SAN FRANCISCO, March 3, 2020 /PRNewswire/ -- The global surgical navigation systems market size is expected to reach USD 1.44 billion by 2027, exhibiting a 7.2% CAGR during the forecast period, according to a new report published by Grand View Research, Inc. Growing geriatric population along with rising prevalence of brain cancer, orthopedic degenerative and ENT among other target disorders and diseases is expected to propel the demand for surgical navigation systems (SNSs).
Key suggestions from the report:
Neurology segment held the largest market share of 36.67% in 2019, owing to the early implementation of surgical navigation in this branch and the advantages associated with SNSs that aid the surgeons to perform complex surgeries with increased accuracy
ENT segment is expected to expand at a lucrative CAGR of 8.2% over the forecast period, owing to the rising prevalence of ENT disorders along with increasing adoption in ENT surgeries
On the basis of technology, the electromagnetic SNSs segment held the largest market share in 2019, owing to low cost and ease of use of the technology
Optical SNSs segment is expected to witness an exponential CAGR of 8.1% owing to its advantages over electromagnetic SNSs such as precise and accurate navigation
Key players in surgical navigation systems market are engage in various strategies such as new product developments for better market penetration. In September 2019, Brainlab declared FDA clearance for Cirq robotics. The device is being used in U.S. for spinal application. Cirq is designed to help increase precision in navigated spinal surgery procedures, thereby, strengthening their product portfolio.
Aging is considered as the greatest risk factor for the development of degenerative disorders of joints; such as osteoporosis. Rising geriatric population is expected to serve as a high-impact rendering driver for the market. Osteoarthritis and osteoporosis are the most common disorders in the population aged over 65 years. Growing prevalence of these disorders possesses increasing economic burden on many countries. As per International Osteoporosis Foundation, total number of hip fractures is expected to reach 5,395 million by 2050.
According to the Central Brain Tumor Registry of the United States (CBTRUS), the incidence of all non-malignant brain, primary malignant, and other CNS tumors was 22.64 cases per 100,000 in 2016. In U.S., over 78,980 new cases of non-malignant brain, primary malignant, and other CNS tumors were anticipated to be diagnosed in 2018. This factor is anticipated to propel the demand for surgical navigation systems in the forthcoming years.
The demand for minimally invasive procedures is increasing across the world. Surgical navigation systems are instrumental in providing better accuracy and precision in diagnosis and determining correct implementation of plans during surgery, thereby aiding in minimally invasive procedures with improved patient outcome.They offer visual imaging at every stage of the surgery thereby allowing modification of plan during the surgical procedure according to intra-operative findings. It is also cost-effective in joint replacement procedures as very few patients require revision after a one-time procedure. These associated advantages are expected to boost the product demand over the forecast period.
Grand View Research has segmented the surgical navigation systems market on the basis of application, technology, end use, and region:
Surgical Navigation Systems Application Outlook (Revenue, USD Million, 2016 - 2027)
Surgical Navigation Systems Technology Outlook (Revenue, USD Million, 2016 - 2027)
Surgical Navigation Systems End-use Outlook (Revenue, USD Million, 2016 - 2027)
Ambulatory Surgical Centers
Surgical Navigation Systems Regional Outlook (Revenue, USD Million, 2016 - 2027)
Brain Computer Interface Market– Brain computer interface (BCI) is a revolutionary technology that facilitates direct contact between peripheral electronic devices calibrating the movement and a functional brain in physically challenged people.
Radiation Oncology Market – Increasing prevalence of cancer is one of the major factors driving the market growth. Rising technological advancements in radiation therapy is expected to increase the adoption of radiation oncology.
Home Healthcare Market – Rising geriatric population and growing prevalence of chronic diseases such as Alzheimer's, dementia, and orthopedic conditions, is expected to drive home healthcare market growth.
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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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