With the growing incidences of chronic conditions such as neurological disorders, cancer and other life-threatening diseases, the image guided surgery devices market is set to gain traction. The market is anticipated to expand at a healthy CAGR of 6.0% across the forecast period (2020-2025). This growth is attributed to a burgeoning preference for minimally invasive surgical procedures which are expected to generate better clinical outcomes.
In addition, there are a growing number of partnerships between public and private entities to further research on image guided surgery devices and implement the same in different healthcare settings. Based on these trends, the global image guided surgery devices market is prophesied to accelerate and enjoy a robust growth rate. However, the onset of the COVID-19 pandemic shall hamper growth prospects, owing to deferment of elective surgical procedures in favor of addressing the immediate healthcare needs of COVID-19 patients.
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Key Takeaways of Global Image Guided Surgery Devices Market Study:
- By device type, CT scanners shall capture a major chunk of the market, amounting for more than one-fourth, while MRI devices are anticipated to account for more than 20% of the market. Ease of needle positioning and catheters shall facilitate increasing adoption of CT scanning while easy distinction between normal and malignant tissues shall drive the MRI segment.
- By application, neurosurgeries shall dominate the market, capturing nearly 30% of the share while oncology is anticipated to surpass neurosurgeries in terms of growth, expanding at a CAGR of 7.0%. This is attributed to rising prevalence of cancers and advancements in cancer detection systems.
- By end-user, the clinics segment shall grow the fastest, recording a 7.1% CAGR across the forecast period. Rising number of specialty clinics to perform minimally invasive procedures for detection of diseases is anticipated to steer the growth of this segment.
- By region, North America shall retain its dominance in the market. The region shall account for more than 2/5th of the global image guided surgery devices market share. However, the Asia-Pacific is anticipated to outdo North America, expanding at a CAGR of 7.0%. Increasing population pool with chronic and infectious diseases has leveraged demand for minimally invasive procedures within Asia-Pacific.
“The global image guided surgery devices market is poised to register positive growth, attributed to rising preference for minimally invasive surgeries over open surgery. As a result of this increased acceptance, technological innovations in image capturing have occurred. Moreover, market players are concentrating on capturing lucrative markets to maximize their revenue,” concludes a Fact.MR analyst.
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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
||Ambulatory Surgical Centers
|Magnetic Resonance Imaging (MRI)
||Research & Academic Institutions
|Position Emitted Tomography (PET)
||Middle East & Africa (MEA)
|Single Photon Emission Computed Tomography (SPECT)
“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 addressee(s) is unauthorized and prohibited.”
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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.
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The research study on the global image guided surgery devices market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global image guided surgery devices market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of device type (CT scanners, ultrasound systems, MRI scanners, X-ray fluoroscopy, position emitted tomography (PET) and single photon emission computed tomography (SPECT)), application (cardiac surgery, neurosurgery, orthopedic surgery, urology, gastroenterology, oncology surgery and others), product (analyzers and consumables), and end-user (hospitals, ambulatory surgical centers, clinics and research & academic institutions) across five major regions.
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.
Company profiles have been included in the report, which includes essentials such as product portfolio, key strategies along with all-inclusive SWOT analysis of each player. Company presence is mapped and presented through the matrix for all the prominent players thus providing the readers with actionable insights, which helps in thoughtfully presenting market status, and predicting the competition level in the global image guided surgery devices market. Prominent manufacturers with established market presence in global image guided surgery devices market are Siemens Healthineers, Medtronic, Analogic Corporation, GE Healthcare, Koninklijke Philips N.V., Olympus Corporation, Brainlab AG, Stryker and Varian Medical Systems, Inc., to name a few.
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