Image Guided Surgery Devices Market Value to Reach US$4,998 Million by 2025
The rising healthcare awareness, coupled with willingness to spend on advanced treatment will trigger growth in the global image guided surgery devices market. As a result of expansion reported over the years, the market is likely to witness higher competition in the near future. Besides toying with various policies to strengthen their global footprint, several market players are likely to take on strategic collaborations to attain sustainable growth in the global image guided surgery devices market. Transparency Market Research (TMR) has identified Olympus Corporation, GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Brainlab AG, Analogic Corporation, Varian Medical Systems, Inc., KARL STORZ GmbH & Co. KG, Stryker, and Medtronic as some of the prominent companies operating in the market. Strategies aimed at business expansion adopted by these companies are likely to exert considerable influence on the market’s future trajectory.
According to TMR, the global image guided surgery devices market will value US$4,998.2 mn in 2025, as against its valuation of US$3,068.9 mn in 2016. Therefore, between 2017 and 2025, the global image guided surgery devices market is likely to report a CAGR of 5.7%. Regionally, the rising demand for minimally invasive surgeries and various other factors have put North America at the market’s fore in 2016. Besides this, TMR forecasts positive outlook for the market in Europe and Asia Pacific. Based on end user, the hospitals segment accounted for the highest share in the global image guided cosmetic surgery devices market in 2016.
Image guided surgery devices facilitate accurate and precise diagnosis, thus bolstering the overall treatment procedure. Because of high level accuracy these devices offer, their usage has significantly increased during surgeries. Besides this, image guided devices are used as navigation systems as they guide doctors during the planning or a surgery and assist surgeons while performing one. Various factors are supporting the market’s expansion. For instance, the growing awareness regarding advanced technologies and devices has helped the market gain momentum. In addition, the market is likely to gain impetus in response to the increase willingness among patients and their families to spend on minimally invasive surgeries. Furthermore, the rising incidence of cancer, ENT problems, and osteoporosis is likely to fuel the demand for surgery devices. Also, the market will significantly benefit from technological advancements in healthcare facilities and quality of healthcare.
The escalating global population will have a positive impact on the overall market. Extensive care often become a necessity for elderly population. With age humans grow more vulnerable to illnesses. Also their low immunity level extends the recovery time in case of diseases. Considering this, in the coming years the demand for effective diagnosis and therapies is likely to get stoked in the healthcare sector. This in turn will pave way for the global image surgery devices market’s robust growth in the near future.
While developed regions will continue offering lucrative prospects, the market will gain major impetus across emerging nations. In countries such as India and China, the market witnesses major growth potential. This is due to the expansion of the healthcare industry and rising government investment toward sophisticating their healthcare infrastructure. Furthermore, medical devices can be manufactured at a reduced cost in emerging nations, without compromising on quality, which is a key factor behind the gradual shift of leading vendors towards emerging nations. However, due to lack of awareness, these companies may find it difficult to penetrate in remote areas, which could restrain the market’s growth to an extent. Nonetheless, government initiatives taken to educate and make people living in the rural areas aware about widespread diseases and their possible treatments will enable growth in the global image guided surgery devices market in the coming years.
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