Interventional Image-Guided Systems Market: Overview
The market size for interventional image-guided systems market was USD 4295.5million in 2021, and it is projected to grow at a CAGR of 5.9 percent during the forecast period. The inclination for less invasive surgeries, the rise in the older population, and technological advancements in imaging equipment are the main factors driving this industry. The market is growing due to the rising prevalence of chronic diseases like cancer and the increase in efforts for cancer treatment. For instance, a global cancer research organization saw that in 2020, there were around 19,292,789 new instances of cancer worldwide.
According to the WHO, chronic diseases such as excessive cholesterol, hypertension, cancer, and cognitive heart disorders are replacing infections as the leading cause of death worldwide. Thus, it is anticipated that there will be an increase in demand for image-guided therapy systems in the upcoming years to treat these illnesses. Another element promoting industry growth is the preference for minimally invasive therapies. Minimally invasive techniques for common procedures can lower postoperative problems and control healthcare expenditures, according to a national survey study by Johns Hopkins Medicine. As a result, the market is anticipated to grow due to the rising demand for minimally invasive image-guided therapies. According to the Institute of Cancer Research, radiation is used to treat more than 120,000 people annually in the UK. Systems for image-guided therapy have significantly advanced, enabling safer and more precise interventions.
Catheters, micro-instruments, biopsy needles, endoscopes, and lasers are used in image-guided surgical operations, often minimally invasive procedures with little or no direct visibility. Installation fees for MR-compatible devices, the navigation system, and the MR unit typically run between million and $. The extra yearly running costs, similar to those of a standard OR, would be millions of USD. Even if the MR machine could perform 1,000 treatments annually, each would still cost thousands of dollars more.
Interventional Image-Guided Systems Market: COVID-19 Impact
Due to widespread social isolation policies, hospital and healthcare services were severely curtailed due to the COVID-19 outbreak, which impacted the interventional radiology sector. The pandemic also affected the world economy and significantly changed how general hospital care was provided internationally for patients who did not have COVID-19. In August 2020, the SAGE Public Health Emergency Collection published a report on the general effects of the COVID-19 pandemic on cardiac interventional radiography services in Canada. According to the survey, Canada-wide demand for acute interventional radiology treatments fell by 49.3%.
Interventional Image-Guided Systems Market: Drivers
Global Cancer Incidence Rates are Rising is Driving Market Growth
People from different racial backgrounds, sexual orientations, and socioeconomic levels are all impacted by cancer. The cancer diagnosis rate appears to be increasing, despite cancer prevention and therapy improvements. Any ailment that can affect any region of the body is referred to as cancer in general. Neoplasms and malignant tumors are two alternate names for cancer. One feature of cancer is rapidly developing aberrant cells that cross their natural borders, infiltrate surrounding body tissues, and eventually infect other organs. This process is referred to as "metastasis." The main reason why cancer patients die is because of widespread metastases.
Image-Guided Therapy Systems' Technological advancement is Driving Market Growth
As the annual rate of cancer incidence rises quickly, there is an increase in the demand for therapeutic methods. Numerous complex illnesses are diagnosed and treated using image-guided technologies. These factors create the market for image-guided therapy systems to grow. When treating cancer, radiologists and oncologists need to see the affected area. In this case, image-guided therapeutic systems are helpful. Early detection and an increase in the number of patients seeking treatment are expected to increase the utilization of image-guided therapy systems in the future years. Technology advancement is another aspect influencing the demand for image-guided treatment systems. Artificial intelligence and augmented reality are the main fields of development. In contrast to virtual reality, which prohibits medical professionals from moving objects (such as scopes and gadgets) inside the body or interacting with their surroundings, augmented reality permits them to do both.
Interventional Image-Guided Systems Market: Restraints
Image-Guided Therapy's Poor Uptake in Low-Income Countries is Major restraint in Market Growth
Catheters, micro-instruments, biopsy needles, endoscopes, and lasers are used in image-guided surgical operations, often minimally invasive procedures with little or no direct visibility. Installation fees for MR-compatible devices, the navigation system, and the MR unit typically run between million and $. The extra yearly running costs, similar to those of a standard OR, would be millions of USD. Even if the MR machine could perform 1,000 treatments annually, each would still cost thousands of dollars more. However, a shortage of information and a lack of skilled workers would be a problem and further impede the market's growth.
Interventional Image-Guided Systems Market: Segment Overview
Endoscopes are Dominating Market due to their Precision in Surgeries
In 2021, the endoscopes segment had the highest revenue share—more than 30.0%. The main drivers of the segment growth are the rising use of robot-assisted endoscopic operations and the high cost of the equipment. The extensive use of endoscope-guided surgery for various procedures has also contributed to its expansion. The segment is driven by the rising prevalence of gastrointestinal and cancer illnesses and the demand for interventional endoscopic systems. In addition, the endoscopes market is anticipated to grow at the highest CAGR over the forecast period due to endoscopic technology developments and subsequent product launches.
Hospitals are Dominating Market Due to Increase in Chronic Diseases
In 2021, the hospital sector's revenue share was above 35.0%, which was the highest. The two main factors driving the segment are the rise in different procedures and the widespread use of hospital image-guided therapy systems. Hospitals are deploying these technologies in response to the increased demand for clinical workflows to be optimized cost-effectively.
Interventional Image-Guided Systems Market: Regional Landscape
North America to Dominate Market due to Improved Health Infrastructure
North America had the highest revenue share of over 35.0% in 2021, and it is anticipated that it will continue to hold the top spot throughout the projected period. The factors driving the growth of this market include improved healthcare infrastructure, technological breakthroughs, and rapid acceptance of sophisticated radiation therapy. The regional market is expanding due to the rising number of chronic diseases and the aging population. In 2021, the U.S. held the highest share in North America, almost 85.0%. In the upcoming years, favorable measures launched by private businesses in minimally invasive interventional and surgical procedures are anticipated to promote market expansion. In June 2021, the American College of Cardiology and GE Healthcare partnered with the nonprofit medical organization. The companies sought to develop innovative methods for improved health outcomes and a roadmap for using artificial intelligence (AI) in cardiac surveillance. The collaboration would also result in new AI for cardiac care and digital technology roadmaps to explore the risks of managing atrial fibrillation and other connected clinical trials.
Asia Pacific is predicted to have the quickest CAGR during the projection period. The factors for its rapid expansion are the aging population, rising target illness cases, and bettering healthcare infrastructure. A growing number of research facilities in nations like China and India benefit from expanding the regional market. The factors responsible for its rapid development are the growing senior population, rising target infection rates, and growing medical care infrastructure.
Interventional Image-Guided Systems Market: Competitive Landscape
In April 2022, Medtronic and GE Healthcare partnered with a major player in global medical technology. The businesses concentrated on the unique requirements and maintenance needs of office-based labs and ambulatory surgery centers (ASCs) (OBLs). Customers can also discover excellent service, a wide range of products, and financial solutions. A leading worldwide technology company, TeamViewer, partnered with Siemens Healthineers. The firms collaborated to enable the New Remote Scanning Service Wiccan for Diagnostic Imaging. In addition, a new service called Wiccan that uses TeamViewer's connectivity technology enables healthcare suppliers to perform magnetic resonance imaging (MRI) tests even when they lack a radiology team.
Few of the Interventional Image-Guided Systems Market players include Koninklijke Philips N.V.; Medtronic; Siemens Healthineers; Olympus Corporation; Analogic Corporation; GE Healthcare; Varian Medical Systems, Inc.; Stryker; Brainlab AG.
Interventional Image-Guided Systems Market is Segmented as Below
By Product Outlook
By Application Outlook
By End-use Outlook
Key Elements Included In The Study: Global Interventional Image-Guided Systems Market
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