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Global Image Guided Surgery Devices Market to Log 6.40% CAGR 2014-2022 due to Increasing Demand For Enhanced Healthcare Facilities
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The neurosurgery application segment accounted for the largest share in 2013. 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. On the other hand, the orthopedic surgery application segment is estimated to expand at the highest CAGR of 7.0% during the forecast period from 2014 to 2022. 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 during 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.
Computed tomography (CT) scanners have wide applications from tumor detection to imaging of soft tissue structures such as fat, lung and liver tissues. Moreover, turnaround time of CT scanners is much lesser (500 milliseconds), which is beneficial for critical and complicated surgeries. Therefore, adoption of CT scanners in image guided surgeries is high. The CT scanners segment was valued at USD 770 million in 2013.
North America was the largest market in 2013, 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 fastest CAGR of 6.9% during the forecast period from 2014 to 2022. Rapidly growing medical tourism industry is boosting demand for image guided surgeries in Asia Pacific.
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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.
Key players mapped in the report include Analogic Corporation, Brainlab AG, General Electric Company, GSI Group, Inc., IMRIS, Inc., Integra LIfeSciences Corporation, KARL STORZ GmbH & CO. KG., Toshiba Corporation, Siemens AG, Zimmer Holdings, Inc. Smith & Nephew plc, St. Jude Medical, Inc., and Stryker and Medtronic, Inc.
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