Transparency Market Research has published a new report on the global surgical navigation systems market. As per the report, the global surgical navigation systems market is predicted to progress from US$218.5 mn in 2013 to US$295.5 mn by 2020. The report, titled ‘Surgical Navigation Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,’ states that the market is expected to expand at a 4.50% CAGR from 2014 to 2020 owing to their increasing use in minimally invasive surgeries.
Since the last decade, incidences of trauma are rising globally and therefore number of cases of surgeries is growing swiftly. In addition, increasing geriatric population worldwide is resulting in increased demand for orthopedic replacements mainly, hip replacement, shoulder replacement and knee replacement surgeries. In addition, improving lifestyle, increasing healthcare spending and increased awareness about advancement in the healthcare technologies are some of the factors that are augmenting the growth of the global surgical navigation systems market. Presently, neurosurgical navigation systems market is leading the global surgical navigation systems market. Orthopedic surgical navigation systems market is expected to grow at a faster rate owing to rising geriatric population and thereby rising incidences of hip, knee and shoulder fractures.
Surgical navigation systems include use of imaging modalities during the surgical procedure and thereby enable minimally invasive surgery. Demand for minimally invasive surgeries is increasing globally owing to advantage of minimally invasive surgeries such as rapid wound healing, reduced hospital stay and lesser pain to the patient. Thus, demand for surgical navigation systems is increasing as well. While on the other hand, growth of the surgical navigation systems market is challenged by costly equipment. In addition, surgical navigation systems are not repeatedly purchased by end-users which is resulting in difficulty for existing market players in reaching new customers. Further, in order to sustain the competition and to expand the market share, existing players in the surgical navigation systems are implementing marketing strategies such as offering Continual Medical Education (CME) classes to surgeons and other healthcare professionals. Some of the market players are offering fee per use, customer portal and operating room assistance facilities to customers aiming increasing adoption of surgical navigation systems in the healthcare facilities. Market players in the surgical navigation systems are expected to offer ENT navigation systems at lower price to community hospitals to sustain the market competition by tapping untapped markets.
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The surgical navigation market in Asia Pacific is likely to register impressive growth over the forecast period, notes the market study. The growing awareness regarding surgical navigation systems is propelling the demand for these systems extensively in the region. The rising disposable income is motivating people to increase the expenditure on healthcare, which is likely to boost the Asia Pacific market surgical navigation systems market in the coming years.
The surgical navigation systems markets in Europe and the rest of the world are also expected to post a high growth rate over the forecast period, the report says.The global surgical navigation systems market is moderately concentrated and is led by a few established players including B. Braun Melsungen AG, GE Healthcare Ltd., Brainlab AG, Medtronic Inc., Stryker Corp., Siemens Healthcare Corp., and Zimmer Holdings Inc., states the research report.
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