Image-guided Therapy Systems Market (By Product: Ultrasound Systems, Computed Tomography (CT) Scanners, Positron Emission Tomography (PET), Endoscopes, Magnetic Resonance Imaging (MRI), X-ray Fluoroscopy, Single Photon Emission Computed Tomography (SPECT); By Application; By End-use)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Image-guided Therapy Systems market size was estimated at USD  5.1 billion in 2021 and is expected to surpass around USD 8.9 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 6.38% during the forecast period 2022 to 2030.

Key Takeaways:

• By Product, the japan Image-guided Therapy Systems market was valued at USD 325.9 Billion in 2021 and expected to witness growth at a CAGR of 5.20% from 2022 to 2030.
• North America accounted for the largest revenue share in 2021 owing to the rising geriatric population and high per capita expenditure
• Based on product, the endoscopes segment accounted for the largest revenue share in 2021 owing to technological advancements, high volume of endoscope-guided surgeries, and rising preference for minimally invasive surgeries
• On the basis of application, cardiac surgery emerged as the largest application segment in 2021 owing to factors such as rising prevalence of target diseases, preference for minimally invasive cardiac surgeries, and R&D initiatives aimed at developing real-time cardiac intervention systems
• By end-use, the hospitals segment accounted for the largest revenue share in 2021 as the hospital settings are equipped with technologically advanced devices
• The ambulatory surgery centers segment is projected to expand at the fastest CAGR of 5.9% over the forecast period

The rise in the geriatric population, shifting preference toward minimally invasive surgeries, and technological advancements in imaging systems are the key factors driving the industry. The increased burden of chronic diseases, such as cancer, coupled with a rise in the number of initiatives for cancer radiotherapy, is also positively impacting the market growth. For instance, according to an international agency on cancer for research, in 2020, there were about 19,292,789 new cancer cases globally. The industry players are focused on developing remote solutions, such as cloud-based training on virtual machines, amid the COVID crisis to provide remote guidance and support to the patients. In November 2020, Royal Philips partnered with LeQuest to enable healthcare providers to gain online training for the Philips Ultrasound Affiniti system. Postponing non-urgent surgical procedures has negatively impacted image-guided therapy procedures.

Growing geriatric population and increasing cases of chronic diseases are expected to boost the market demand. Other factors propelling the industry growth include rising preference for minimally invasive surgeries and technological advancements in image-guided therapy systems. Various initiatives undertaken in the area of cancer radiotherapy are driving the industry.

New product launches by major companies are also having a positive impact on market growth. For instance, in September 2020, Olympus Corporation launched ENDO-AID, an AI platform and endoscopy application with computer-aided detection for gastrointestinal applications. The AI platform with an endoscopy system-EVIS X1 enables real-time display. The growing adoption of such advanced systems is expected to drive the industry. The increasing number of initiatives undertaken by public and private firms in the area of cancer radiotherapy is also estimated to have a positive impact on industry growth.

Additionally, many academic institutions are investing in cancer radiotherapy projects for increasing the effectiveness of treatment therapies. This is also likely to contribute to market expansion. The development of the Image-guided Therapy Program by the Brigham and Women’s Hospital aimed at advancing imaging and therapeutic technologies for developing minimally invasive surgical and interventional techniques is an example of one such initiative.

Report Scope of the IoT in Image-guided Therapy Systems Market

Product Insights

The endoscopes segment accounted for the largest revenue share of over 31.4% in 2021. Increased adoption of robot-assisted endoscopic surgeries and the high cost of the systems are the key factors behind the segment growth. The high volume of endoscope-guided surgeries for various interventions has also contributed to its expansion. The growing incidence of cancer and gastrointestinal diseases has increased the demand for interventional endoscopic systems, thereby driving the segment.

The endoscopes segment is also projected to expand at the fastest CAGR during the forecast period owing to technological advancements in endoscopy and subsequent product launches. In November 2017, Apollo Endosurgery received FDA approval for its endoscopic suturing system, OverStitchSx, for soft tissue approximation and endoscopic placement of sutures.

Magnetic Resonance Imaging (MRI) emerged as the second-largest product segment in 2021. The segment is expected to witness promising growth opportunities in the years to come. Technological advancements and the wide application scope of these therapies in treatment planning, localization and delivery, and treatment response assessment are the key factors responsible for the segment growth. These systems have major applications in areas, such as radiation oncology, neurology, and trauma care. Thus, the rising burden of such diseases is expected to boost product demand further.

End-use Insights

The hospitals segment accounted for the largest revenue share of over 35.0% in 2021. The increased number of various surgeries and high adoption of image-guided therapy systems in hospitals are the primary factors driving the segment. Hospitals are adopting these systems owing to the increasing need for cost-effectively optimizing clinical workflows.

The ambulatory surgery centers (ASCs) segment is anticipated to exhibit the fastest CAGR over the forecast period. This growth is attributed to the advantages offered by these healthcare settings such as reduced waiting time and significant cost savings. High preference for minimally invasive surgeries and reduced hospital stays in the ASCs are also driving the segment. The growing trend of same-day surgery in developed economies due to significant cost savings and optimum care delivery also contributes to the segment growth.

Specialty clinics and research and academic institutions are other end-use segments. Increasing collaborations among research institutes and manufacturers, along with favorable initiatives for cancer treatment, are driving the research and academic institutions segment.

Application Insights

The cardiac surgery segment accounted for the largest revenue share of over 31.0% in 2021. Cardiovascular diseases (CVDs) are the leading cause of death globally. The rise in the geriatric population, coupled with the increasing burden of such diseases, is the major factor contributing to the segment growth. Various research initiatives undertaken for the development of real-time cardiac interventions are also positively impacting the segment growth.

The neurosurgery segment is likely to expand at a lucrative CAGR of 6.2% over the forecast period. The growing incidence of accidents and trauma cases and the high prevalence of neurological disorders are the major factors driving this segment. Increasing collaborations among key companies for developing new image-guided therapy systems are also fueling the segment growth.

The urology segment accounted for the second-largest revenue share in 2021. Image-guided therapy systems for urological applications are primarily used for diagnosis, treatment planning, and treatment assessment. Increasing research for the development of innovative systems using 3D and 4D imaging, robot-assisted image-guided therapies, and molecular imaging is expected to drive the segment.

Regional Insights

North America captured the largest revenue share of over 36.0% in 2021 and is expected to maintain its lead over the forecast period. Improved healthcare infrastructure, technological advancements, and quick adoption of advanced radiation therapies are the factors fueling the growth of this market. The growing geriatric population, coupled with the rising cases of chronic diseases, is also contributing to the regional market growth. The U.S. accounted for the largest share of over 85.0% in North America in 2021. Favorable initiatives undertaken by private companies in the field of minimally invasive interventional and surgical techniques are expected to boost market expansion in the coming years.

Asia Pacific is projected to exhibit the fastest CAGR over the forecast period. The growing geriatric population, increasing cases of target diseases, and improving healthcare infrastructure are the factors responsible for its rapid growth. An increasing number of research centers in countries, such as India and China, are positively affecting the regional market growth.

Some of the prominent players in the Image-guided Therapy Systems Market include:

• Koninklijke Philips N.V.
• Medtronic
• Siemens Healthineers
• Analogic Corporation
• GE Healthcare
• Varian Medical Systems, Inc.
• Brainlab AG
• Olympus Corporation
• Stryker
• Others 

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Image-guided Therapy Systems market

By Product

• Ultrasound Systems
• Computed Tomography (CT) Scanners
• Positron Emission Tomography (PET)
• Endoscopes
• Magnetic Resonance Imaging (MRI)
• X-ray Fluoroscopy
• Single Photon Emission Computed Tomography (SPECT)

By Application

• Cardiac Surgery
• Neurosurgery
• Orthopedic Surgery
• Urology
• Oncology Surgery
• Gastroenterology
• Others

By End-use

• Hospitals
• Specialty Clinics
• Ambulatory Surgical Centers
• Research & Academic Institutions
• Others

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Image-guided Therapy Systems industry analysis from 2022 to 2030 to identify the prevailing Image-guided Therapy Systems industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Image-guided Therapy Systems industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Image-guided Therapy Systems industry trends, key players, market segments, application areas, and market growth strategies.