Image Guided Surgery Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Image-Guided Surgery Devices Market By Product Type (Endoscopes, Ultrasound Systems, Magnetic Resonance Imaging (MRI) Systems, Computed Tomography (CT) Systems, X-Ray Fluoroscopy Systems, And Others), By Application (Neurology, Orthopedic Surgery, Ear Nose Throat (ENT) Surgery, Oncology Surgery, And Other Application), By End-User (Hospitals, Specialty Clinics, And Others), and by geography is expected to advance at a respectable CAGR forecast till 2030 owing to the increasing growing prevalence of chronic disorder and the increasing burden of old age population prone to chronic diseases across the globe

The global image-guided surgery devices market was valued at USD 5,540.87 million in 2023, growing at a CAGR of 5.81% during the forecast period from 2024 to 2030 to reach USD 7,765.22 million by 2030. The image-guided surgery devices market is observing remarkable market growth due to the factors such as the escalating burden of the geriatric population prone to chronic diseases and the rising prevalence of chronic diseases such as cardiovascular, cancers, neurological, and others across the globe. Further, a gradual increase in approval of image-guided surgery devices, rapid technological advancement in the products, increasing demand for minimally invasive surgeries, and others will create a necessity for Image Guided Surgery Devices in the market. Therefore, the market for image-guided surgery devices is estimated to grow at a substantial CAGR during the forecast period from 2024 to 2030.

Image-Guided Surgery Devices Market Dynamics:

One of the key factors influencing the growth of image-guided surgery devices in the market is the growing prevalence of various chronic disorders across the world.

For instance, according to the latest study provided by the Centers for Disease Control and Prevention (CDC), chronic diseases namely heart disease, cancer, and diabetes are the leading causes of death and disability in the US. The source stated that six in ten adults have a chronic disease, in the US. Also, according to European Chronic Disease Alliance, chronic diseases are the leading cause of mortality in Europe, representing 77% of the total disease burden and 86% of all deaths.

Further, the data published by GLOBOCAN in the year 2020 states that a total of 19,292,789 new cases of cancer were reported worldwide. As per the same data, the five-year prevalence for all types of cancer across the globe is 50,550,287, in 2020. As per Global Cancer Observatory, in 2020, the cancer incidence in Asia rose to 169.1 per 100,000 inhabitants, accounting for 49.3% of the global cancer incidence. The most common cancers were lung (13.8%), breast (10.8%), and colorectal (10.6%) cancers.

In addition, the increasing burden of the geriatric population prone to chronic disease will increase the number of surgical procedures, ultimately increasing the demand for image-guided surgery devices. For instance, according to the data provided by the WHO (2023), in 2020, about one billion people across the world were over the age of 60. The source mentioned above also stated that by 2050, the elderly population aged 60 and above is expected to double in number representing about 2.1 billion people. Also, people in the age group of 80 and above are estimated to triple between 2020 and 2050 to reach 426 million.

Increasing product launches and approvals will also upsurge the market of image-guided surgery devices. In September 2022, Stryker announced the launch of its Q Guidance System for spine applications. The System combines new optical tracking options provided by a redesigned camera and sophisticated algorithms of the newly launched Spine Guidance Software. When used with the Q Guidance System, the Spine Guidance Software is intended as a planning and intraoperative guidance system to enable open or percutaneous computer-assisted surgery and is the first spine navigation software to receive FDA clearance for use with pediatric patients aged 13 and older.

Also, in July 2022, Fujifilm Healthcare Americas Corporation launched the FDR Cross, a portable device that combines digital radiography and fluoroscopic capabilities in one platform. The device reduces the need for additional equipment for image-guided procedures.

Therefore, the factors stated above collectively will drive the overall image-guided surgery devices market during the forecast period from 2024-2030.

However, the high cost of the image-guided surgery devices, stringent regulatory approvals, and others may prove to be challenging factors for image-guided surgery devices market growth.

The image-guided surgery devices market was negatively impacted during the period of COVID- 19 pandemic during the initial few months owing to the lockdown impositions, and border closures, which led to the disruption in the manufacturing, supply, import, export, and other related activities of the IGS devices market. Furthermore, all non-elective surgery around the globe was suspended and most hospitals and clinics were overburdened in managing and treating patients affected by COVID-19. This causes a halt in major orthopedic, ENT, and oncology services, thereby negatively affecting device growth. However, with mass vaccination, the market is set to be normalized due to improved sales and resumed product developmental activities. Additionally, with the launch of new products in the market the industry for image-guided surgery devices is said to take off in the years followed by the pandemic. Thus, the above factors are anticipated to propel the market for image-guided surgery devices during the forecast period.

Image-Guided Surgery Devices Market Segment Analysis:

Image Guided Surgery Devices Market by Product Type (Endoscopes, Ultrasound Systems, Magnetic Resonance Imaging (MRI) Systems, Computed Tomography (CT) Systems, X-Ray Fluoroscopy Systems, and Others), Application (Neurology, Orthopedic Surgery, Ear Nose Throat (ENT) Surgery, Oncology Surgery, and Other Application), End-User (Hospitals, Specialty Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product type segment of the image-guided surgery devices market, Magnetic Resonance Imaging (MRI) Systems are expected to have a revenue share of 27.77% in the year 2023. This was primarily due to the usage of these devices in multiple surgeries and various advantages offered by them such as no use of radiation and being minimally invasive, among others offered by the category.

Moreover, it produces extremely clear, detailed images of soft-tissue structures as compared to X-ray and CT scans and helps surgeons to conduct accurate and effective surgical treatment. Unlike other systems such as X-ray and CT Scans that are based upon the use of radiation to create images of body structures, MRI does not involve the use of radiation, instead, it uses strong magnetic fields and radio waves to produce internal images of the body. The patients thereby are not exposed to harmful doses of radiation and remain safe from its effects.

Further, in image-guided surgery, it is possible to create hundreds of images from almost any direction and in any orientation with the help of MRI systems.

The growing technological advancements in MRI systems for image-guided surgery are another factor that is likely to increase their demand. For example, iMRI System is a ceiling-mounted MRI system developed by IMRIS, Deerfield Imaging, Inc. for imaging during surgical procedures in a hybrid operating room or a multi-room hybrid operating suite. It is the only iMRI System in the world with a magnet that travels on a ceiling-mounted rail system between the diagnostic room and adjacent operating rooms, bringing the magnet directly to the patient.

Therefore, owing to the aforementioned factors, the category Magnetic Resonance Imaging (MRI) Systems is expected to witness considerable growth eventually contributing to the overall growth of the global image-guided surgery devices market during the forecast period.

North America is expected to dominate the overall Image-Guided Surgery Devices Market:

Among all the regions, North America is expected to hold the largest share of 45.64% in the image-guided surgery devices market in 2022. This can be ascribed to the increasing prevalence of various chronic diseases such as neurology, cardiovascular, cancers, and orthopedic, among others. Furthermore, the surging burden of the geriatric population prone to chronic diseases, the rising research and development activities in the region associated with the launch of new image-guided surgery devices, and the strategic business activities by the key players to expand their product portfolio, and other are also driving the market growth in North America.

The growing prevalence of cardiology and cardiovascular disorders such as coronary artery disease, heart blockage, and heart attack, among others are expected to upsurge the demand for image-guided surgery in the region. According to the Centers for Disease Control and Prevention 2022 data, approximately 6.7% (18.1 million) of the population aged 20 and older had coronary artery disease, in 2022, in the US.

Further, according to the Canadian Institute for Health Information 2022 report, in 2020-2022, nearly 55,300 hip and 55,285 knee replacements were performed in Canada, which was 12.9% and 26.4% lower, respectively, compared with the number performed in 2019-2020.

Moreover, the increasing product launches, approvals, and other regulatory activities among the key players in the region will aid in increasing the demand for image guides surgery devices. For instance, in February 2020, OnLume received 510(k) clearance from the US Food & Drug Administration to market its first product, a fluorescence-guided surgery (FGS) system. The system is indicated for fluorescence imaging of blood flow and tissue perfusion before, during, and after vascular, gastrointestinal, organ transplant, plastic, reconstructive, and micro surgeries.

Also, in December 2022, ClaroNav, received Health Canada approval for its Navient ENT and Navient Cranial. Navient is an innovative image-guided navigation system, that utilizes the latest technologies in the field and brings simplicity, accuracy, and affordability to the surgical navigation system.

Therefore, the interplay of the aforementioned factors above would provide a conducive growth environment for the North American region in the image-guided surgery devices market.

Image-Guided Surgery Devices Market Key Players:

Some of the key market players operating in the image-guided surgery devices market include Medtronic, Koninklijke Philips N.V., Siemens Healthcare GmbH, General Electric, Perlong Medical Equipment Co., Ltd., Brainlab AG, Olympus Corporation, Stryker, Abbott, Getinge AB, joimax® GmbH, KARL STORZ SE & Co. KG, Sea Spine, OnLume Inc., IMRIS, Shimadzu Corporation, FUJIFILM Holdings, Nanjing Perlove Medical Equipment Co., Ltd., Allengers, ClaroNav, and others.

Recent Developmental Activities in the Image-Guided Surgery Devices Market:

In May 2022, Brainlab, a digital medical technology company, announced the majority acquisition of medPhoton GmbH, a Salzburg, Austria-based company, that develops and manufactures robotic imaging solutions for image-guided radiation therapy and surgery.

In April 2022, Medtronic announced a partnership with Surgical Theater to interface Surgical Theater's SyncAR(TM) augmented reality (AR) technology with Medtronic's StealthStation(TM) S8 surgical navigation system. This collaboration will enable neurosurgeons to use AR technology in real-time to enhance visualization during complex cranial procedures.

In December 2022, GE announced that it has completed the acquisition of BK Medical, a leader in advanced surgical visualization, from Altaris Capital Partners, LLC.

Key Takeaways from the Image Guided Surgery Devices Market Report Study

Market size analysis for current image-guided surgery devices market size (2023), and market forecast for 5 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the image-guided surgery devices market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global image-guided surgery devices market.

Various opportunities are available for the other competitor in the image-guided surgery devices market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current image-guided surgery devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for image-guided surgery devices market growth in the coming future?

Target Audience who can be benefited from this Image-Guided Surgery Devices Market Report Study

Image-guided surgery devices products providers

Research organizations and consulting companies

Image-guided surgery devices -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in image-guided surgery devices

Various end users who want to know more about the image-guided surgery devices market and the latest technological developments in the image-guided surgery devices market.

Frequently Asked Questions for the Image-Guided Surgery Devices Market:

1. What are image-guided surgery devices?

The image-guided surgery systems are employed in intraoperative procedures to accurately target tissue or tumor. It provides enhanced visualization through real-time monitoring thereby increasing the efficiency of surgeon's manifolds.

2. What is the global market for image-guided surgery Devices?

The global image-guided surgery devices market was valued at USD 5,540.87 million in 2023, growing at a CAGR of 5.81% during the forecast period from 2024 to 2030 to reach USD 7,765.22 million by 2030.

3. What are the drivers for the global image-guided surgery devices market?

The image-guided surgery devices market is witnessing positive market growth owing to the factors such as the growing prevalence of chronic disorders, the increasing burden of the old age population, the gradual increase in approval of image-guided surgery devices, rapid technological advancement in the products, surging demand of minimally invasive devices, increasing product launches and approvals, presence of key players in the market, and others will create an exigency for the image-guided surgery devices market.

4. Who are the key players operating in the global image-guided surgery devices market?

Some of the key market players operating in the image-guided surgery devices market include Medtronic, Koninklijke Philips N.V., Siemens Healthcare GmbH, General Electric, Perlong Medical Equipment Co., Ltd., Brainlab AG, Olympus Corporation, Stryker, Abbott, Getinge AB, joimax® GmbH, KARL STORZ SE & Co. KG, Sea Spine, OnLume Inc., IMRIS, Shimadzu Corporation, FUJIFILM Holdings, Nanjing Perlove Medical Equipment Co., Ltd., Allengers, ClaroNav, and others.

5. Which region has the highest share in the image-guided surgery devices market?

Among all the regions, North America is estimated to amass a significant revenue share in the global image-guided surgery devices market. This domination is due to the surging prevalence of various chronic diseases, escalating burden of the geriatric population, and the growing product development activities in the image-guided surgery devices sector in North America is expected to propel the overall market growth.