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Valued at $770.8 million in 2018, the global surgical navigation system market is projected to generate $1,167.6 million revenue by 2024, witnessing a CAGR of 7.3% during the forecast period (2019–2024).
Among all regions, the APAC surgical navigation system market is expected to witness the fastest growth during the forecast period. Factors driving the growth of the market include surging geriatric population, increasing investment in research and development (R&D) of advanced surgical systems, and rising per capita healthcare spending. Rise in geriatric population leads to the rising prevalence of orthopedic, neurological, and ear, nose, and throat (ENT) disorders, and so it has increased the interest of healthcare providers in surgical navigation systems for improved surgical precision.
Dynamics of Surgical Navigation System Market
Development of augmented reality (AR) navigation systems and increasing collaborations among market players are the key trends witnessed in the surgical navigation system market. AR surgical navigation is an emerging technology for clinical applications, such as orthopedic, ENT, and neuro surgeries, and these systems offer real-time, high-quality visualization of information to surgeons. Medical device manufacturers, such as Scopis GmbH, Stryker Corporation, and Brainlab AG, offer AR-enabled navigation systems that leverage optical and electromagnetic technologies to make information visible in endoscopic images.
Increase in the preference for minimally invasive surgical procedures is one of the key factors boosting the demand for surgical navigation systems, globally. Minimally invasive surgeries are video-assisted procedures and, therefore, help enhance operational accuracy, rendering less post-operative pain, and faster recovery. These factors, thus, contribute to the growing popularity of minimally invasive surgeries among patients and healthcare providers. According to the Emergency Care Research Institute (ECRI) report on robotic surgeries, in 2014, approximately 570,000 procedures were performed globally by using the da Vinci robotic surgical system.
Increasing adoption of surgical navigation systems in ambulatory settings in the APAC region is creating immense opportunities for market players. Countries, such as China and India, offer huge potential for the growth of the surgical navigation system market, which is expected to be driven by rising healthcare awareness supported by government initiatives and increasing healthcare expenditure.
Surgical Navigation System Market Segmentation Analysis
Based on technology, optical is projected to be the largest category in the surgical navigation system market. The dominant position of the optical navigation systems is primarily due their better accuracy, particularly in challenging procedures related to ENT surgeries, coupled with increasing usage of optical technologies, such as fluoroscopy and computed tomography (CT), in performing surgeries.
On the basis of application, the neuro category is expected to grow at the fastest pace, with a CAGR of 7.6%, during the forecast period. Neuronavigation systems provide real-time intraoperative guidance during brain and/or spinal surgeries, which play a pivotal role in the growth of the surgical navigation system market.
Based on end user, hospitals are larger as well as faster growing category in the surgical navigation system market. The growth of the market in this category is majorly attributed to the increasing patient pool within hospitals and implementation of advanced surgical units among hospitals across the world.
Geographical Analysis of Surgical Navigation System Market
North America is expected to hold the largest share, of 38.4%, in the surgical navigation system market by 2024. This can be mainly attributed to the developed healthcare infrastructure, increasing funding and investment from public and private organizations for the development of advance surgical navigating systems, and increasing implementation of advanced surgical systems in the region. The U.S. is expected to lead the North American market, owing to the growing initiatives by the World Health Organization (WHO) to spread awareness about surgical care programs, and rising number of hospitals and emergency medical care centers.
During the forecast period, the APAC surgical navigation system market is projected to witness the fastest growth, mainly attributed to the growing aging population, increasing prevalence of chronic diseases, and rising per capita income. Japan is the largest market for surgical navigations systems in the region. This is mainly ascribed to the rising adoption of advanced medical technology solutions and increasing investments by market players in R&D of such solutions. Advancements in technologies have led to the development and adoption of lightweight, patient-friendly surgical navigation systems in the country. Moreover, Japan has witnessed a rise in per capita healthcare spending in recent years. As per the World Bank data, the per capita healthcare spending in Japan increased from $2,740.5 in 2000 to $3,732.6 in 2015. This rise in healthcare spending has increased the affordability of people for healthcare services provided by trained professionals. Hence, the above-mentioned factors are expected to drive the demand for surgical navigation systems in Japan in the near future.
Competitive Landscape of Surgical Navigation System Market
The surgical navigation system market is consolidated in nature, due to the presence of giant players, which are extensively involved in the development of surgical navigation systems. These include Medtronic plc, Brainlab AG, Stryker Corporation, B. Braun Melsungen AG, Fiagon AG Medical Technologies, and Karl Storz GmbH & Co. KG. Some of the other players operating in the market are General Electric Company, Zimmer Biomet Holdings Inc., OrthAlign Corporation, Smith & Nephew plc, and Siemens AG.
Recent Strategic Developments of Surgical Navigation System Market Players
In recent years, major players operating in the global surgical navigation system market have actively engaged in product launches to gain a competitive edge. For instance, in September 2019, Medtronic plc announced the United States Food and Drug Administration (USFDA) approval and launch of its Evolut PRO+ TAVR System in the U.S., a new-generation system based on self-expanding, supra-annular Evolut TAVR platform. With the launch of this product in the U.S., the company has diversified its surgical navigation system product line, which will support the company to increase its customer base. In addition to this, in April 2017, Medtronic plc launched its new StealthStation technology, to help neurosurgeons perform surgeries with high efficiency, using the available surgical navigation information.
Similarly, in May 2017, Scopis GmbH (now acquired by Stryker Corporation) launched Holographic Navigation Platform for surgery. This platform offers higher precision and speed to surgeons and better outcomes to patients undergoing open and minimally-invasive spinal procedures.
Along with the product launches, companies are also into strategic collaboration and agreement for the expansion of their businesses. For instance, in June 2017, Elekta AB and Brainlab AG entered into an agreement, according to which, Brainlab was made the authorized distributor of Elekta’s stereotactic solutions for neurosurgery, in selected European countries, including France, Belgium, Poland, Liechtenstein, Luxemburg, Portugal, and Spain.
Key Questions Addressed in the Report