Global Image Guided Therapy System Market Size

Image Guided Therapy System Market Analysis

The image-guided therapy system market is expected to register a CAGR of 6.5% during the forecast period.

COVID-19 had a significant impact on the growth of the market during the forecast period owing to the rising adoption of image-guided therapy during COVID. For instance, the article published in July 2022 in the RSNA journal mentioned that adults who received image-guided corticosteroid injections for pain management performed during the pandemic recovery period had a lower incidence of symptomatic COVID-19 compared with the general population. An image-guided joint injection is a shot of anti-inflammatory steroid medicine that uses fluoroscopy or ultrasound to pinpoint where the needle needs to go and to show the needle's progress. Furthermore, the image-guided therapy system market is anticipated to witness growth in the coming years due to the rise in chronic diseases, the rise in the geriatric population, and the surge in cancer radiotherapy. For instance, as per the article published in February 2022, image-guided surgery can contribute to oncologic safety and decrease complications in gastric cancer surgery by helping surgeons optimize the surgical approach, and new developments show promise for the use of Intraoperative hyperspectral imaging (HSI) in intraoperative tissue diagnostics.

Several factors, such as a rise in the geriatric population, an increase in the burden of chronic diseases, and an increase in the number of initiatives for cancer radiotherapy, are propelling the growth of the image-guided therapy system. For instance, as per the American Cancer Society 2022 update, the estimated number of new cancer cases is 1.9 million in 2022 in the United States. Thus, the high prevalence of cancer cases leads to the rising demand for minimally invasive surgical procedures, thereby contributing to the growth of the image-guided therapy system market over the forecast period.

Moreover, collaborations, partnerships, and product launches in image-guided therapy are expected to drive market growth over the forecast period. For instance, in Aug 2021, Royal Philips signed an agreement with NICO.LAB, a MedTech stroke care company, to newly developed stroke abilities of Philips Image Guided Therapy System, Azurion. The new partnership particularly promotes Philips' dedication to enhancing results for people who suffer a stroke. Additionally, in February 2021, Philips launched an image-guided therapy solution called ClarifEye Augmented Reality Surgical Navigation for spine procedures; this solution has been designed to advance minimally-invasive spine procedures in the hybrid operating room, such as Philips hybrid suite.

Also, an increase in the geriatric population is likely to lead to many chronic conditions such as hypertension, high cholesterol, cancer, and many more, which further has a high chance of adopting an image-guided therapy system as the population is more inclined toward minimally invasive procedures. For instance, the data published by WPP in 2022, by 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age five and about the same as the number of children under age 12. Moreover, minimally invasive image-guided therapies are preferred more as they reduce postoperative complications and control healthcare costs.

Thus, due to the rise in chronic diseases, the high prevalence of the geriatric population, and the increased adoption of minimally invasive procedures, the image-guided therapy system market is expected to drive growth over the forecast period.