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.
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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.
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The device type segment of the image-guided surgery devices market is categorized into computed tomography (CT), ultrasound, magnetic resonance imaging (MRI), X-ray fluoroscopy, endoscopes, positron emission tomography (PET), and single-photon emission computed tomography (SPECT). Among these, the CT category accounted for the largest market share in 2016, and it is projected to witness significant growth in the coming years. This is attributed to the fact that CT scanners are used for diagnosing vascular diseases, skeletal abnormalities, and cancer, and they show tissues, bones, and organs as a thin slice of the body.
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.
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