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Global Image Guided Surgery Devices Market to Witness 6.5% CAGR during 2017 – 2023
According to a new market research report “Global Image Guided Surgery Devices Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Device Type (CT, Ultrasound, MRI, X-Ray Fluoroscopy, Endoscopes, PET and SPECT), by Application (Neurology, Orthopedic Surgery, ENT Surgery, Oncology Surgery and Others)” published by P&S Market Research, the global image guided surgery devices market is expected to grow at a CAGR of 6.5%, during 2017 - 2023.
Browse Report Description at: https://www.psmarketresearch.com/market-analysis/image-guided-surgery-devices-market
Increasing cases of neurological disorders drive the global market
According to the study, the global image guided surgery devices market is likely to grow significantly during the forecast period, due to increasing prevalence of chronic diseases, and cancer, rising geriatric population and increasing cases of neurological disorders. In addition to these factors, rising healthcare expenditure and technological advancements in medical imaging also contributes to the growth of the overall market. High cost of imaging techniques and stringent regulatory requirements are some of the key factors restraining the global market growth.
Insights on market segments
As per the findings of the research, the CT is the largest segment, based on device type, in the global image guided surgery devices market. CT is a non-invasive, accurate and fast diagnostic imaging test. It uses x-ray equipment to produce 3D images by taking series of images from different angles. Each image created during the CT procedure shows the bones, tissues and organs in a thin “slice” of the body.
It provides cross-sectional images generated during the CT scan and can be reformatted in multiple planes. It is used for diagnosing skeletal abnormalities, blood clots, blood vessel aneurysm and cancer. Neurology has been the largest application area for image guided surgery devices, followed by orthopedic surgery, ENT surgery, oncology surgery and others.
North America stands as the largest image guided surgery devices market
Geographically, North America has been the largest market for image guided surgery devices, with the U.S. being the larger contributor to the regional market. Increasing prevalence of neurological disorders, rising geriatric population and adoption of technological advanced imaging techniques are some of the factors that have been driving the growth of the North America image guided surgery devices market. The U.K. has been the largest contributor to the European market for image guided surgery devices, followed by Germany and France. The market is expected to witness the fastest growth in Asia-Pacific, during 2017 - 2023, owing to increasing cases of cancer, arthritis, neurological disorders and rising geriatric population.
Increasing prevalence of chronic diseases largely impacts the market
Globally, the increasing prevalence of chronic diseases plays a key role in the growth of the image guided surgery devices market. The rapidly increasing burden of chronic diseases further compels government organizations and healthcare providers to provide improved facilities for effective disease diagnosis and treatment.
Prevalence of chronic diseases, such as cancer, stroke, and arthritis, is increasing due to alteration in lifestyle and limited access to preventive care. According to the Centers for Disease Control and Prevention (CDC), in 2012, approximately 117 million people in the U.S. had one or more chronic health conditions. The organization also reported that during 2010 – 2012, 52.5 million adults in the U.S. were diagnosed with one of the forms of arthritis namely; rheumatoid arthritis, gout, lupus or fibromyalgia. Moreover, by 2040, an estimated 78 million Americans aged 18 years or above are estimated to be diagnosed with arthritis.
According to the International Agency for Research on Cancer (IARC), a specialized cancer agency of World Health Organization (WHO) that promotes cancer research, 12.7 million new patients were detected with cancer in 2008, globally, and the number is expected to reach 21.4 million by 2030. Additionally, according to WHO, in 2012, 8.2 million deaths took place globally due to cancer, out of which 1.6 million were due to lung cancer, while 745,000 deaths resulted from liver cancer and 400,000 deaths were an outcome of esophageal cancer.
The increasing burden of chronic diseases is expected to result in higher death rates and additional economic cost. Thus, several developments have been taking place for efficient disease diagnosis and treatment, leading to high adoption rate of image guided surgery devices, globally.
Key players in the image guided surgery devices market
Some of the key players in the global image guided surgery devices market include Siemens AG, GE Healthcare, Koninklijke Philips N.V., Canon Inc., Hitachi, Ltd., KARL STORZ GmbH & Co. KG., Medtronic, Inc., St. Jude Medical, Inc., Varian Medical Systems, Inc., Smith & Nephew plc, Integra LifeSciences Corporation and Zimmer Holdings, Inc.
GLOBAL IMAGE GUIDED SURGERY DEVICES MARKET SEGMENTATION
By Device Type