Image-guided surgery (IGS) is a surgical procedure that uses preoperative and intraoperative images to direct surgical instruments through correlating the operative field. Image-guided surgery was developed with neurosurgery in mind, but is currently used for medical fields such as ENT, orthopedics, oncology, and others. A research study from Transparency Market Research (TMR) states that the global image-guided surgery devices market will be worth US$4.80 billion by 2022, with a CAGR of 6.4% during the forecast period from 2014 to 2022. In 2013, the global image-guided surgery devices market was valued at US$2.76 billion.
The global image-guided surgery (IGS) devices market will benefit from several drivers, while it will be inhibited by a couple of factors. Let’s take a look at the most influential trends shaping the global image-guided surgery devices market.
Top 10 Global IGS Devices Market Determinants
1. The increasing demand for better health care facilities is expected to drive the overall image-guided surgery (IGS) devices market.
2. The accelerated healthcare expenditure and patients’ demand for novel techniques will also boost the growth of the global image-guided surgery devices market.
3. Image-guided surgery devices offer a high level of accuracy and efficiency, which has made them popular among consumers around the world. Especially, the adoption of CT scanners in IGS is high and was estimated at US$770.7 million in 2013.
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4. The rising number of government initiatives to promote the use of IGS will also fuel the global IGS devices market.
5. Companies in the market are competing on the basis of innovation, which will propel the global image-guided surgery devices market.
6. To drive product innovation, players in the global image-guided surgery (IGS) devices market are entering collaboration and partnership programs. This trend will support the growth of established players as well as welcome new entrants in the global IGS devices market.
7. Furthermore, the emerging markets of Asia Pacific hold a massive growth potential in the global image-guided surgery devices industry due to the rapidly-expanding healthcare infrastructure in this region. The Asia Pacific IGS devices market is predicted to grow at a fastest CAGR of 6.9% during the forecast period.
8. Nevertheless, the high cost associated with installation of image-guided surgery devices will suppress the market. Moreover, the lack of skilled staff to use and maintain these devices will hamper this market.
9. The strict regulatory standards to approve new IGS devices is also expected to suppress the global image-guided surgery devices market. Several IGS devices from top companies are awaiting approval from FDA.
10. Moreover, the poor primary health care infrastructure and absence of health insurance, particularly in developing nations will also inhibit the growth of the global IGS market
Some of the types of devices of IGS are single photon emission computed tomography (SPECT) equipment, positron emission tomography (PET) machine, x-ray fluoroscopy machine, endoscope, magnetic resonance imaging (MRI) machine, ultrasound, and computed tomography (CT) scanners.
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The global image-guided surgery (IGS) devices market by application is divided into neurosurgery, oncology surgery, ENT surgery, orthopedic surgery, and others. The orthopedic surgery segment in the global image-guided surgery devices market is projected to demonstrate a highest CAGR of 7% during the forecast period owing to the rising incidence of road accidents and increasing geriatric population.
The key manufacturers in the global IGS devices market include Siemens, Zimmer Holdings, St. Jude Medical, Medtronic, Stryker, IMRIS, KARL STORZ, Analogic, and Brainlab.