Orthopedic Navigation Systems Market Size Worth $6.05 Billion By 2028: Grand View Research, Inc.

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26 Aug, 2021, 08:35 GMT

SAN FRANCISCO, Aug. 26, 2021 /PRNewswire/ -- The global orthopedic navigation systems market size is expected to reach USD 6.05 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.4% from 2021 to 2028. The increasing geriatric population prone to orthopedic diseases is a key contributing factor propelling the demand for orthopedic navigation systems. Osteoarthritis and osteoporosis are the most common disorders in the population aged 70 years and above. The growing prevalence of these disorders results in an increased economic burden on many countries.

Key Insights & Findings:

The knee segment accounted for the largest revenue share in 2020 owing to the rising prevalence of osteoarthritis, which is the most common form of arthritis and the leading cause of chronic pain and physical disability in elder persons
The spine segment is anticipated to witness the fastest CAGR from 2021 to 2028 due to the rising incidence of spinal deformities
According to a CDC report, in 2019, around 34.0% of the adult population and 62.0% of the elderly population were affected by spinal deformities
The optical navigation system segment held the largest revenue share in 2020 owing to the affordability of the technology as compared to other navigation systems
The hospitals segment held the largest revenue share in 2020. Hospitals use technologically advanced medical devices to improve the Point-of-Care (PoC), which drives segment growth
North America dominated the global market in 2020 due to the availability of better-quality healthcare infrastructure and favorable government initiatives
The market is highly competitive as major players are focusing more on the product innovation strategies due to changing needs of healthcare establishments, surgeons, and patients
The market is moving toward consolidation as large companies are focused on strategic acquisitions of smaller companies to gain a competitive advantage.

Read 120 page market research report, "Orthopedic Navigation Systems Market Size, Share & Trends Analysis Report By End-use (Hospitals, ASCs), By Application (Knee, Hip), By Technology (Electromagnetic, Optical), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

Due to the COVID-19 pandemic, non-emergency procedures were canceled or postponed, which adversely affected the global market as restrictions resulted in delays to a number of procedures. In the U.K., the number of individuals waiting for surgical procedures has increased to approximately 10 million from 4 million before the pandemic. While the U.S. is expected to have a backlog of more than 1 million joint and spinal surgeries by mid-2022. Currently, most nations have elevated restrictions on elective surgery. As a result of the recommencement of surgical procedures at full force, the market is anticipated to catch up the pace over the forecast years.

Rising awareness about the benefits of minimally invasive surgery is expected to further boost the product demand in the coming years. Some of the benefits include less blood loss, reduced risk of damage, condensed risk of infection and postoperative pain, and quicker recovery from surgery. In addition, the introduction of technologically advanced products is boosting market growth. For instance, in July 2021, SeaSpine Holdings Corp. broadcasted the FDA 510(k) authorization for its 7D Percutaneous Spine Module. This module is for minimally invasive surgery. This signifies a novel application and improved functionality for its 7D Flash Navigation System.

Grand View Research has segmented the global orthopedic navigation systems market on the basis of application, technology, end-use, and region:

Orthopedic Navigation Systems Application Outlook (Revenue, USD Million, 2016 - 2028)

Knee
Hip
Spine

Orthopedic Navigation Systems Technology Outlook (Revenue, USD Million, 2016 - 2028)

Electromagnetic
Optical
Others

Orthopedic Navigation Systems End-use Outlook (Revenue, USD Million, 2016 - 2028)

Hospitals
Ambulatory Surgical Centers (ASCs)

Orthopedic Navigation Systems Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Switzerland
Italy
Spain
Belgium
Austria
The Netherlands

Asia Pacific

Japan
China
India
Australia
South Korea

Latin America

Brazil
Mexico

Middle East and Africa

South Africa

List of Key Players of Orthopedic Navigation Systems Market

B. Braun Melsungen AG
Stryker
Medtronic
Smith+Nephew
Johnson & Johnson Services, Inc. (DePuy Synthes)
Zimmer Biomet
Amplitude Surgical
Kinamed, Inc.
Globus Medical
OrthAlign.

Browse through Grand View Research's coverage of the Global Medical Devices Industry:

General Surgery Devices Market – The global general surgery devices market size was valued at USD 14.1 billion in 2018 and is expected to register a CAGR of 8.5% from 2019 to 2026. Increasing number of surgical procedures, coupled with technological advancements in the field is anticipated to drive the market.
Joint Replacement Market – The global joint replacement market size was valued at USD 17.1 billion in 2020 and is expected to expand at a CAGR of 3.4% from 2021 to 2028. Increase in the prevalence of orthopedic disorders, osteoporosis, Osteoarthritis (OA) & lower extremity conditions are driving the market.
Ambulatory Surgery Center Market – The global ambulatory surgery center market size was valued at USD 75.2 billion in 2018 and is estimated to register a CAGR of 6.1% over the forecast period. ASCs have proven to be an effective solution in this scenario.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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