Global Image Guided Surgery Devices Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Device Type (CT, Ultrasound, MRI, X-Ray Fluoroscopy, Endoscopes, PET and SPECT), by Application (Neurology, Orthopedic Surgery, ENT Surgery, Oncology Surgery and Others)

Market Overview

Image guided surgery refers to the use of intraoperative or preoperative images for guiding surgeons during surgical procedures. Image guided surgery systems utilizes images for real-time correlation during surgery, so that the surgeons can precisely guide the surgical instruments to the anatomic structures, thus, minimizing the chances of errors and reducing the procedure time. The global image guided surgery devices market has been segmented on the basis of device type and application.

On the basis of device type, the global market has been further segmented into CT, Ultrasound, MRI, X-Ray Fluoroscopy, Endoscopes, PET and SPECT. CT holds the largest share of the global image guided surgery devices market. A CT scan shows the bones, tissues and organs in a thin “slice” of the body and is used for diagnosing skeletal abnormalities, vascular diseases and cancer.

On the basis of application, the global image guided surgery devices market has been segmented into neurology, orthopedic surgery, ear nose throat surgery, oncology surgery and others. Neurology has been the largest application of the global market.

 

GLOBAL IMAGE GUIDED SURGERY DEVICES MARKET, BY DEVICE TYPE $M (2013-2023)

Market Dynamics

The global image guided surgery devices market is expected to witness a CAGR of 6.5%, during the forecast period. Rising cases of neurological disorders, increasing prevalence of chronic diseases, increasing geriatric population and surging healthcare expenditure are some of the key drivers for the global market growth. Additionally, growing cases of cancer and launch of technologically advanced imaging systems also supports the market growth. On the other hand, the market has been facing certain challenges such as high cost of imaging technique and stringent regulatory requirements, which may impede its growth, during the forecast period.

Opportunities

The increasing demand and penetration of image guided surgery devices in emerging economies offers enormous growth opportunities for the global image guided surgery devices market. With rising economic growth and increasing government initiatives in Asia-Pacific, the major manufacturers of image guided surgery devices are penetrating into the untapped market in the region.

Countries such as China and India are expected to have a large growth potential for the market during the forecast years. The healthcare industry is witnessing significant growth in these countries. The large population base and improving healthcare infrastructure are attracting medical devices manufacturers to develop their manufacturing sites in these countries. Moreover, manufacturing of medical devices in the developing regions tends to decrease the overall cost of manufacturing, thus reducing the cost of the product without altering its quality. Image guided surgery devices such as CT, Ultrasound, MRI, X-Ray Fluoroscopy, Endoscopes, PET and SPECT play a vital role in the diagnosis and treatment of several diseases. Therefore, ease of healthcare access in these countries creates ample growth opportunities for the market.

Growth Drivers

Growing aging population and increasing prevalence of cancer has created a positive impact on the growth of the global image guided surgery devices market. The elderly population requires extensive care as they are prone to illness due to low immunity levels and high recovery time. The bones at older age are less dense and more fragile due to loss in mineral content of bones. Owing to the changes in tendons and ligaments with age, the flexibility of joints decreases and their motion becomes more restricted. Elderly people are also more susceptible to chronic diseases, such as cancer, neurological disorders and arthritis, which leads to increase in demand for better diagnosis and therapies.
As per the United Nations Department of Economic and Social Affairs (UNDESA) report on the global aging population, the population of people aged 60 years or above is growing at a high rate. In 2013, the global share of people aged 60 or above was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050. Thus, rise in the aging population serves as a major driver for the growth of the global market.

According to the International Agency for Research on Cancer (IARC), a specialized cancer agency of WHO that promotes cancer research, around 12.7 million new patients were detected with cancer in 2008, globally, and the number is expected to reach 21.4 million by 2030. Further, a total of 8.2 million deaths took place in 2012, globally, due to cancer, of which 1.6 million deaths were due to lung cancer, while 745,000 deaths were due to liver cancer, and 400,000 deaths resulted from esophageal cancer. The increased pool of cancer patients undergoing surgical procedures using image guided surgery devices has led to the growth of the market.

Competitive Landscape

Some of the key players in the global image guided surgery devices market include Siemens AG, GE Healthcare, Koninklijke Philips N.V., Canon Inc., Hitachi, Ltd., KARL STORZ GmbH & Co. KG., Medtronic, Inc., St. Jude Medical, Inc., Varian Medical Systems, Inc., Smith & Nephew plc, Integra LifeSciences Corporation and Zimmer Holdings, Inc.

Scope for Customization

P&S Intelligence offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes:

• Period of Analysis – Increase in the study period, including historic and forecast years
• Geographical Analysis – Increase in country coverage
• Segment Analysis – More granular coverage related to:
  • Further analysis of device type and application under image guided surgery devices by region
• Company Profiles – Wider company coverage in terms of detailed analysis or additional company profiles
• New custom report – A completely customized report can be provided on the market, specific to a region/ country/ segment