Surgical Navigation Systems Market – Overview
This report studies the current as well as future prospects of the global Surgical Navigation Systems market. Stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, and provision of surgical navigation systems and new players planning to enter the market. The report comprises an elaborate executive summary, along with a market snapshot, providing overall information on various segments considered in the scope of the study. The section also provides information and data analysis of the global surgical navigation systems market in terms of application, technology, end-user, and region.
The global surgical navigation systems market has been segmented based on application, technology, end-user, and region. In terms of application, the global market has been classified into neurosurgery, orthopedic, ENT, and others. The orthopedic segment has been further bifurcated into spine, knee, and hips. Based on the technology, global market has been classified into optical navigation systems and others. Based on end-user, the global surgical navigation systems market has been segregated into hospitals, ambulatory surgical centers, and others.
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Surgical Navigation Systems Market – Snapshot
The global surgical navigation systems market is driven by high prevalence and rapid increase in incidence of disorder associated with neurological, orthopedic, ENT, across the globe. The global market was valued at US$ 783 Mn in 2018 and is projected to reach US$ 1620 Mn by 2027, expanding at a CAGR of 8.5% from 2019 to 2027. High growth rate of the market is attributed to an increase in the adoption of surgical navigation system, easy availability of surgical navigation system, and a rise in the demand for minimally invasive non-surgical products across the globe. Use of surgical navigation systems minimize the traumatic risk and enhance surgical precision. Demand for minimally invasive surgeries is increasing globally, owing to advantages of minimally invasive surgeries such as rapid wound healing, reduced hospital stay, and lesser pain to the patient. This, in turn, is driving the demand for surgical navigation systems.
Preference for less invasive procedure among surgeries is increasing. Surgical navigation systems include utilization of imaging modalities during the surgical procedure, thereby enabling minimally invasive surgery. Surgical navigation is the branch of science that focuses on the method to guide surgery with the help of medical images as a guidance map. The surgical navigation system is designed to provide improved intraoperative feedback and alignment validation to surgeons during surgical procedures. Technologies such as minimally invasive surgery and robotic navigated surgery are being rapidly adopted after being introduced to the medical specialty. Rise in demand for minimally invasive surgery and non-invasive treatment devices and new product launches in the surgical navigation system segment are projected to propel the global surgical navigation system market during the forecast period. Millions of people across the world are affected by orthopedic, ENT, and neurological disorders and efforts are being undertaken in various countries to improve the awareness about these disorders among the general population. According to the National Center for Health Statistics, around 1.2 million nervous system surgeries and 24,000 ear surgeries are performed, every year, in the U.S. However, the high cost of surgical navigation system and accessories and product recalls are likely to hamper the global surgical navigation systems market during the forecast period.
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In terms of region, the global surgical navigation systems market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a notable share of the global market in 2018 followed by Europe. Well-established health care facilities, favorable reimbursement policies, and early adoption of technologically advanced products for the management of surgical procedure have contributed to the major market share held by North America. Europe is projected to be the second-most attractive market for surgical navigation systems from 2019 to 2027. The market in the region is anticipated to expand at an exponential CAGR during the forecast period, due to high prevalence and increase in incidence of ENT, neurology, and orthopedic disorders in Europe, recent launch of surgical navigation system with advanced technology, and high per capita health care expenditure in the region.
The global surgical navigation system market is consolidated, with several companies accounting for a major share of the market. Key players include Stryker, Medtronic plc, B. Braun Melsungen AG, GE Healthcare (General Electric Company), Zimmer Biomet Holdings, Inc. and Siemens Healthineers (Siemens AG). These players exhibit significant geographical outreach, with presence in multiple surgical navigation systems segments. Manufacturers are adopting acquisition & collaboration and new product development strategies to tap the unmet needs of a large proportion of neurological, orthopedic and ENT disorder patient pool. Other prominent players in the global surgical navigation systems market include Brainlab AG, Fiagon AG, and Amplitude Surgical.
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