Impact Analysis of Covid-19
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The global surgical navigation system market, by Application (Neurological Surgeries, ENT Surgeries, Orthopedic Surgeries, Cardiac Surgeries, and Dental Surgeries), by Technology (Optical Navigation System, Electromagnetic Navigation System, and Hybrid Navigation System), and by End User (Hospital and Nursing Home, Ambulatory Surgical Centers, and Other End Users) was valued at US$ 673.1 million in 2017 and is estimated to exhibit a CAGR of 6.9% over the forecast period (2018-2026).
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Surgical navigation is an important technology that guides surgeon during surgical procedures to achieve precise reconstruction or correction of defects and deformities. Moreover, surgical navigation find its application in several surgeries and interventions as pre-operative or intra-operative radiographic images and enhances accuracy and safety of the surgical procedure. In addition, the rising incidence of trauma, tumor, and development malformation demands for advanced surgical navigation system, which is expected to drive the market growth over the forecast period. For instance, according to Cancer Research UK, 14.4 million new cases of cancer were reported in year 2012, across the globe. New product launches by market players is another major factors driving growth of the global surgical navigation system market over the forecast period.
Browse 41 Market Data Tables and 37 Figures spread through 185 Pages and in-depth TOC on “Surgical navigation system Market, by Application (Neurological Surgeries, ENT Surgeries, Orthopedic Surgeries, Cardiac Surgeries and Dental Surgeries), by Technology (Optical Navigation System, Electromagnetic Navigation System and Hybrid Navigation System), by End User (Hospital and Nursing Home, Ambulatory Surgical Centers and Other End Users) – Global Forecast to 2026”
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In addition, key players are focusing on adopting strategies such as mergers and collaborations, which is further expected to drive growth of the surgical navigation system market over the forecast period. For instance, in 2017, Mazor Robotics Ltd., a manufacturer of surgical guidance system entered into a partnership with Medtronic. The partnership aims to co-develop spinal market product with the expertise in surgical planning and precision-guided surgical system with Medtronic’s navigation capabilities and implant system. Moreover, under the partnership Medtronic invested US$ 40 million in Mazor.
Additionally, increasing number of product launches and regulatory product approvals players are further expected to augment the market growth over the forecast period. For instance, Zimmer Holding Inc., a musculoskeletal health technology company, received the U.S. FDA approval for iAssist Knee, a personalized guidance system for knee replacement procedures. iAssist Knee supports more streamline and personalized knee replacement procedures. Manufacturers are also focusing on expanding geographical reach of their product. For instance, in October 2017, Intellijoint Surgical, a medical technology company, received CE approval for its intellijoint HIP, a 3D Mini-Optical Navigation System, in Europe. The system aids surgeons to precisely measure cup position, leg length, and offset for total hip arthroplasty. Furthermore, company is expecting approval from Australian Therapeutic Goods Administration (TGA) by November 2017.
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Key takeaways of the Surgical Navigation System Market:
- The global surgical navigation system market is expected to exhibit a CAGR of 6.9% over the forecast period (2017-2025). This is attributed to owing to presence of untapped and highly lucrative market especially in Asia Pacific, Latin America, Middle East, and Africa.
- Among application, neurological surgeries segment is expected to hold a dominant position in the market over the forecast period, owing to rising incidence of neurological disorder and brain tumors
- Among application, optical navigation system segment is expected to hold a dominant position in the market. This is attributed to its advantages over electromagnetic navigation such as no electromagnetic exposure. However, hybrid navigation segment is expected to exhibit fastest growth over the forecast period, owing to its feature that integrates both electromagnetic and optical within single system.
- Among end user, hospital and nursing homes segment is expected to hold a dominant position in the market, owing to large number of system installation coupled with high in-patient flow for surgery
- Key players operating in the global surgical navigation system market include Medtronic plc, Stryker Corporation, Brainlab AG, B. Braun Melsungen AG, Scopis GmbH, Fiagon GmbH, Zimmer Biomet Holdings, Inc., Amplitude Surgical, and Siemens Healthcare Corporation, among others
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