Market Trends of Global Image Guided Therapy System Industry
This section covers the major market trends shaping the Image Guided Therapy System Market according to our research experts:
Endoscopes Segment is Expected to Hold a Significant Market Share in the Image Guided Therapy System Market
The endoscopic system segment is anticipated to witness growth in the image-guided therapy system market owing to the factors such as the growing incidences of cancer and gastrointestinal diseases. According to the International Foundation for Gastrointestinal Disorders 2022 updates, it's estimated that 5-10% of the population has inflammatory bowel disease worldwide. Gastroenterologist visits in the United States were found to be 2.4 to 3.5 million yearly. Such factors are likely to boost the adoption of image-guided therapy systems, thereby contributing to the growth of the segment. The high volume of endoscope-guided surgeries with increased adoption of robot-assisted endoscopic-guided surgeries for diagnosis purposes is some more key driving factors for the market.
Moreover, technologically advanced endoscopies with many product developments and launches help to trigger the endoscopy segment. For example, in August 2022, Medtronic launched GI Genius, an artificial intelligence-driven endoscopy module for treating colorectal cancer. In addition, the magnetic resonance imaging-guided therapy segment is also showing significant market growth as these therapies are widely used in neurology, radiation oncology, and trauma care. Furthermore, in February 2022, Ambu received the 510(k) regulatory clearance from the FDA for the Ambu aScope Gastro and Ambu aBox 2 in the United States. aScope Gastro is Ambu's first sterile single-use gastroscope and includes new advanced imaging and design features in a combined solution with next-generation display and processor technology.
Thus, due to the rise in chronic diseases that require endoscopy, the rise in endoscopy product launches, and the increased adoption of minimally invasive procedures, the endoscopy segment is anticipated to witness a growth in the image-guided therapy system market over the forecast period.
North America is Expected to Hold a Significant Share in the Market and is Expected to do Same in the Forecast Period
North America is expected to hold a significant share in the global image-guided therapy system market attributed to the well-established healthcare infrastructure, rise in product launches, and quick adoption of advanced radiation therapies with technological advancements.
Moreover, the increasing aging population with rising cases of chronic diseases and value-based reimbursements in this region is likely to raise the high demand for minimally invasive procedures, thus promoting the growth of the image-guided therapy system market. For instance, as per the Statistics Canada 2022 report, an estimated 233,900 people in Canada is likely to be diagnosed with cancer in 2022.
Additionally, product launches, collaborations, and partnerships in image-guided therapy systems are anticipated to boost market growth. For instance, in Jun-2022 GE Healthcare launched the Allia platform for minimally invasive, image-guided surgery. The new platform is developed through a multi-year alliance with surgeons and interventionists to improve the consumer experience, enhance workflow efficiency, and grow the adoption of developed image guidance in daily routines. Furthermore, in January 2022, Medtronic completed the acquisition of Affera, a Boston area-based, personally held medical technology firm. This acquisition is likely to expand Medtronic's offering of developed cardiac ablation products and supplements to fulfill physician requirements within an increasing patient population.
Thus, due to the rise in chronic diseases, the rise in image-guided therapy system product launches, and the increased adoption of minimally invasive procedures, North America is anticipated to witness growth in the image-guided therapy system market over the forecast period.
