ray Fluoroscopy Devices
      • Positron Emission Tomography (PET) Devices
      • Single Photon Emission Computed Tomography (SPECT) Devices
    • Image Guided Surgery Software
  • Image Guided Surgery Devices Market by Application:

    • Cardiac Surgery
    • Neurosurgery
    • Orthopedic Surgery
    • Gastroenterology Surgery
    • Urology
    • Oncology Surgery
    • Others (ENT, Dental, Pulmonary surgery)
  • Image Guided Surgery Devices Market by End User:

    • Hospitals
    • Ambulatory Surgical Centers
    • Clinics
    • Academic & Research Institutes
  • Image Guided Surgery Devices Market by Region:

    • North America Image Guided Surgery Devices Market
    • Latin America Image Guided Surgery Devices Market
    • Europe Image Guided Surgery Devices Market
    • East Asia Image Guided Surgery Devices Market
    • South Asia Image Guided Surgery Devices Market
    • Oceania Image Guided Surgery Devices Market
    • Middle East and Africa (MEA) Image Guided Surgery Devices Market

- FAQs -

The global image guided surgery devices market is worth US$ 6.7 Bn in 2021, and is set to expand at a CAGR of 8.4% over the next ten years.
The global market for image guided surgery devices is expected to reach US$ 16.1 Bn by the end of 2032.
Sales of image guided surgery devices increased at a CAGR of 7.7% between 2017 and 2021.
Rising deployment of robotics in surgeries, increasing product launches for implant systems, and computer-assisted endoscopy are latest trends in this space.
The U.S., Germany, Japan, U.K., and China account for most demand for image guided surgery equipment.
Demand for image guided surgery devices is expected to register growth in Europe at 8.3% CAGR during the forecast period.
Prominent image guided surgery device suppliers are GE Healthcare, Siemens Healthineers, Medtronic plc, and Koninklijke Philips.
The South Korea image guided surgery devices market is expected to exhibit healthy growth at 10% CAGR, while that in Japan is slated to be around 8.1% CAGR, during the forecast period.

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