Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Intraoperative Imaging Market Insights
There are different type of devices and systems that are used during intraoperative imaging, which include intraoperative X-Ray, intraoperative MRI, intraoperative CT, intraoperative ultrasound, intraoperative radiation therapy, and others. Amongst these, intraoperative CT is commonly used intraoperative imaging device during imaging. Computed tomography, also known as CT scan, is a diagnosis technique used to obtain detailed images of organs, bones, soft tissue, and blood vessels. CT scanner uses computer and X-ray technology to obtain images of internal body organs. CT scanning is a non-invasive, painless, fast, and accurate diagnostic method and is widely used in diagnosis of various neurological disorders.
In the recent past, advancements were made in CT scanners to improve its speed, resolution, and patient comfort. Single slice CT scanner, which uses X-ray source and single detector has been replaced with multi slice CT scan due to slow performance and low image quality of single slice CT scanners. Multi slice CT scanners have multiple number of slices, which enhances the performance and image quality of these CT scanners.
The global intraoperative imaging market is estimated to be valued at US$ 2,410.7 million in 2019, and is expected to exhibit a CAGR of 6.1% during the forecast period (2019-2027).
Figure 1. Global Intraoperative Imaging Market Share (%), By Device Type
Source: Coherent Market Insights Analysis (2020)
Key players in the market are focusing on launching diagnostic tools integrated with artificial intelligence. This is expected to aid key players in gaining a strong foothold in the market and also creates a lucrative opportunity for other key players to focus on providing advanced imaging diagnostic tools. For instance, in 2017, Samsung NeuroLogica Corporation, a healthcare subsidiary of Samsung Electronics Co., Ltd., entered into collaboration with MedyMatch Technology, Ltd. to integrate artificial intelligence (AI) clinical decision support technology developed by MedyMatch Technology in its computed tomography (CT) and other imaging equipment.
Moreover, increasing launches of technologically advanced intraoperative X-Ray is expected to propel the segment growth over the forecast period. For instance, in August 2018, Kiran Medical Systems, a radiology division of Trivitron Healthcare launched complete portfolio of Advanced Digital X ray systems, DSA C-Arm, Modular Smart OT Solutions, and Satin Touch Radiation Protection Products at Traumacon 2018, Mumbai, India. Moreover, in January 2014, PerkinElmer introduced IVIS Lumina XRMS Series III multimodal imaging system that offers bioluminescence and low dose X-ray imaging, along with novel ultra-sensitive, two-dimensional in vivo fluorescence imaging technologies.
High cost of imaging devices is expected to hamper the global intraoperative imaging market growth
High cost of imaging devices such as MRI machines and CT scanners is a major factor, which is expected to hinder growth of the global intraoperative imaging market over the forecast period. Devices of such high cost are not affordable by small hospital facilities in emerging economies such as India and Africa. Therefore, this factor is expected to negatively affect growth of the market. For instance, price of a magnetic resonance imaging (MRI) device starts from US$ 150,000 and high end device costs over US$ 1 million. Such high cost of devices is only affordable by multispecialty hospitals and diagnostic laboratories.
Global Intraoperative Imaging Market- Regional Analysis
On the basis of region, the global intraoperative imaging market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America is expected to exhibit significant growth in the intraoperative imaging market due to increasing approval of novel intraoperative imaging systems in region. For instance, in April 2018, Siemens Healthineers received the U.S. FDA approval for its new ‘SOMATOM go.All’ and ‘SOMATOM go.Top’ computed tomography (CT) systems. SOMATOM go.All has 64-slice and provides 0.33- second rotation time, stellar detector technology, and a robust 75 kW generator. SOMATOM go.Top has 128-slice and provides fast scanning.
Moreover, Europe intraoperative imaging market is expected to witness significant growth over the forecast period, owing to increasing launch of novel intraoperative imaging systems by key players in the region. For instance, in 2015, Hitachi Medical Systems Europe Holding AG, a Switzerland-based subsidiary of Hitachi Medical Corporation, based in Tokyo, Japan, launched the new generation OASIS, which is an Open High- Field 1.2T MRI in Europe.
Moreover, installation of novel intraoperative imaging systems by hospitals in Asia Pacific is also expected to drive the Asia Pacific intraoperative imaging market. For instance, in 2017, Indraprastha Apollo Hospitals, a big chain of hospitals in India installed the Philips Silent’ 3 Tesla MRI in their hospitals. Moreover, Japan and Australia are two countries with the highest number of CT scanners per 1,000,000 people. Japan is the only country to have over 100 CT scanners per 1,000,000 people. For instance, according to the Organization for Economic Co-operation and Development (OECD), Japan had 111 CT scanners per 1,000,000 population in 2017.
Figure 2: Global Intraoperative Imaging Market Share (%), By Region
Source: Coherent Market Insights Analysis (2020)
Global Intraoperative Imaging Market - Competitive Landscape
Key players operating in the global intraoperative imaging market include Siemens Healthineers, Medtronic PLC., Koninklijke Philips NV, General Electric Company, IMRIS, Deerfield Imaging, Inc., NeuroLogica Corporation, Ziehm Imaging GmbH, Brainlab AG, and Carl Zeiss Meditec AG.