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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Surgical Navigation Systems Market Outlook 2023The Global Surgical Navigation Systems Market is Expected to Grow Significantly Over the Forecast Period.
It is Anticipated that the Market held a Valuation of USD 753.6 million in 2018 and is Projected to Register a CAGR of 6.7% Over the Forecast Period.Various other factors such as the increasing prevalence of orthopedic & neurology disorders, acceptance of surgical navigation systems in ambulatory settings, untapped emerging markets, rise in regulatory approvals, and increasing healthcare expenditure are also expected to propel the growth of the market.Get Free Sample at https://www.marketresearchfuture.com/sample_request/7863According to the Australian Institute of Health and Welfare, from 2015 to 2016, there were 10.6 million hospitalizations, and 1 in 4 hospitalizations involved a surgical procedure.
The increasing number of surgical procedures and technological advancements are some of the key factors driving the surgical navigation systems market.Surgical Navigation Systems Market - SegmentationThe Global Surgical Navigation Systems Market is segmented based on technology, application, end user, and region.By technology, is segmented into optical navigation systems, electromagnetic (EM) navigation systems, and hybrid navigation systems.Based on application, the market is segmented into neuronavigation systems, ENT navigation systems, orthopedic navigation systems, spinal navigation systems, and dental navigation systems.
The orthopedic navigation systems segment is further classified as imageless orthopedic navigation systems, CT-based orthopedic navigation systems, and fluoroscopy-based orthopedic navigation systems.Based on end user, the market is segmented into hospitals, ambulatory surgical centers, and others.
The ambulatory surgical centers segment is expected to witness the fastest growth over the forecast period due to a shortage of hospital beds and rising adoption of ambulatory surgical centers.Key PlayersSome of the key players in the global surgical navigation systems market areStryker CorporationDepuy SynthesR.
Bard Inc.Medtronic Plc.Amplitude SurgicalBrainlab AGScopis GmbHZimmer Biomet Holdings Inc.Fiagon AGKarl Storz GmbH & Co. KgOmni Health Inc.CAScination AGSiemens AGand others.Access Complete Premium Research Report at https://www.marketresearchfuture.com/reports/surgical-navigation-systems-market-7863Regional AnalysisIn the current scope of the study, the segments mentioned above are covered into the four global regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East and African region.The surgical navigation systems market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.The European surgical navigation systems market has been segmented into Western Europe and Eastern Europe.
The global surgical navigation systems market size is expected to reach USD 1.44 billion by 2027, exhibiting a 7.2% CAGR during the forecast period, according to a new report published by Radiant Insights, Inc.
Growing geriatric population along with rising prevalence of brain cancer, orthopedic degenerative and ENT among other target disorders and diseases is expected to propel the demand for surgical navigation systems (SNSs).
Aging is considered as the greatest risk factor for the development of degenerative disorders of joints; such as osteoporosis.
Osteoarthritis and osteoporosis are the most common disorders in the population aged over 65 years.
They offer visual imaging at every stage of the surgery thereby allowing modification of plan during the surgical procedure according to intra-operative findings.
Further key findings from the study suggest: • Neurology segment held the largest market share of 36.67% in 2019, owing to the early implementation of surgical navigation in this branch and the advantages associated with SNSs that aid the surgeons to perform complex surgeries with increased accuracy • ENT segment is expected to expand at a lucrative CAGR of 8.2% over the forecast period, owing to the rising prevalence of ENT disorders along with increasing adoption in ENT surgeries • On the basis of technology, the electromagnetic SNSs segment held the largest market share in 2019, owing to low cost and ease of use of the technology • Optical SNSs segment is expected to witness an exponential CAGR of 8.1% owing to its advantages over electromagnetic SNSs such as precise and accurate navigation • Key players in surgical navigation systems market are engage in various strategies such as new product developments for better market penetration.
