Surgical Navigation Systems Market will grow at CAGR of 6.4% to hit 1.75 Billion by 2030
The surgical navigation systems market size reach a value of USD 1.75 billion, is expected to grow at CAGR 6.4% in the forecast period 2022-2030.
The surgical navigation systems market has been one of the rising markets in the health industry where the number of cases for various kinds of surgeries has been shooting up and the rising number of cases have allowed the big manufacturers in this industry to develop such technologies which can be used for the treatment of various types of disorders which have now become common among men and women of all age.
The surgical navigation systems market is a computer-based service industry that assists in providing high-quality surgeries in terms of orthopedic, dental, neurosurgery, ENT, cardiac, etc. with minimal chances of lapse of surgeries and high success rate. It assists the doctors and the medical staff to have a premeditated scanning of the test which provides them a clear pathway on how to operate upon the patients and for accurate surgical navigation of instruments during the operation.
The demand for this technology has been increasing as it easily maps the brain of the patient and allows a better understanding of how to carry out surgical operations efficiently. Also, the demand for surgical navigation technologies has been increasing due to advancements in technology all around the globe, complexities in medical procedures, a large number of deaths due to the traditional methods but the high cost of the surgical navigation systems reduces their market and North America holding a major share.COVID 19 Analysis:
The novel coronavirus or the Covid 19 pandemic has negatively impacted the surgical navigation systems market since people tried to defer any kind of surgeries in the pandemic except in emergency cases to avoid any kind of communication or contact with the medical staff and frontline workers. Due to the lockdowns in various countries and restrictions laid thereof people have been at their homes doing regular exercise, avoiding outside food, having fewer work pressures, and other circumstances which could lead to certain disorders are reduced leading to reduced demand for surgical operations.
The impact of covid 19 can be easily seen in a way that most of the big players have to shut down their main production units and are also forced to lay off employees. However, it is expected that the market will certainly pick up growth as soon as the lockdown restrictions are removed and people can move freely. It is expected that the post-lockdown period would be a great success for surgical navigation systems market technologies and global markets with most of the countries and regions opening up with their production units and trying to recover losses.
Drivers: The surgical navigation systems market has been experiencing a diversified growth in all its segments and the key driver in respect of this increased growth has always been the technological advancements in the field of surgeries which has helped the surgical navigation systems market to gain and hold a majority share in the global markets. Surgical navigation technologies have helped the medical profession in terms of providing meaningful insights relating to surgeries that assist in reducing blood loss and death of the patients.
The increasing number of cardiac cases, neurological disorders, arthritis, and other kinds of health disorders have pulled the string for various kinds of laparoscopic, endoscopic, and keyhole surgeries that use surgical innovations and thus create a boom in surgical navigation systems market. Moreover, these surgeries cause fewer incision wounds, reduce blood loss, and short hospital stays which makes them more compatible and economically viable.
Restraints: Though the surgical navigation systems market value has been increasing at a positive rate, there are certain hindrances that follow this growth and which surgical navigation companies have to focus on to continuously steer the growth in an upward direction. One such problem that surgical companies usually face is the increased procedural complications and regulatory processes for approval since any misguidance can harm patient’s health and put their life at risk.
Therefore, the stringent and rigid approvals and procedural requirements act as one of the major restraints since it is very time-consuming. Secondly, surgical navigation faces slow growth due to the high cost of the installations, equipment, etc which every hospital cannot afford to do, and mostly this problem is faced by developing countries where the expenditure on the health sector is quite less.
Technology Analysis: The surgical navigation system market has been based on the outcome of technological advancements and innovation and surgical navigation technologies have played a major role in boosting the surgical navigation systems market and increasing the surgical navigation systems market revenue.
To overcome the flaws and drawbacks in traditional methods of surgeries, manufacturers were focused on developing such technologies which not only provide better treatment to patients but also have reduced death rates at the time of operations and also be economical at the same time. Technology in itself has been a segment for the surgical navigation market and the impact of technology can be seen as the various upcoming laser technologies, electro-magnetic navigation systems, optical navigation systems, brain mapping techniques have been quite useful for the health workers and doctors to operate on easily.
To analyze the trends that are prevalent in the global market regions and players that will dominate the global trends and lead the market operations towards growth figures that have been predicted by the prominent leaders in the international market and key experts for the ongoing forecast period that ends in 2028.
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To draw a competitive scale amongst the global market players producing the electric commercial vehicles and to understand the recent developments of the key market players in the recent past that promise great results to the market for the ongoing forecast period and market trends that end in 2028.
Segment Overview: The surgical navigation systems market has been segmented as follows:
Regional Analysis: The surgical navigation systems technologies and global markets have been rising in direct proportion to each other with each of them complementing the other efficiently. The impact of such growth can be easily seen on the regional markets as the demand for surgical navigation systems has been increasing with each region trying to create its market share and bring positive results for the entire surgical navigation systems industry.
At present, the North American region holds the major share since the focus and expenditure on the health care sector in these countries is much higher than any other country or region. The awareness among people towards better health facilities and the rising number of cases of cardiac disorders in these countries have boosted the demand for surgical systems in this region.
Asia- Pacific region is expected to have a majority share in the future with most of the developing countries shifting their focus steadily towards an organized health sector with better surgical navigation technologies.
Competitive Landscape: The competitive landscape in terms of the surgical navigation systems market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment. The big names from this market are:
The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the surgical navigation systems market share and size.
Recently, Stryker entered into a collaborative agreement with Wright Medical to increase its position in trauma and extremities and also to provide for opportunities in terms of innovation, patient research, etc.
Zimmer Biotech has recently received a nod from the U.S Food and Drug Administration for its ROSA ONE spine navigation system in robot-assisted surgeries.
The new technology of real-time patient tracking and 3-D intra-operative software for patients have been developed.
Report Overview: The Global report helps the investors to gain meaningful information about the market and make decisions wisely. The report discusses the steps taken by the market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the surgical navigation market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the surgical navigation market. The report also discusses the future growth prospects and the competitive landscape in the surgical navigation industry and lays down the expected growth rate of the market along with the hindrances it might have to face.
|Market Size||USD 1.75 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Application, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Medtronic PLC (Ireland), Brainlab (Germany), and Stryker Corporation (US).|
|Key Market Opportunities||
|Key Market Drivers||
The surgical navigation systems market is projected to grow at a 6.4% CAGR between 2022-2030.
The Americas is expected to lead the surgical navigation systems market.
Increasing prevalence of neurology & orthopedic disorders and increasing healthcare expenditure is boosting market growth.
High cost of equipment may impede market growth.
It finds extensive applications in dental navigation systems, spinal navigation systems, orthopedic navigation systems, ENT navigation systems, and neuronavigation systems.