Advanced Therapies Equipment Market Segment and Application Examined in New Market Research
Advanced therapies equipment are innovative and cutting edge medical devices. These medical devices offer high efficacy levels, which has attracted significant attention and investments. New generation of medical devices such as surgical imaging devices are expected to be launched in the advanced therapies equipment market in the next few years. Technologies such as next generation image-guided therapy platform, which is capable of performing wide range of catheter-based procedures, bring revolutionary changes in the field of medical surgery, especially in minimally-invasive, by reducing errors and speeding up procedure time.
In terms of device type, the global advanced therapies equipment market can be classified into angio systems, C-arm systems, and others. The angio systems segment is projected to grow at a rapid pace during the forecast period. This is attributed to unparalleled performance with revolutionary X-ray imaging and unique sensitivity of ultra-low dosing imaging facility which helps perform minimally invasive procedures in a more convenient way. Based on application, the market can be categorized into pain management, cardiovascular, orthopedic, spine surgery, and others. The cardiovascular segment is expected to grow at a rapid pace due to high prevalence of cardiovascular diseases across the globe. In terms of end-user, the global advanced therapies equipment market can be divided into hospitals, diagnostic laboratories, and others. The hospitals segment is anticipated to expand at a high CAGR during the forecast period, as large number of patients prefer diagnosis of diseases in hospitals due to the availability of treatment and diagnostics under one roof.
Advanced therapies equipment offer revolutionary treatments for a number of diseases such as cardiovascular, orthopedic, urology, and gastrointestinal. Rise in demand for minimally invasive procedures, which is emerging as the new standard in precision medicine, and increase in complexity of different surgical procedures that require complex advanced equipment are the major factors that drive the global advanced therapies equipment market. However, high price of the devices and increase in utilization rates for installed systems hamper the growth of the advanced therapies equipment market.
In terms of region, the global advanced therapies equipment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The region is projected to account for significant share of the global market during the forecast period, due to rise in prevalence of cardiovascular diseases. According to National Center for Health Statistic, 2011, heart disease is the leading cause of death in the U.S., and killing more than 600,000 Americans each year. Increase in demand for minimally invasive surgeries among the geriatric population is anticipated to augment the advanced therapies equipment market in Europe. Rise in prevalence of orthopedic disorders and cardiovascular diseases in countries such as India and China, availability of advanced devices, and increase in awareness about the advantages of minimally invasive surgery are likely to propel the market in Asia Pacific during the forecast period. Rapid rise in health care infrastructure and high prevalence of diseases such as cancer propel the advanced therapies equipment in Middle East & Africa.
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Key players operating in the global advanced therapies equipment market are Hologic, Inc., Siemens Healthineers, Medtronic, Canon Medical System Corporation, GE Healthcare, Koninkliike Philips, Shimadzu Corporation, and Aton GmbH, among others.
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