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. 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.
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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.
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.
Asia
Pacific to offer high incremental opportunity
In terms of revenue, North America is
projected to maintain its dominance of the global surgical navigation systems
market from 2019 to 2027. This is attributed to the early adoption of
technologies, large patient pool, and easy availability & lucrative medical
reimbursement policies in the U.S. and Canada. Furthermore, increasing
advancements in healthcare infrastructure and the presence of a well-defined
regulatory framework are attributed to the dominant share held by North America
in the global surgical navigation systems market. Europe is anticipated to be
the second-largest and a highly attractive market for surgical navigation
system, globally. The market in the region is expected to expand at an
exponential CAGR during the forecast period, due to the high prevalence and
increase in incidence of disorders, surge in adoption of technologically
advanced products, large base of medical devices companies, and large number of
products in the pipeline for the navigation in the surgery of disorders. The
market in the U.K. is likely to expand at a notable CAGR during the forecast
period. The country is expected to gain share of the market in Europe from 2019
to 2027. Moreover, high incidence of orthopedic disorders due to aging
population is projected to propel the market in the country during the forecast
period. The market in Asia Pacific is anticipated to expand at a rapid pace,
owing to the large population in countries such as India and China, large
geriatric population in Japan, and improving health care facilities in the
region. Awareness among consumers about the advantages of surgical navigation
systems for successful surgeries is rising. Increase in disposable income is
prompting people to raise their healthcare expenditure, which is also predicted
to boost the surgical navigation systems market in Asia Pacific
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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