A number of factors, such as the rising cases of neurological illnesses, surging aging population, growing healthcare expenditure, increasing incidence of cancer and other chronic diseases, and technological developments in medical imaging systems, are projected to boost the growth of the image-guided surgery devices market at a 6.5% CAGR in the forecast period (2017–2023). Moreover, the presence of several established players, including Siemens AG, Koninklijke Philips N.V., GE Healthcare, Canon Inc., Hitachi Ltd., Medtronic Inc., and Smith & Nephew plc., drives the market growth.
The rising adoption of image-guided surgery devices in developing countries, such as India and China, provides several growth opportunities to the players operating in the market. Seeing the growing economy, rising government initiatives, improving healthcare infrastructure, and large population, key manufacturers of medical devices are penetrating untouched markets by developing their manufacturing base in these nations. Moreover, the manufacturing cost of these devices in developing countries is low, which reduces the cost of the final products without altering their quality.
The primary factor improving the image-guided surgery devices market growth prospects is the rising incidence of cancer and other chronic diseases owing to the alterations in the lifestyle and lack of access to healthcare facilities. For instance, according to the World Health Organization (WHO), around 9.6 million deaths occurred due to cancer across the world in 2018. Moreover, as per the International Agency for Research on Cancer (IARC), 12.7 million new cancer patients emerged across the world in 2008, and this number is expected to reach 21.4 million by 2030.
Furthermore, on the basis of application, the image-guided surgery devices market is classified into orthopedic surgery, neurology, oncology surgery, ear nose throat (ENT) surgery, and others. Out of these, the neurology category holds the largest market share, and it is expected to record significant growth during the forecast period. This can be ascribed to the high usage of image-guided surgery devices for the treatment of neurological diseases, such as brain tumors and lesions, across the globe.
Globally, North America is the largest image-guided surgery devices market till now. This is attributed to the growing geriatric population, technological developments in medical imaging systems, and increasing adoption of these devices in the region. On the other hand, the Asia-Pacific (APAC) market is projected to record the fastest growth during the forecast period. This can be ascribed to the surging cases of neurological disorders, cancer, arthritis, and other chronic diseases and the increasing population of elderly people.
Thus, the rising incidence of cancer and other chronic diseases and the increasing technological developments in medical imaging devices are expected to propel the growth of the market during the forecast period.
