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Surgical Navigation Systems Market Booming Worldwide By 2027 Published By Leading Research Firm

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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.

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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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The global surgical navigation systems market has been segmented based on application, technology, end-user, and region. In terms of application, the market has been classified into neurosurgery, orthopedic, ENT, and others. The orthopedic segment has been further bifurcated into spine, knee, and hips. The orthopedic segment dominated the market in 2018. The segment is projected to expand at an exponential growth rate from 2019 to 2027. Orthopedic surgical navigation systems are widely utilized for knee procedures and hence, the knee segment dominated the global surgical navigation system market. The ENT segment is likely to expand at a significant growth rate and is expected to gain market share during the forecast period, due to an increase in the demand for ENT surgical navigation systems across the globe. Furthermore, major players in the surgical navigation systems are expected to offer ENT navigation systems at a lower price to community hospitals in order to consolidate their position in the market, by exploring untapped markets. High rate of adoption for neurosurgery, technologically advanced products to prevent risk, and ease of use are attributed to the prominent market share held by the neurosurgery segment. In terms of application, the global surgical navigation system market can be segmented into optical navigation system and other. The other segment includes hybrid navigation systems and electromagnetic navigation systems. The electromagnetic technology based navigation system is expected to propel the market during the forecast period, due to higher efficiency offered by electromagnetic technology in detecting instrument navigation in human anatomy.

In terms of end-user, the global surgical navigation system market has been classified into hospitals, ambulatory surgical centers, and others. The others segment includes specialty clinics. The hospitals segment accounted for a major share of the global market in 2018 followed by ambulatory surgical centers and others segments. Increase in the number of hospitals with advanced surgery techniques and adoption of technologically advanced equipment are expected to boost the hospitals segment during the forecast period.

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.

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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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This post was originally published on The Market Plan