Image-guided Therapy Systems Market Growth & Trends
The global image-guided therapy systems market size is expected to reach USD 6.97 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.2% from 2022 to 2030. Growing geriatric population and increasing cases of chronic diseases are expected to boost the market demand. Other factors propelling the industry growth include rising preference for minimally invasive surgeries and technological advancements in image-guided therapy systems. Various initiatives undertaken in the area of cancer radiotherapy are driving the industry.
New product launches by major companies are also having a positive impact on market growth. For instance, in September 2020, Olympus Corporation launched ENDO-AID, an AI platform and endoscopy application with computer-aided detection for gastrointestinal applications. The AI platform with an endoscopy system-EVIS X1 enables real-time display. The growing adoption of such advanced systems is expected to drive the industry. The increasing number of initiatives undertaken by public and private firms in the area of cancer radiotherapy is also estimated to have a positive impact on industry growth.
Additionally, many academic institutions are investing in cancer radiotherapy projects for increasing the effectiveness of treatment therapies. This is also likely to contribute to market expansion. The development of the Image-guided Therapy Program by the Brigham and Women’s Hospital aimed at advancing imaging and therapeutic technologies for developing minimally invasive surgical and interventional techniques is an example of one such initiative.
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Image-guided Therapy Systems Market Report
Image-guided Therapy Systems Market Report Highlights
- North America accounted for the largest revenue share in 2021 owing to the rising geriatric population and high per capita expenditure
- Based on product, the endoscopes segment accounted for the largest revenue share in 2021 owing to technological advancements, high volume of endoscope-guided surgeries, and rising preference for minimally invasive surgeries
- On the basis of application, cardiac surgery emerged as the largest application segment in 2021 owing to factors such as rising prevalence of target diseases, preference for minimally invasive cardiac surgeries, and R&D initiatives aimed at developing real-time cardiac intervention systems
- By end-use, the hospitals segment accounted for the largest revenue share in 2021 as the hospital settings are equipped with technologically advanced devices
- The ambulatory surgery centers segment is projected to expand at the fastest CAGR of 5.9% over the forecast period
