Surgical Navigation Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027
Transparency Market Research (TMR) has published a new report titled, “Surgical Navigation Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”. According to the report, the global surgical navigation systems market was valued at US$ 783 Mn in 2018. It is projected to expand at a CAGR of 8.5% from 2019 to 2027. Increasing demand for minimally invasive surgeries coupled with the augmenting awareness among people pertaining to the advantages offered by surgical navigation systems is driving the market significantly. Innovation and technological advancements, such as electromagnetic technology, are anticipated to boost the global market during the forecast period.
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North America and Europe are expected to dominate the global surgical navigation systems market from 2019 to 2027. This is attributed to a rise in the demand for minimally invasive surgery/devices for neurosurgery & orthopedic surgery, favorable medical reimbursement policies, and rapid increase in the geriatric population. Asia Pacific is likely to account for a significant share of the global market share by 2027. This is due to a large patient base with orthopedic problems in highly populated countries, such as India and China, large geriatric population in Japan, and rise in adoption of technologically advanced products in Japan, Australia, New Zealand, and South Korea. Rise in adoption of technologically advanced products by key manufacturers, such as Stryker, and Zimmer Biomet Holdings, Inc, is likely to propel the global surgical navigation systems market. The market in Asia Pacific is expected to expand at a notable CAGR of 8.5% from 2019 to 2027.
High prevalence of orthopedic, neurological & ENT disorders to propel market
Incidences of trauma are rising globally and therefore, the number of cases of surgeries is rising rapidly. Furthermore, increasing geriatric population worldwide is fuelling the demand for orthopedic replacements, primarily hip replacement, shoulder replacement, and knee replacement surgeries. Expansion of the market is primarily driven by rising adoption of minimally invasive surgical procedures, increasing number of partnerships, agreements, and collaborations among market players, rising incidence of orthopedic and neurological disorders, and high prevalence of ENT disorders. Moreover, government funding for research and development activities for surgical navigation systems is also driving the market. However, high cost and product recalls are estimated to hamper the market during the forecast period.
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Orthopedic to be highly attractive segment
The report offers detailed segmentation of the global surgical navigation systems market based on application, technology, and end-user. In terms of application, the orthopedic segment is estimated to account for a leading share of the global market during the forecast period. Factors attributed to the higher share of the segment include a rise in the demand for minimal invasive orthopedic procedures to fix hip, knee, and spine injury. According to the Agency for Healthcare Research and Quality, more than 600,000 knee replacement are performed each year in the U.S. The orthopedic segment is expected to expand at an exponential growth rate, owing to the rising geriatric population and subsequent increase in incidences of hip, knee, and shoulder fractures. Moreover, high success rates with surgical navigation system and favorable medical reimbursement policies in developed countries for surgical procedures are propelling the orthopedic segment. Furthermore, development and launch of new technologically advanced surgical navigation systems required for people suffering from chronic neurological disorders are projected to drive the neurosurgery segment during the forecast period. Additionally, a rise in the demand and adoption of ENT surgical navigation systems is expected to propel the ENT segment during the forecast period.
Hospitals segment to dominate market
Based on end-user, the hospitals segment is projected to account for a dominant share of the global surgical navigation systems market from 2019 to 2027. The segment is anticipated to expand at a high CAGR from 2019 to 2027. Ambulatory surgical centers is expected to be the second-leading segment, in terms of market share, during the forecast period. High share held by the hospitals segment is attributed to an increase in the number of surgical procedures for the treatment of all types of orthopedic, neurological, and ENT disorders and favorable reimbursement policies for medical devices in most developed and developing countries. The hospitals segment is likely to expand at a rapid pace during the forecast period. Availability and high rate of adoption of over-the-counter surgical navigation systems and non-invasive treatment devices for the effective management of disorders are key factors driving the hospitals segment.
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Focused R&D activities to develop innovative product technologies: Key trend among leading players
The report also provides profiles of leading players operating in the global surgical navigation systems market. Stryker, Medtronic plc, B. Braun Melsungen AG, GE Healthcare (General Electric Company), Zimmer Biomet Holdings, Inc. and Siemens Healthineers (Siemens AG) are major players operating in the market, offering products with proprietary technologies. Other prominent players in the global surgical navigation systems market include Brainlab AG, Fiagon AG, and Amplitude Surgical.
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