Definition of Image-Guided Surgery Devices

The use of stained surgical equipment and preoperative or intraoperative images by the surgeon to either directly or indirectly affect the process is known as image-guided surgery. To record and transfer the patient's physical attributes and the surgeon's precise progress the patient to computer monitors in the operating room or AR headsets, image-guided surgical techniques use cameras, ultrasonic, electromagnetic, or a combination of fields. Several illnesses can be diagnosed and treated with the aid of image-guided surgery equipment.

Global Image-Guided Surgery Devices Market: Key Insights

Global Image-Guided Surgery Devices Market Highlights Over 2023 – 2035

The global image-guided surgery devices market is estimated to garner a revenue of ~USD 8.5 billion by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 4 billion in the year 2022. The increasing prevalence of target diseases is the main factor driving the growth of the global image-guided surgery devices market. For instance, ischemic heart disease increased by about 51% between 1990 and 2019.

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An increase was also observed in other health conditions like diabetes (up ~149%), stroke (~33%), chronic kidney disease (~94%), lung cancer (~ 70%), and age-related hearing loss (~ 84%). Image-guided surgeries help in attaining precision in keyhole procedures which are increasingly being preferred by patients and doctors. Thus, the growth of certain diseases is the main factor creating demand for image-guided procedures.

Global Image-Guided Surgery Devices Market: Growth Drivers and Challenges

Growth Drivers

• Large Presence of Geriatric Population - According to the World Health Organization (WHO), the aging population in the world will double between 2015 and 2050, going up from 12% to 22%. WHO adds that 80% of the aging population by 2050 should be living in low- and middle-income countries. People aged 6o and above are thought to cross one billion by 2030 and double in another 20 years. People in their old age are likely to suffer from complicated health conditions constituting geriatric syndrome. These include cataracts and refractive errors, hearing loss, osteoarthritis, back and neck pain and diabetes, depression, chronic obstructive pulmonary disease, and dementia. Keyhole procedures, including image-guided surgeries, are especially helpful in the diagnosis and treatment of these diseases in old people.

• Wide Preference for Minimally Invasive Surgeries (MIS) – Most patients prefer MIS for their benefits like short hospitalization, reduced need for revised surgeries, and more. For instance, more than 12 million laparoscopic procedures are done worldwide yearly.

• Considerable Growth of Medical Diagnostic Imaging Market – It has been estimated that the worldwide medical diagnostic imaging market should grow at a CAGR of 6% going up from a revenue of USD 20 billion in 2021-2030.

• Considerable Growth of the Robotic Industry – It has been observed that the sales of robotic units in 2021 surpassed 430,000. The shipment of robots has been anticipated to grow by more than 10% between 2020 and 2022.

• Increased Expenditure on Healthcare Research and Development (R&D) - Healthcare had been predicted to spend the most among all industries for research and development by 2020. Additionally, as of 2018, healthcare had more than 20 “high leverage innovators” who financially outperformed the remaining industry completely in just 5 years while spending less on R&D.

Challenges

·     Expensive Purchase and Running Costs - The huge prices and high maintenance costs of these devices hurt the primary consumers of these products, such as hospitals and commercial diagnostic laboratories & research organizations, as well as the market as a whole.

·     Sudden Decrease in Surgeries Altogether Owing to COVID-19

·     Stringent Government Policies Affecting the Manufacturing and Shipment of the Devices

The global image-guided surgery devices market is segmented and analyzed for demand and supply by-products into CT, MRI, PET, SPECT, Endoscopy, Ultrasound, and X-ray fluoroscopy. Of these, the CT segment is anticipated to hold the largest market size by the end of 2031. The prevalence of target health conditions, including cardiovascular diseases, cancer, and orthopedic diseases, is the major factor driving the growth of the CT segment. It is estimated that in 2019, there were more than 523 million cases of cardiovascular diseases worldwide. In 2020, cancer resulted in more than 9 million deaths, thus becoming the cause of the greatest number of deaths globally. About 2 billion people suffer from musculoskeletal conditions worldwide which are the leading causes of disability in the world. CT helps in creating a projection of body organs using 3D imaging and thus helps in the diagnosis of all these diseases.

Global Image-Guided Surgery Devices Market Regional Synopsis

The market in the North American region is projected to hold the largest market share by the end of 2031. The major reason for the high demand for image-guided procedures in North America is the prevalence of target diseases, including cancer and cardiovascular diseases. As per the Centers for Disease Control and Prevention (CDC), every year, 1.7 million individuals in the U.S.  get diagnosed with cancer.  CDC’s statistics also refer to the death of 697,000 U.S. individuals in 2020 as a result of cardiovascular diseases.  A growing geriatric population and the developing robotics industry are other reasons leading to the demand for image-guided procedures in the region.

Market Segmentation

Our in-depth analysis of the global image-guided surgery devices market includes the following segments:

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Key Companies Dominating the Global Image-Guided Surgery Devices Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global image-guided surgery devices market that are included in our report are Brainlab AG, Koninklijke Philips N.V., Siemens Healthcare GmbH, Medtronic, Abbott Laboratories, General Electric Company, Stryker, KARL STORZ SE & Co. KG, Analogic Corporation, Zimmer, Inc., and others.

Global Image-Guided Surgery Devices Market: Latest Developments

• June 2022: General Electric Company – announced the launching of the Allia Platform designed to enhance precision in image-guided surgeries. The Allia IGS 7 has also been recognized internationally through the Red Dot Design Award: Product Design 2022.

• March 2022: Koninklijke Philips N.V. – collaborated with new clinical partners to develop the Philips lung suite, which enables accurate lung cancer biopsy to present a possibility for the treatment of cancer in the early stage. The lung suite incorporates Philip’s Image-Guided Therapy System, Azurion.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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