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Surgical Navigation System Market to Generate Revenue Worth $ 1,167.6 Million by 2024

Published Date:   December 2019

The global surgical navigation system market was valued at $770.8 million in 2018, which is projected to reach $1,167.6 million by 2024, progressing at a CAGR of 7.3% during the forecast period (2019–2024). Based on technology, the optical category held the largest market share, of 64.3%, in 2018, owing to the economical prices and easy operation of fluoroscopy-based optical surgical navigation systems as compared to other navigation systems.

Whereas, the surgical navigation system market witnessed the fastest growth in the electromagnetic category under the technology segment. This is attributed to the low cost of electromagnetic surgical navigation system as compared to optical and hybrid surgical navigation systems.

Development of Augmented Reality (AR) Navigation Systems is a Key Trend in the Market

AR surgical navigation systems leverage both virtual and actual reality technologies to guide medical professionals in surgical interventions. By integrating virtual anatomical structures, such as soft tissues, blood vessels, and nerves with real-world scenario in real time, these systems offer high-quality visualization of information required for diagnosing or operating a patient. This further assists doctors in pre-operative planning and in performing surgical procedures with precision, even in critical anatomical areas, with the help of navigation tools and optical tracking markers. Thus, the development of AR surgical navigation systems can be viewed as a key trend in the surgical navigation system market.

Market for Surgical Navigation Systems is Likely to Witness Significant Progress Due to Surge in Prevalence of Orthopedic, Neurological, and Ear, Nose, and Throat (ENT) Disorders

Surge in prevalence of orthopedic, neurological, and ENT disorders, globally, has inclined medical practitioners toward the application of surgical navigation systems for improved surgical procedures. According to the American Academy of Orthopaedic Surgeons (AAOS), one in four Americans has a musculoskeletal disorder. Similarly, according to a report published by the French Tourism Development Agency, around 150,000 hip replacements are carried out in France every year. Moreover, the incidence of brain and nervous system related diseases is significantly rising in France.

Thus, with the surge in prevalence of orthopedic, neurological, and ENT disorders, the demand for navigation systems for surgical interventions is expected to increase in the coming years.

Segmentation Analysis of Surgical Navigation System Market

Surgical navigation system market

  • Based on technology, the optical category is expected to hold the largest share, of 65.2%, in the surgical navigation system market in 2024. This can be attributed to fact that surgeons are able to perform interventions with greater safety and precision with the help of optical navigation systems, and these systems also minimize radiation exposure to patients as well as medical staffs.
  • On the basis of application, the neuro category is expected to witness the fastest CAGR, of 7.6%, during the forecast period. This can be primarily attributed to the increasing requirement of accurate resection of brain tumors and the need of the systems for surgeons to track the location of their surgical instruments in relation to the anatomy.
  • Based on end user, the hospitals category held the largest share, of 89.5%, in 2018. The surgical navigation system market in this category is predicted to record the fastest growth during the forecast period, owing to the rising usage of surgical navigation systems in this category, due to increasing number of surgeries and availability of experienced professionals in hospitals.

Geographical Analysis of Surgical Navigation System Market

Globally, North America is expected to account for the largest share in the surgical navigation system market by 2024, followed by Europe. Together, North America and Europe are expected to account for 71.2% market share in 2024. This can be mainly attributed to the presence of established players and rising geriatric population, along with surging prevalence of orthopedic, neurological, and ENT disorders; and advancements in technologies.

Other regions, such as APAC, LATAM, and MEA, also hold considerable share in the surgical navigation system market, on account of the growing preference for minimally invasive surgeries due to their benefits over conventional surgical procedures. These systems offer greater precision and speed to surgeons in open and minimally invasive spinal procedures.

  • In 2018, Japan held 33.6% share in the APAC surgical navigation system market, and the market in the country is predicted to prosper at a CAGR of 8.6% during the forecast period. Increasing number of orthopedic surgeries and growing geriatric population in the country are some of the major factors driving the growth of the market.
  • Brazil is projected to be the fastest-growing surgical navigation system market in the LATAM region during the forecast period. The growth in the market is mainly attributable to the increasing number of surgeries, low cost of medical treatments, and rising healthcare expenditure.
  • In Saudi Arabia, owing to the increasing patient pool and improving implementation of advanced surgical systems, the surgical navigation system market is projected to grow at the fastest rate.

Competitive Landscape of Surgical Navigation System Market

The surgical navigation system market is consolidated in nature, with the presence of giant players, such as Medtronic plc, Brainlab AG, Stryker Corporation, B. Braun Melsungen AG, Fiagon AG Medical Technologies, and Karl Storz GmbH & Co. KG.

Players in the surgical navigation system market are adopting several strategic measures, such as product launches and collaboration & agreements, to maintain their position. For example, in May 2019, OrthAlign Corporation announced the launch of HipAlign surgical navigation unit, which is used to perform total hip arthroplasty. Similarly, in January 2019, Medtronic plc commercially launched Mazor X Stealth edition for spine surgery in the U.S.

Browse report overview with detailed TOC on "Surgical Navigation System Market Research Report: By Technology (Optical, Electromagnetic, Hybrid), Application (Neuro, Orthopedic, ENT, Dental, Cardiac), End User (Hospitals, Clinics and Ambulatory Settings) -Industry Trends and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/surgical-navigation-system-market

Furthermore, in January 2019, Medtronic plc entered into a definitive agreement to acquire EPIX Therapeutics Inc., a privately-held medical device company, which designs and manufactures a novel, catheter-based, temperature-controlled cardiac ablation system for the treatment of patients with cardiac arrhythmias (irregular heartbeats), including atrial fibrillation (AF). On the completion of this acquisition, Medtronic plc will be able to expand its cardiac ablation portfolio, to offer physicians a comprehensive suite of tools for operations.

Some other important players operating in the global surgical navigation system market are General Electric Company, Zimmer Biomet Holdings Inc., OrthAlign Corporation, Smith & Nephew plc, and Siemens AG.

Surgical Navigation System Market Segmentation

Market Segmentation by Technology

  • Optical
    • Fluoroscopy-based
    • Computerized tomography (CT)-based
  • Electromagnetic
  • Hybrid

Market Segmentation by Application

  • Neuro
    • Cranial
    • Spinal
  • Orthopedic
  • ENT
  • Dental
  • Cardiac

Market Segmentation by End User

  • Hospitals
  • Clinics and Ambulatory Settings

Market Segmentation by Region

  • North America Surgical Navigation System Market
    • By technology
    • By application
    • By end user
    • By country – U.S. and Canada
      • U.S. surgical navigation system market
        • By technology
        • By application
        • By end user
      • Canada surgical navigation system market
        • By technology
        • By application
        • By end user
  • Europe Surgical Navigation System Market
    • By technology
    • By application
    • By end user
    • By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
      • Germany surgical navigation system market
        • By technology
        • By application
        • By end user
      • France surgical navigation system market
        • By technology
        • By application
        • By end user
      • U.K. surgical navigation system market
        • By technology
        • By application
        • By end user
      • Italy surgical navigation system market
        • By technology
        • By application
        • By end user
      • Spain surgical navigation system market
        • By technology
        • By application
        • By end user
  • APAC Surgical Navigation System Market
    • By technology
    • By application
    • By end user
    • By country – Japan, China, India, and Rest of APAC
      • Japan surgical navigation system market
        • By technology
        • By application
        • By end user
      • China surgical navigation system market
        • By technology
        • By application
        • By end user
      • India surgical navigation system market
        • By technology
        • By application
        • By end user
  • LATAM Surgical navigation system market
    • By technology
    • By application
    • By end user
    • By country – Brazil, Mexico, and Rest of LATAM
      • Brazil surgical navigation system market
        • By technology
        • By application
        • By end user
      • Mexico surgical navigation system market
        • By technology
        • By application
        • By end user
  • Middle East and Africa (MEA) Surgical navigation system market
    • By technology
    • By application
    • By end user
    • By country – Saudi Arabia, South Africa, and Rest of MEA
      • Saudi Arabia surgical navigation system market
        • By technology
        • By application
        • By end user
      • South Africa surgical navigation system market
        • By technology
        • By application
        • By end user