Image Guided Therapy System Market Size
| 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 Market Trends
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.
Image Guided Therapy System Industry Overview
The image-guided therapy system market is moderately competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some prominent players are acquiring other companies to consolidate their market positions across the globe and while others are launching new products. Some of the companies which are currently dominating the market are Siemens Healthneers, Koninklijke Philips N.V., Altaris Capital Partners, LLC (Analogic Corporation), Medtronic, KARL STORZ SE & Co. KG, and Stryker Corporation.
Image Guided Therapy System Market Leaders
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Koninklijke Philips N.V.
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Brainlab
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Siemens Healthineers
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General Electric Company (GE Healthcare)
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Altaris Capital Partners, LLC (Analogic Corporation)
*Disclaimer: Major Players sorted in no particular order
Image Guided Therapy System Market News
- May 2022: Philips internationally launched of EchoNavigator 4.0, the new release of its image-guided therapy solution for treating structural heart disease. EchoNavigator 4.0 gives users of Philips' EPIQ CVXi interventional cardiology ultrasound system greater control of live fusion-imaging on the company's Image Guided Therapy System - Azurion - platform.
- March 2022: Philips launched the Azurion System with an ambient experience with Flexvision. Ambient Experience with FlexVision display connects to the Azurion image-guided therapy system to offer patients a calming multi-sensory experience while the staff prepares them for the procedure, prior to the display then being used for the actual intervention.
Image Guided Therapy System Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increase in the Geriatric Population
- 4.2.2 Rising Burden of Chronic Diseases
- 4.2.3 Increase in the Number of Initiatives for Cancer Radiotherapy
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4.3 Market Restraints
- 4.3.1 High Price of Image-Guided Therapy Systems
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4.4 Porter Five Forces
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Product Type
- 5.1.1 Ultrasound Systems
- 5.1.2 Computed Tomography (CT) Scanners
- 5.1.3 Magnetic Resonance Imaging (MRI)
- 5.1.4 Endoscopes
- 5.1.5 Positron Emission Tomography (PET)
- 5.1.6 Others
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5.2 By Application
- 5.2.1 Neurosurgery
- 5.2.2 Cardiac Surgery
- 5.2.3 Urology
- 5.2.4 Orthopedic Surgery
- 5.2.5 Others
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5.3 By End-user
- 5.3.1 Hospitals
- 5.3.2 Ambulatory Surgery Centers
- 5.3.3 Clinics
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Siemens Healthineers
- 6.1.2 Koninklijke Philips N.V.
- 6.1.3 General Electric Company (GE Healthcare)
- 6.1.4 Altaris Capital Partners, LLC (Analogic Corporation)
- 6.1.5 Brainlab
- 6.1.6 Medtronic Plc
- 6.1.7 Olympus Corporation
- 6.1.8 KARL STORZ SE & Co. KG
- 6.1.9 Stryker Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityImage 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 | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Image Guided Therapy System Market Research 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.
Which is the fastest growing region in Global Image Guided Therapy System Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Image Guided Therapy System Market?
In 2024, the North America accounts for the largest market share in Global Image Guided Therapy System Market.
What years does this Global Image Guided Therapy System Market cover?
The report covers the Global Image Guided Therapy System Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Image Guided Therapy System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Image Guided Therapy Industry Report
Statistics for the 2024 Image Guided Therapy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Image Guided Therapy analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
