Market Size of Global Image Guided Therapy System Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 6.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Image Guided Therapy System Market Analysis
The image-guided therapy system market is expected to register a CAGR of 6.5% during the forecast period.
COVID-19 had a significant impact on the growth of the market during the forecast period owing to the rising adoption of image-guided therapy during COVID. For instance, the article published in July 2022 in the RSNA journal mentioned that adults who received image-guided corticosteroid injections for pain management performed during the pandemic recovery period had a lower incidence of symptomatic COVID-19 compared with the general population. An image-guided joint injection is a shot of anti-inflammatory steroid medicine that uses fluoroscopy or ultrasound to pinpoint where the needle needs to go and to show the needle's progress. Furthermore, the image-guided therapy system market is anticipated to witness growth in the coming years due to the rise in chronic diseases, the rise in the geriatric population, and the surge in cancer radiotherapy. For instance, as per the article published in February 2022, image-guided surgery can contribute to oncologic safety and decrease complications in gastric cancer surgery by helping surgeons optimize the surgical approach, and new developments show promise for the use of Intraoperative hyperspectral imaging (HSI) in intraoperative tissue diagnostics.
Several factors, such as a rise in the geriatric population, an increase in the burden of chronic diseases, and an increase in the number of initiatives for cancer radiotherapy, are propelling the growth of the image-guided therapy system. For instance, as per the American Cancer Society 2022 update, the estimated number of new cancer cases is 1.9 million in 2022 in the United States. Thus, the high prevalence of cancer cases leads to the rising demand for minimally invasive surgical procedures, thereby contributing to the growth of the image-guided therapy system market over the forecast period.
Moreover, collaborations, partnerships, and product launches in image-guided therapy are expected to drive market growth over the forecast period. For instance, in Aug 2021, Royal Philips signed an agreement with NICO.LAB, a MedTech stroke care company, to newly developed stroke abilities of Philips Image Guided Therapy System, Azurion. The new partnership particularly promotes Philips' dedication to enhancing results for people who suffer a stroke. Additionally, in February 2021, Philips launched an image-guided therapy solution called ClarifEye Augmented Reality Surgical Navigation for spine procedures; this solution has been designed to advance minimally-invasive spine procedures in the hybrid operating room, such as Philips hybrid suite.
Also, an increase in the geriatric population is likely to lead to many chronic conditions such as hypertension, high cholesterol, cancer, and many more, which further has a high chance of adopting an image-guided therapy system as the population is more inclined toward minimally invasive procedures. For instance, the data published by WPP in 2022, by 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as the number of children under age 12. Moreover, minimally invasive image-guided therapies are preferred more as they reduce postoperative complications and control healthcare costs.
Thus, due to the rise in chronic diseases, the high prevalence of the geriatric population, and the increased adoption of minimally invasive procedures, the image-guided therapy system market is expected to drive growth over the forecast period.
Image Guided Therapy System Industry Segmentation
As per the scope of the report, an image-guided therapy system is a diagnostic technology that is used in minimally invasive procedures. This system is a different and new approach to surgical intervention that enables the use of imaging platforms to plan, perform and evaluate surgical procedures. The Image-Guided Therapy System Market is segmented by Product Type (Ultrasound Systems, Computed Tomography (CT) Scanners, Magnetic Resonance Imaging (MRI), Endoscopes, Positron Emission Tomography (PET), and Others), Application (Neurosurgery, Cardiac Surgery, Urology, Orthopedic Surgery, and Others), End User( Hospitals, Ambulatory Surgery Centers and Clinics) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Product Type | |
Ultrasound Systems | |
Computed Tomography (CT) Scanners | |
Magnetic Resonance Imaging (MRI) | |
Endoscopes | |
Positron Emission Tomography (PET) | |
Others |
By Application | |
Neurosurgery | |
Cardiac Surgery | |
Urology | |
Orthopedic Surgery | |
Others |
By End-user | |
Hospitals | |
Ambulatory Surgery Centers | |
Clinics |
Geography | ||||||||
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Global Image Guided Therapy System Market Size Summary
The image-guided therapy system market is poised for significant growth, driven by the increasing prevalence of chronic diseases and the expanding geriatric population. The market is experiencing a surge in demand for minimally invasive procedures, which are preferred for their ability to reduce postoperative complications and healthcare costs. The COVID-19 pandemic has further accelerated the adoption of these systems, as evidenced by studies highlighting their effectiveness in managing pain and reducing symptomatic COVID-19 incidence. Technological advancements and product innovations, such as Philips' ClarifEye Augmented Reality Surgical Navigation and Medtronic's AI-driven endoscopy module, are also contributing to market expansion. Collaborations and strategic partnerships, like those between Royal Philips and NICO.LAB, are enhancing the capabilities of image-guided therapy systems, particularly in stroke care and spine procedures.
The endoscopy segment is expected to witness robust growth due to the rising incidence of cancer and gastrointestinal diseases, alongside the increasing adoption of robot-assisted surgeries. The magnetic resonance imaging-guided therapy segment is also gaining traction, especially in neurology and radiation oncology. North America is anticipated to hold a significant market share, supported by a well-established healthcare infrastructure and rapid adoption of advanced radiation therapies. The region's growing aging population and the prevalence of chronic diseases are further propelling demand for these systems. The market is moderately competitive, with major players like Siemens Healthineers, Koninklijke Philips N.V., and Medtronic leading through strategic acquisitions and product launches. These developments are expected to drive the market's growth trajectory over the forecast period.
Global Image Guided Therapy System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in the Geriatric Population
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1.2.2 Rising Burden of Chronic Diseases
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1.2.3 Increase in the Number of Initiatives for Cancer Radiotherapy
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1.3 Market Restraints
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1.3.1 High Price of Image-Guided Therapy Systems
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product Type
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2.1.1 Ultrasound Systems
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2.1.2 Computed Tomography (CT) Scanners
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2.1.3 Magnetic Resonance Imaging (MRI)
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2.1.4 Endoscopes
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2.1.5 Positron Emission Tomography (PET)
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2.1.6 Others
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2.2 By Application
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2.2.1 Neurosurgery
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2.2.2 Cardiac Surgery
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2.2.3 Urology
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2.2.4 Orthopedic Surgery
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2.2.5 Others
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2.3 By End-user
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2.3.1 Hospitals
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2.3.2 Ambulatory Surgery Centers
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2.3.3 Clinics
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Image Guided Therapy System Market Size FAQs
What is the current Global Image Guided Therapy System Market size?
The Global Image Guided Therapy System Market is projected to register a CAGR of 6.5% during the forecast period (2024-2029)
Who are the key players in Global Image Guided Therapy System Market?
Koninklijke Philips N.V., Brainlab, Siemens Healthineers, General Electric Company (GE Healthcare) and Altaris Capital Partners, LLC (Analogic Corporation) are the major companies operating in the Global Image Guided Therapy System Market.