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The image guided therapy system market size is estimated to grow at a CAGR of 6.12% between 2022 and 2027. The market size is forecast to increase by USD 1,594.18 million. The growth of the market depends on several factors, including the high prevalence of cancer, the aging population, and upgrades in image guided therapy modalities.
This image guided therapy system market report extensively covers market segmentation by end-user (hospitals and clinics, ambulatory surgical centers, and research and academic institutions), product (endoscopes, magnetic resonance imaging (MRI), ultrasound systems, computed tomography (CT) scanners, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The high prevalence of cancer is notably driving the market growth, although factors such as the lack of adequate healthcare infrastructure in developing nations affect the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high prevalence of cancer is notably driving the image guided therapy system market growth. Cancer rates are increasing worldwide for a variety of reasons, including unhealthy diets, lack of physical activity, smoking, and excessive alcohol consumption. The growing global geriatric population and socioeconomic risk factors are also major factors in the increasing incidence of various cancers. Breast cancer is the most commonly diagnosed cancer in women worldwide. Colon cancer, lung cancer, cervical cancer, and thyroid cancer are also common in women. The National Cancer Institute estimates that by 2030, global cancer cases and deaths are likely to reach 21.6 million and 13.5 million, respectively. In the future, diagnosis and treatment costs are likely to increase as the population ages and the number of people affected by cancer increases. Costs may also increase as new, more expensive treatments are introduced as standard care.
To provide improved treatment options, medical institutions need highly sensitive and reliable diagnostics to accurately and early diagnose cancer. In addition, the increasing prevalence of other chronic diseases such as cardiovascular diseases and neurological disorders, is expected to increase the demand for image-guided therapy systems during the forecast period.
The integration of artificial intelligence (AI) with image guided therapy systems is the primary trend shaping the global image guided therapy system market. By integrating artificial intelligence (AI) into image-guided treatment systems, end users can automate and standardize complex diagnostic procedures, improve patient experience and outcomes, and reduce treatment costs. It enhances the capabilities of image-guided therapy systems that drive the growth of the global market. Image-guided therapy systems generate large amounts of data from the results of X-rays, CT scans, magnetic resonance imaging (MRI), and other examinations.
Analyzing and interpreting this data can be challenging, even for the most experienced clinical professionals. AI integration enables radiologists and technologists to improve productivity, improve accuracy, and reduce diagnostic errors. With the emergence of start-ups applying AI to imaging workflows and increasing funding to develop AI solutions for image-guided therapy systems, the adoption of AI in image-guided therapy systems is expected to increase. The integration of AI improves the quality of imaging devices, thereby driving the growth of the global image-guided therapy system market during the forecast period.
The lack of adequate healthcare infrastructure in developing nations is a major challenge to the growth of the global image-guided therapy system market. Image-guided therapy systems require a lot of space due to their size. For this reason, limited healthcare costs in developing and emerging countries lead to a lack of adequate healthcare infrastructure, which is a major obstacle to the introduction of image-guided therapy systems.
Currently, only a limited number of medical institutions in underdeveloped and developing countries have access to advanced image-guided therapy systems for various treatments such as cancer, cardiovascular disease, and neurological disease. In emerging markets like India, there is a significant shortage of patient support in rural areas due to the lack of healthcare providers and local support services. In addition, a shortage of healthcare workers leads to delays in diagnosing diseases such as cancer. Such factors may impede the growth of the focused market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Image Guided Therapy System Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers an intravascular imaging modality used during PCI to provide automated and accurate measurements to meet the clinical needs of patients.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hospitals and clinics segment will be significant during the forecast period. Hospitals and clinics often employ highly qualified doctors and sonographers to serve the needs of high-income clients. Therefore, there is a need to continuously purchase the latest image-guided therapy systems and upgrade the infrastructure. Public hospitals, by contrast, face severe budget constraints. Hence, they rely on medium-sized diagnostic centers for patients who require advanced diagnostic equipment.
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The hospitals and clinics segment was valued at USD 2,547.17 million in 2017 and continued to grow until 2021. The increasing demand for advanced image-guided therapy systems and the growing interest of hospital authorities in improving the infrastructure of healthcare facilities to improve patient care are driving the demand for image-guided therapy systems. Moreover, the increasing number of well-equipped medical facilities in both developed and developing countries around the world to meet the need for treatment in medical emergencies in the years to come is expected in the near future. It will affect the demand for image-guided therapy systems. This is likely to boost the demand for image-guided therapy systems in hospitals and clinics segment during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The image-guided therapy system market in North America will capture a significant market share in 2021. The U.S. is expected to expand into the regional market due to expanded insurance coverage, rising R&D spending, a growing elderly population with chronic diseases, high levels of healthcare spending, and increased use of image-guided therapy systems for early treatment.
In addition, factors such as the presence of major market players and high acceptance of advanced medical devices are expected to drive the growth of the focus market during the forecast period. New technological developments are expected to increase the clinical use of diagnostic imaging techniques and increase the number of imaging scans performed in the region. Additionally, governments are funding several innovative medical technologies, such as precision medicine, artificial intelligence, and data analytics, to improve patient care and health and reduce spending. All these factors are driving the growth of the image guided therapy system market in North America.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. The COVID-19 outbreak disrupted supply chain networks in the first half of 2020, negatively impacting medical device demand in North America, resulting in lower regional sales. Production of image-guided therapy systems also halted in the first half of 2020, as most image-guided therapy system companies switched to producing essential equipment and consumables such as PPE kits needed to diagnose and treat COVID-19 patients. Thus, the growth of the image-guided therapy system market in North America in the first half of 2020 was limited. However, by January 2021, the massive vaccination campaign eased lockdown restrictions across countries, helping businesses to reopen, thereby positively influencing market growth.
The image guided therapy system market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global image guided therapy system market as a part of the global healthcare equipment market. The parent, global healthcare equipment market covers products and companies engaged in research and development (R and D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Image Guided Therapy System Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.12% |
Market growth 2023-2027 |
USD 1,594.18 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.53 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 37% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Accuray Inc., Analogic Corp., Brainlab AG, C RAD AB, Canon Inc., Elekta AB, General Electric Co., Hitachi Ltd., Ion Beam Applications SA, IsoRay Inc., KARL STORZ SE and Co. KG, Koninklijke Philips NV, Medtronic Plc, Mevion Medical Systems Inc., Olympus Corp., Shimadzu Corp., Siemens AG, Stryker Corp., and Varian Medical Systems Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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