Image-guided therapy is a modern approach to the surgical interventions that enable the use of imaging platform to plan, perform, and evaluate the therapeutic interventions and surgical procedures. Image-guided therapy is a diagnostic technology that is extensively used in minimally invasive procedures. The image therapy systems market is majorly driven by the increasing preference of minimally invasive surgeries, technological advancements in medical imaging, and the growing burden of chronic diseases across the globe.
As per our analysis, around 75% of the cardiovascular procedures are performed using a minimally invasive approach. Today, the patients are inclining towards minimally invasive procedures due to reduced medical costs, less hospital stay, minimal incision, and faster recovery time. The post-surgical complications are also significantly low in minimally invasive surgeries, which is why the surgeons prefer minimally invasive surgeries.
The global image-guided therapy systems market is expected to grow at a CAGR of 5.1% during the forecast period, 2023–2031.
Additionally, minimally invasive surgeries save a lot of hospital costs every year, as per the data published by Johns Hopkins Medicine. Hypothetically, if the U.S. hospitals increase the number of minimally invasive surgeries by 50%, nearly 3,578 post-surgical complications could be avoided, which would further reduce the hospital stay by 144,863 days, saving around USD 288 million annually.
Globally, increasing prevalence of chronic diseases such as cardiovascular, cancer, and respiratory diseases is boosting the market growth. The global cancer incidence has risen to 18.1 million, whereas, the mortality reached 9.6 million in 2018, the International Agency for Research on Cancer (IARC). To attend to the dire situation, several medical device players are developing unique platforms to change the landscape of surgical interventions for chronic diseases. For instance, recently, Philip’s Azurion platform developed an image-guided platform with new workflow options and performance dashboards that can help clinicians in routine and complex surgeries such as interventional cardiology, vascular surgery, neuroradiology, and oncology. The development in the image-guided therapies could significantly control the medical costs, and thereby improve the standard of care. The product was launched in February 2017 and it treated around 450,000 patients across 80 countries.
The company also launched an up-gradation in this platform, The Philips Azurion 7 C20 with FlexArm, in 2019, which has received 510-k clearance from the U.S. FDA. In the developed countries, the image-guided therapy platforms are extensively used in the medical institutes as it reduces the procedure time, in lab preparation time, and post-procedure lab time. Moreover, some of the leading players in the image-guided therapy system are Canon Medical Systems (Toshiba), Siemens Healthineers, and Shimadzu.
The endoscopes segment is holding a major share in the image-guided therapy systems market. This can be attributed to the increasing adoption of robot-assisted endoscopic devices, technological advancements in endoscopy devices, and subsequently rising approvals for endoscopic devices. In September 2019, Medtronic launched a new Hugo robot-assisted surgery system. The system includes a tower, surgeon console, surgical end effectors, and robotic arm carts for various robotic surgeries including laparoscopy. Similarly, in 2017, Apollo Endosurgery’s OverStitch Endoscopic Suturing System received 510(k) premarket notification by the U.S. FDA. In August 2017, Pentax Medical launched a new SLIM LINEAR ULTRASOUND that offers high-resolution and greater maneuverability.
Today, MRI offers the potential to enhance the scope of interventional radiology and minimally invasive surgeries. It is regarded as an effective imaging guidance tool for performing biopsies. The MRI market is majorly driven by the growing prevalence of cancer across the globe. Apart from this, the image-guided MRI systems are extensively used in neurology, trauma care, and radiation oncology.
Globally, the prevalence of cardiovascular diseases is increasing at a concerning rate. As per our analysis, over 250,000 cardiovascular surgeries are performed in the U.S annually. Currently, several clinical studies are undergoing to evaluate the effectiveness of real-time MRI guided coronary interventions, which is expected to propel the market in the years to come.
Additionally, the rising prevalence of gastrointestinal surgeries is subsequently increasing the demand for minimally invasive surgeries that are performed at ambulatory surgery centers. In the U.S., around 10 million surgeries of the digestive system were performed using minimally invasive. Currently, Olympus Medical—a leading player in the endoscopes—is dominating the gastrointestinal microscopy. The VISERA 4K UHD and EVIS EXERA III are the key offerings of Olympus in real-time gastro-entomology.
By geography, the image-guided therapy market is segmented into the Americas, Europe, Asia Pacific, and MEA
Americas are dominating the image-guided therapy market and will continue the same during the forecast period. This can be attributed to the widespread adoption of technologically advanced devices and the presence of a favorable reimbursement framework in the region. Additionally, the increasing prevalence of chronic diseases and the growing preference of minimally invasive surgeries are some other factors driving the market growth. As per American Cancer Society Statistics, around 1.7 million new cancer cases are projected to be diagnosed in the U.S. in 2019. The market is also majorly driven by the rising number of ambulatory surgery centers across the region. For instance, Latin America is witnessing huge medical tourism for minimally invasive cardiovascular and gastroenterology surgeries, which is further expected to propel market growth.
Asia pacific is promising huge growth opportunities in the image-guided therapy market. This is because of the rapidly growing geriatric population and the rising burden of chronic diseases in the region. As per the United Nations Population Fund, around one in four people in the Asia Pacific are predicted to be over the age of 60 by 2050, which is subsequently increasing the burden of chronic diseases in the region. With the emergence of new technology, patients are shifting their preference towards minimally invasive surgeries as they are less painful, and recover faster. In addition to this, the governments of India, China, and Thailand are increasing their healthcare expenditure for the adoption of technologically advanced equipment, which is further favoring market growth.
The market is highly competitive in nature. The market players are following a number of strategies such as mergers and acquisitions, new product developments, and high investments in R&D to develop innovative products and to sustain in the cut-throat competition. In 2019, Intuitive Surgicals secured the funding of USD 2000 million for new product development. In March 2017, Siemens Healthineers received the U.S. FDA clearance for its Artis pheno robotic C-arm angiography system.
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