Image Guided Surgery Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025
Conventional surgical procedures are time consuming and less accurate, with risk of hazards to nearby nonsurgical area involved. Hence, demand for surgical techniques with enhanced accuracy and lesser turnaround time is increasing rapidly. Image guided surgical techniques offer advantages such as rapid surgical wound healing, minimum surgical scars and enhanced accuracy during surgical operations. Therefore, demand for image guided surgical procedures is increasing rapidly across the world.
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Demand from Neurosurgery Application Segment to Scale at a Higher Pace
The global image guided surgery devices market is divided into four segments: By device type, by application, by end user and by geography. Based on device type, the global image guided surgery devices market has been segmented into computed tomography scanners, ultrasound systems, magnetic resonance imaging, endoscope, x-ray fluoroscopy, positron emission tomography, single photon emission computed tomography. The computed tomography scanners segment accounted for the largest share in 2016. Computed tomography scanners have wide applications from tumor detection to imaging of soft tissue structures such as fat, lung and liver tissues. Moreover, turnaround time of computed tomography scanners is much lesser, which is beneficial for critical and complicated surgeries.
Based on application, the image guided surgery devices market is segmented into cardiac surgery, neurosurgery, orthopedic surgery, urology, gastroenterology, oncology surgery and others (ENT, dental, pulmonary surgery). The neurosurgery application segment accounted for the largest share in 2016. Minimum risk of hazards to nonsurgical sites in the brain and increase in accuracy in operating procedures are the major factors driving the neurosurgery application segment. Factors such as rising incidence of road accidents and increasing geriatric population are anticipated to fuel demand for orthopedic image guided surgeries during the forecast period. For instance, according to the Association for Safe International Road Travel (ASIRT), around 20 million to 50 million people are disabled or injured by road accidents globally every year. Considering the high number of road accidents, demand for orthopedic surgeries with image guided technology is expected to rise in the near future. Based on end user, the image guided surgery devices market is segmented into hospitals, ambulatory surgical centers, clinics, and research & academic institutes.
Favorable Reimbursement Policies in North America and Europe Aid Market’s Expansion
Geographically, the image guided surgery devices market has been categorized into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was the largest market in 2016, followed by Europe. High health care expenditure, reimbursement coverage, high rate of adoption of new technologies and availability of skilled health care professionals to perform technically advanced surgeries are some of the factors driving the growth of the image guided surgery devices market in North America and Europe. On the other hand, the image guided surgery devices market in Asia Pacific is anticipated to grow at the higher CAGR compared to other regions during the forecast period from 2017 to 2025. Rapidly growing medical tourism industry is boosting demand for image guided surgeries in Asia Pacific. Moreover, government initiatives to support the growth of the health care industry and rising disposable income are some of the factors anticipated to support the growth of the image guided surgery devices market in Asia Pacific. The image guided surgery devices market in Latin America is a promising market, offering significant growth opportunities due to the presence of regulatory framework and increasing awareness about the benefits of image guided surgeries.
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Major players operating in the global image guided surgery devices market are GE Healthcare, Siemens Healthineers, Olympus Corporation, Medtronic, Koninklijke Philips N.V., Analogic Corporation, Brainlab AG, KARL STORZ GmbH & Co. KG, Stryker, Varian Medical Systems, Inc. These players exhibit the larger geographical outreach with presence in multiple Image Guided Surgery Devices product categories.
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