ALBANY, New York, April 29, 2019 /PRNewswire/ -- Transparency Market Research (TMR) has published a new report titled, "Surgical Navigation Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027". According to the report, the global surgical navigation systems market was valued at US$ 783 Mn in 2018. It is projected to expand at a CAGR of 8.5% from 2019 to 2027. Increasing demand for minimally invasive surgeries coupled with the augmenting awareness among people pertaining to the advantages offered by surgical navigation systems is driving the market significantly. Innovation and technological advancements, such as electromagnetic technology, are anticipated to boost the global market during the forecast period.
North America and Europe are expected to dominate the global surgical navigation systems market from 2019 to 2027. This is attributed to a rise in the demand for minimally invasive surgery/devices for neurosurgery & orthopedic surgery, favorable medical reimbursement policies, and rapid increase in the geriatric population. Asia Pacific is likely to account for a significant share of the global market share by 2027. This is due to a large patient base with orthopedic problems in highly populated countries, such as India and China, large geriatric population in Japan, and rise in adoption of technologically advanced products in Japan, Australia, New Zealand, and South Korea. Rise in adoption of technologically advanced products by key manufacturers, such as Stryker, and Zimmer Biomet Holdings, Inc. is likely to propel the global surgical navigation systems market. The market in Asia Pacific is expected to expand at a notable CAGR of 8.5% from 2019 to 2027.
Increasing geriatric population and growing neurological, orthopedic, and ENT disorders are will expand the global surgical navigation system market. Surgical navigation system helps to reduce trauma during surgeries. Moreover, it also offers precision, pushing the global surgical navigation systems market to grow. Surgical navigation system also provides minimally invasive procedure. Therefore, there has been increasing demand for minimally invasive procedures because they offer an array of benefits. Less invasive procedures helps in less number of sutures, minimal stay at hospital, minimal pain, less blood loss and faster recovery. Thus, it plays a catalyst for the global surgical navigation systems market to grow.
Rise in number of diseases related to neurology, orthopedic and ENT are leading to increased number of surgeries per year. Surgical navigation systems adopts the imaging modalities for such surgeries. Medical Imaging method guides the surgery and helps in less invasive surgeries. Surgeries with precision and less invasion will fuel the global surgical navigation market. There are likely to be new innovations in product lines in the global surgical navigation systems market which will boost the growth.
There has been ongoing demand for surgeries in orthopedic sector of healthcare. Usually, patients suffering from osteoarthritis seek surgeries to live a quality life. Osteoarthritis affects knees and hips, weight bearing joints. This results in hampered life resulting in less movements and increased pain and inflammation. In such cases, surgeries are suggested. However, cost of the surgery and trauma that a patient has to go through is severe. Thus, with surgical navigation system such concerns can be addressed. Therefore, Knee and hip replacements will drive the global surgical navigation market in orthopedic segment.
Neurology also calls for precision because it involves disorder related to brain cancer and brain related diseases. Therefore, neurology sector will also increase the demand for surgical navigation system. This is will nudge the global surgical navigation systems market.
Surgeries carries many risks associated with it. Surgeries can result in infection, increased blood loss which will delay the healing process. However, with emergence of surgical navigation system there's an accurate imaging of anatomy. This reduces post-surgery risks resulting in faster healing. Patients return to normal life with in a short span. This induces the global surgery navigation systems market to witness a huge growth.
Focused R&D activities to develop innovative product technologies: Key trend among leading players
The report also provides profiles of leading players operating in the global surgical navigation systems market. Stryker, Medtronic plc, B. Braun Melsungen AG, GE Healthcare (General Electric Company), Zimmer Biomet Holdings, Inc. and Siemens Healthineers (Siemens AG) are major players operating in the market, offering products with proprietary technologies. Other prominent players in the global surgical navigation systems market include Brainlab AG, Fiagon AG, and Amplitude Surgical.
This information is encompassed in the report by TMR, titled, "Surgical Navigation Systems Market (Application - Neurosurgery, Orthopedic (Spine, Knee, Hip), ENT; Technology - Optical Navigation System and Others; End user - Hospitals, Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027."
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