Surgical Navigation Systems Market Overview:
Surgical navigation systems market was valued at from $628 million in 2015, and is estimated to reach $963 million by 2022, growing at a CAGR of 6.3% during the forecast period. Surgical navigation systems employ computer software and tools to perform planned surgical procedures.
Over the past few years, the global surgical navigation systems market has witnessed significant growth, owing to increase in geriatric population, rise in adoption of surgical navigation technology in minimally invasive surgical procedures, and high prevalence of chronic disorders such as Alzheimer, strokes, and cerebrovascular diseases. Surge in healthcare expenditure by emerging Asian-Pacific economies, such as India, China, and others, is expected to create new opportunities for market expansion. However, high cost of surgical navigation systems may restrict the market growth.
By application, the surgical navigation systems market is categorized into neurosurgery navigation systems, orthopedic navigation systems, ENT navigation systems, dental navigation systems, and cardiac navigation system. ENT segment was the main contributor to the growth of this market, owing to rapid escalation in number of surgeries, including functional endoscopic sinus surgeries (FESS) and skull base surgeries, and is projected to grow at the highest CAGR of xx% during the analysis period. This segment is a lucrative investment target possessing high potential for growth, owing to rise in ENT-related surgical procedures, high technological advancements in ENT surgical methodologies, and increase in adoption of surgical navigation systems in ambulatory settings.
Top Investment Pockets
The global surgical navigation systems market by geography is segmented into four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America held the largest market share in 2015, followed by Europe. However, Asia-Pacific is anticipated to register the highest CAGR owing to the large pool of patient population with increased prevalence of neurological disorders, orthopedic disorders, and ENT disorders; rise in demand for minimally invasive surgeries; improvement in healthcare infrastructure; and growth in geriatric population.
Canada Surgical Navigation Systems Market, 2014-2022 ($Million)
Prominent players operating in the surgical navigation systems market include Medtronic plc (Ireland), Stryker Corporation (U.S.), Brainlab AG (Germany), B. Braun Melsungen AG (Germany), Scopis GmbH (Germany), Fiagon AG (Germany), Karl Storz GmbH & Co. KG (Germany), Amplitude Surgical (France), Zimmer Biomet Holdings, Inc. (U.S.), and Siemens Healthineers (Germany).
Market Drivers and Restrains
Rise in Technological Advancements
Technological advancements in surgical navigation systems result in added features, higher success rate, and newer application of the device depending on its usage in various surgical procedures. Thus, the demand for such innovative products among medical professionals is on a rise due to ease of operation, improved surgical results, and improved quality of treatment. Key players have invested heavily on R&D to introduce advanced surgical navigation system in the market and gain a competitive edge. Some of the recent technological developments observed in this market are as follows:
- In January 2017, Philips designed and developed its first augmented-reality surgical navigation technology system to assist surgeons in image-guided open and minimally-invasive spine surgery.
- In March 2016, OrthAlign, Inc. received FDA approval for the world’s first handheld navigation device used in knee arthroplasty.
Stringent Rules & Regulations for Product Approval and Product Recall in the Past
Surgical navigation systems guide the surgeons to perform accurate surgical procedures. Any misguidance can harm the patient’s health and put their life at risk. Therefore, it is mandatory for every new product to go through a regulatory approval process and meet the requirements of medical devices class II category. This product approval process is very stringent and time consuming.
In addition, owing to the stringent regulations, the image-guided surgical products market has witnessed many product recalls in the recent past due to their inaccuracy in displaying the patient’s anatomy. For example, in January 2016, Brainlab recalled its Cranial Image-Guided Surgery (IGS) System because this system provided inaccurate and different results in the display as compared to the patient anatomy. Similarly, X-NAV Technologies, LLC recalled its X-Guide Surgical Navigation System in February 2016.
Surgical Navigation System Market Key Benefits:
- The study provides an in-depth analysis of the surgical navigation systems market, with current trends and future estimations to elucidate the imminent investment pockets.
- It provides a quantitative analysis from 2014 to 2022 to enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive market analysis helps in understanding the various trends and prevailing opportunities.
- Comprehensive geographical analysis is provided to determine the major opportunities in these geographies.
- Key players are profiled and their strategies are analyzed thoroughly, which predict the competitive outlook of the market.
Surgical Navigation System Market Key Segments
- Electromagnetic Navigation Systems
- Hybrid Navigation Systems
- Optical Navigation Systems
- Fluoroscopy-Based Navigation Systems
- CT-Based Navigation Systems
- Neurosurgery Navigation Systems
- Orthopedic Navigation Systems
- Hip Replacements
- Knee Replacement
- ENT Navigation Systems
- Dental Navigation Systems
- Cardiac Navigation Systems
By End User
- Physician Practices & Ambulatory Settings
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
List of other Players in the Value Chain
(These players are not profiled in the report, but can be included on request)
- Cutera Inc.
- NeuroLogica Corp.
- Aesculap Implant Systems, LLC
- 7D Surgical
- Inliant Dental Technologies Inc.