by The global Interventional Image-Guided Systems Market, valued at USD 4295.5 million in 2021, is poised for remarkable expansion, with a projected Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period. A multitude of factors, including the increasing preference for less invasive surgeries, a growing aging population, and continuous technological advancements in imaging equipment, are propelling this industry to unprecedented heights.
Rising Chronic Diseases and Cancer Prevalence Fuel Market Growth
The prevalence of chronic diseases, including cancer, is on the rise globally. In 2020, approximately 19,292,789 new cases of cancer were reported worldwide, according to a global cancer research organization. Chronic conditions such as hypertension, excessive cholesterol, cancer, and cardiovascular disorders are now the leading causes of death worldwide, as reported by the World Health Organization (WHO). This alarming trend is anticipated to drive the demand for image-guided therapy systems in the coming years, as these systems play a crucial role in the diagnosis and treatment of these illnesses.
Minimally Invasive Therapies on the Rise
Minimally invasive procedures are gaining popularity due to their ability to reduce postoperative complications and healthcare costs. According to a national survey by Johns Hopkins Medicine, minimally invasive techniques have shown significant advantages in common medical procedures. The market is expected to benefit from the growing demand for minimally invasive image-guided therapies.
Technological Advancements Drive Market
The field of image-guided therapy systems is rapidly advancing, with technologies like artificial intelligence and augmented reality taking center stage. These innovations enable safer and more precise interventions, particularly in cancer treatment. Radiologists and oncologists require clear visibility of the affected area during cancer treatment, making image-guided therapeutic systems indispensable. The increasing incidence of cancer and the growing number of patients seeking early detection and treatment are expected to further boost the utilization of image-guided therapy systems.
COVID-19 Impact on the Market
The COVID-19 pandemic had a significant impact on the interventional radiology sector, with hospital and healthcare services being curtailed due to social isolation measures. Demand for acute interventional radiology treatments fell by 49.3% in Canada, as reported by the SAGE Public Health Emergency Collection in August 2020.
Market Segmentation
- Endoscopes Dominate the Market: In 2021, the endoscopes segment accounted for more than 30.0% of the markets revenue share. The precision offered by robot-assisted endoscopic procedures and the increasing prevalence of gastrointestinal and cancer diseases are driving the growth of this segment.
- Hospitals Lead in Adoption: Hospitals held the highest revenue share in 2021, exceeding 35.0%. The widespread use of hospital image-guided therapy systems in response to the rising demand for cost-effective clinical workflows is a key driver of this segment.
Regional Landscape
- North America Takes the Lead: North America led the global market with over 35.0% revenue share in 2021. Improved healthcare infrastructure, technological advancements, and rapid acceptance of advanced radiation therapy contribute to its growth. The U.S. held nearly 85.0% of North Americas share.
- Asia Pacific Shows Rapid Growth: Asia Pacific is expected to experience the fastest CAGR during the forecast period. Factors driving this growth include an aging population, increasing incidence of target diseases, and improvements in healthcare infrastructure.
Key Players in the Market
Leading players in the Interventional Image-Guided Systems Market include Koninklijke Philips N.V., Medtronic, Siemens Healthineers, Olympus Corporation, Analogic Corporation, GE Healthcare, Varian Medical Systems, Inc., Stryker, and Brainlab AG.
As the market continues to evolve and expand, these key players, along with emerging technologies and innovative solutions, are set to play a pivotal role in shaping the future of interventional image-guided systems.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/interventional-image-guided-systems-market
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This press release first seen on Brilad
COMTEX_442645508/2840/2023-10-30T06:12:52
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.