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
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.
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.
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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
Market Segmentation by Application
Market Segmentation by End User
Market Segmentation by Region