Surgical Imaging Market

Market Definition:

The global Surgical Imaging Market size was valued at USD 1.16 billion in 2020 and is predicted to reach USD 1.71 billion by 2030 with a CAGR of 3.9% from 2021-2030.

Surgical imaging is an optical imaging technology mainly used for image-guided surgery. It includes various tools for planning, diagnosis, computed tomography (CT), magnetic resonance Imaging (MRI), MR therapy (MRT), fluoroscopy, and ultrasound among others. These equipment allow surgeons to complete surgeries with precision and ease. Surgical imaging is generally used in minimally invasive procedures to have a proper look of the surgical site and carry out the whole procedure successfully without completely opening the surgical site. It is mostly used in the orthopedics, neurology, cardiology and other surgeries.

Market Dynamics and Trends:

The major factors driving the growth of surgical imaging market include the increasing popularity of flat panel detector (FPD) over image intensifiers, reduction in reimbursements for analogy radiography systems, and the growing demand for minimally invasive surgery. The C-arms' evolution from traditional X-ray image enhancement technology to flat panel digital detectors (FPD) has led to major advances in surgical imaging industry. If compared with image intensifiers, FPD has many advantages, such as compact size and reduced radiation dose. Although the resolution varies from model to model, FPD can generate more consistent high-quality digital images.

Moreover, technologically advanced surgical imaging systems have been introduced and implemented in healthcare institutions to bring various benefits.  For instance, in August 2019, Mercy Medical Centre implemented a multi-dimensional imaging platform that can be used for cranial, spine and trauma-related surgeries.

However, it is estimated that the high cost of these system will hamper the growth of this market during the forecast period. On the other hand, growing number of patients have led to the rising number of surgical centres and hospitals in the emerging economies, which in turn is expected to create lucrative opportunities for the market players in the coming years.

Market Segmentations and Scope of the Study:

The global surgical imaging market is segmented on the basis of modality type, technology, application, and geography. Based on modality type, the market has been segmented into mobile c-arms, mini c-arms, and others. Based on technology, the market has been segmented into image intensifier, and flat panel detector (FPD). Based on application, the market is divided into neurosurgery, orthopedic & trauma surgery, cardiovascular surgery, general surgery, other surgeries. Based on geography, the market is divided into North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis:

North America holds the lion share of surgical imaging devices market during the forecast period. This is attributed to factors such as increase in the number of sports injuries, increasing prevalence of chronic and genetic diseases.

For instance, according to American Heart Association, almost 40,000 infants are expected to be affected by congenital heart defects each year in the United States. Among these, approximately 25% or 2.4 per 1000 live births require invasive treatment in the first year of life. Also, favourable government policies that support the purchase of advanced surgical imaging equipment and reimbursements is driving the surgical imaging market growth in this region.

However, Asia-Pacific is expected to show a steady rise in surgical imaging market. This is attributed to factors such as high population base, and growing demand from key markets such as Japan, China, and India. Also, few other factors contributing to the growth of the market include the low cost of medical procedures and improvements in the medical infrastructure in these countries.

For instance, the cost of hip replacement surgery in India is $6,000 to $7,000, while the cost of the same surgery in the United States is $45,000 to $50,000. In such circumstances, surgical imaging systems are expected to play an important role in effectively managing the growing number of patients in these countries, thus creating potential opportunities for market growth.

Moreover, the increasing number of cancer patients, and the existence of a loose regulatory environment are encouraging participants in the surgical imaging market to increase their business in emerging countries.

Competitive Landscape:

The surgical imaging market comprises of various market players such as Canon Medical Systems Corporation, GE Healthcare, GENORAY Co. Ltd., Hologic Inc., Koninklijke Philips N.V., Medtronic Plc., SHIMADZU Corporation, Siemens, Whale Imaging Inc., and Ziehm Imaging GmbH among others. Strategic alliances, acquisitions and innovations along with various R&D activities are key strategies adopted by market players to maintain their dominance in the market.

For instance, in March 2021, GE Healthcare announced that it had received clearance from U.S. FDA for its OEC 3D, which is a surgical system capable of 3D and 2D imaging. Also, this product is expected set a standard in future for interoperative 3D imaging with precise volumetric images for spine and orthopedic procedures.

Key Benefits:

• The report offers quantitative analysis of the current surgical imaging devices market and estimations through 2020-2030, that assists in identifying the prevailing market opportunities to capitalize on. 

• The study comprises a deep dive analysis of the surgical imaging devices market trend including the current and future trends for depicting prevalent investment pockets in the surgical imaging devices market.

• The report contains information related to key drivers, restraints and opportunities and their impact on the surgical imaging devices market.

• The report includes key market players, market share, which helps understand their competitive analysis.

• The competitive analysis of the market players along with their market share in the surgical imaging devices market.

• The SWOT analysis and Porter's Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the stakeholder’s role.

Key Market Segments:

By Modality Type

• Mobile C-Arms

• Mini C-Arm

• Others

By Technology

• Image Intensifiers

• Flat Panel Detectors

By Application

• Neurosurgery

• Orthopedic & Trauma Surgery

• Cardiac & Vascular Surgery

• General Surgery

• Other Surgery

By Geography

• North America

  • US

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • Australia

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players:

• Canon Medical Systems Corporation
• GE Healthcare
• GENORAY Co. Ltd.
• Hologic Inc.
• Koninklijke Philips N.V.
• Medtronic Plc.
• SHIMADZU Corporation
• Siemens
• Whale Imaging Inc.
• Ziehm Imaging GmbH

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Analysis Period	2019–2030
Base Year Considered	2020
Forecast Period	2021–2030
Market Size Estimation	Billion (USD)
Market Segmentation	By Modality Type (Mobile C-Arms, Mini C-Arms, and Others), Technology Type (Image Intensifier, and Flat Panel Detector (FPD)), and Application (Neurosurgery, Orthopedic & Trauma Surgery, Cardiovascular Surgery, General Surgery, Other surgeries)
Geographical Segmentation	North America (U.S., Canada, Mexico) Europe (Germany, UK, France, Rest of Europe), Asia-Pacific (China, Japan, Australia, Rest of Asia-Pacific), Rest of the World (Latin America, Middle East, Africa)
Companies Profiled	Canon Medical Systems Corporation, GE Healthcare, GENORAY Co. Ltd., Hologic Inc., Koninklijke Philips N.V., Medtronic Plc., SHIMADZU Corporation, Siemens, Whale Imaging Inc., and Ziehm Imaging GmbH