The global Interventional Image-Guided Systems Market is experiencing rapid growth, with a market size of USD 4295.5 million in 2021 and a projected Compound Annual Growth Rate (CAGR) of 5.9 percent during the forecast period. Key drivers include a growing preference for less invasive surgeries, a rising aging population, and remarkable technological advancements in imaging equipment.
Key Drivers of Growth
The Interventional Image-Guided Systems Market is witnessing substantial growth due to several factors:
- Inclination Towards Less Invasive Surgeries: The trend towards minimally invasive procedures is driving demand for interventional image-guided systems. These techniques lead to fewer postoperative complications and reduced healthcare costs.
- Rise in Chronic Diseases: The prevalence of chronic diseases, such as cancer, has increased significantly, leading to a higher demand for image-guided therapy systems. In 2020 alone, around 19,292,789 new cases of cancer were reported worldwide.
- Technological Advancements: Advances in imaging equipment and technology have resulted in safer and more precise interventions, promoting the growth of the market.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the interventional radiology sector due to widespread social isolation policies. Hospital and healthcare services were curtailed, and general hospital care was altered for patients who did not have COVID-19. Acute interventional radiology treatments saw a decline of 49.3% due to reduced demand during the pandemic.
Market Drivers
- Global Cancer Incidence Rates: The increasing global cancer diagnosis rate, despite advancements in prevention and treatment, is driving the markets growth. Image-guided therapy systems play a crucial role in diagnosing and treating various forms of cancer.
- Technological Advancements: The rising demand for therapeutic methods, especially for complex diseases like cancer, is contributing to the growth of image-guided therapy systems. Technology advancements, such as artificial intelligence and augmented reality, are shaping the markets expansion.
Market Restraints
- Limited Uptake in Low-Income Countries: The adoption of image-guided therapy systems is hindered in low-income countries due to factors such as high installation costs and a shortage of skilled workers.
Segment Overview
- Endoscopes Dominate: The endoscopes segment holds the highest revenue share, driven by the increasing use of robot-assisted endoscopic surgeries and technological advancements. The high cost of endoscopic equipment and its extensive use in various procedures contribute to its growth.
- Hospitals Lead the Market: Hospitals dominate the market due to increased demand for clinical workflows optimization and the widespread use of image-guided therapy systems.
Regional Landscape
- North America Leads: North America has the highest revenue share, driven by improved healthcare infrastructure, technological breakthroughs, and rapid adoption of advanced radiation therapy. The U.S. holds a significant share in this region.
- Asia-Pacifics Rapid Growth: Asia-Pacific is predicted to have the highest CAGR, driven by an aging population, increasing target disease cases, and better healthcare infrastructure. Growing research facilities in countries like China and India contribute to the regions expansion.
Key Players
- Several key players are contributing to the growth of the Interventional Image-Guided Systems Market, including Koninklijke Philips N.V., Medtronic, Siemens Healthineers, Olympus Corporation, Analogic Corporation, GE Healthcare, Varian Medical Systems, Inc., Stryker, and Brainlab AG.
Conclusion
The Interventional Image-Guided Systems Market is poised for substantial growth, driven by a preference for less invasive surgeries, advancements in technology, and an increasing incidence of chronic diseases. However, challenges in low-income countries and the impact of the COVID-19 pandemic should be carefully addressed to ensure sustained growth and improved patient care.
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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COMTEX_438808622/2840/2023-08-21T09:32:01
