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:
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
Report Coverage |
Details |
Market Size in 2022 |
USD 5.43 Billion |
Market Size by 2030 |
USD 8.9 Billion |
Growth Rate from 2022 to 2030 |
CAGR of 6.38% |
Base Year |
2021 |
Forecast Period |
2022 to 2030 |
Segments Covered |
Product, Application, End-use, Geography |
Companies Mentioned |
Koninklijke Philips N.V., Medtronic, Siemens Healthineers, Analogic Corporation, GE Healthcare, Varian Medical Systems, Inc., Brainlab AG, Olympus Corporation, Stryker, Others |
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:
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
By Application
By End-use
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Benefits for Stakeholders