Surgical Navigation Systems Market to Reach $1.75 Billion, Globally, by 2030 at 6.4% CAGR: Allied Market Research
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 propel the growth of the global surgical navigation systems market.
PORTLAND, Ore., March 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Surgical Navigation Systems Market by Technology (Electromagnetic Navigation Systems, Optical Navigation Systems, Hybrid Navigation Systems, Fluoroscopy-based Navigation Systems, CT-based Navigation Systems, and Other Navigation Systems), Application (Neurosurgery Navigation Systems, Orthopedic Navigation Systems, ENT Navigation Systems, Dental Navigation Systems, and Cardiac Navigation Systems), and End User (Hospitals and Physician Practices & Ambulatory Surgery): Global Opportunity Analysis and Industry Forecast, 2020–2030." According to the report, the global surgical navigation systems industry was estimated at $940.68 million in 2020, and is anticipated to hit $1.75 billion by 2030, registering a CAGR of 6.4% from 2021 to 2030.
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Drivers, restraints, and opportunities-
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 propel the growth of the global surgical navigation systems market. On the other hand, high cost of surgical navigation systems impede the growth to some extent. However, surge in healthcare expenditure in emerging Asia-Pacific economies, such as India, China, and others is expected to create new opportunities in the industry.
Impact of Covid-19 on Surgical Navigation Systems Market-
- The outbreak of the pandemic gave way to a steep decline in the number of elective surgeries across the world, which impacted the global surgical navigation systems market negatively, especially during the initial period.
- However, the market is projected to get back on track soon.
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The electromagnetic navigation systems segment to dominate by 2030-
On the basis of technology, the electromagnetic navigation systems segment accounted for the highest market share in 2020, generating nearly one-third of the global surgical navigation systems market. This is because EM systems are cheaper and offer a better line of sight as compared to other navigation systems used in surgical procedures The optical navigation systems segment, however, is anticipated to cite the fastest CAGR of 7.3% from 2021 to 2030. This is due to its advantages over EM systems such as reduced radiation exposure and accuracy provided during complex surgeries, which enable surgeons to navigate properly through a patient's anatomy
The neurosurgery navigation systems segment to maintain its lion's share-
On the basis of application, the neurosurgery navigation systems segment generated the highest share in 2020, holding around two-fifths of the global surgical navigation systems market. This is owing to rise in adoption of minimally invasive surgical procedures, increased number of neurological surgeries performed worldwide, surge in number of people suffering with brain tumor, and cancer leading to brain metastasis. The ENT navigation systems segment, on the other hand, is expected to cite the fastest CAGR of 7.3% from 2021 to 2030. Rise in the prevalence of ENT disorders such as chronic sinusitis and new product launches & approvals propel the segment growth.
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North America garnered the highest share in 2020-
On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding more than two-fifths of the global surgical navigation systems market. Advancements in healthcare infrastructure coupled with rise in consumer spending on the healthcare industry drive the market growth. Asia-Pacific, simultaneously, is projected to cite the fastest CAGR of 7.3% from 2021 to 2030. This is owing to huge patient population (leading to more surgeries and invasive procedures), increased prevalence of orthopedic disorders, and improved healthcare infrastructure in the region.
Key players in the industry-
- Stryker Corporation
- Brainlab AG
- Scopis GmbH
- Medtronic Plc.
- Intersect ENT
- Karl Storz GmbH & Co. KG
- Amplitude Surgical
- Zimmer Biomet Holdings, Inc.
- Siemens Healthineers
- B. Braun Melsungen AG
Official Press Release- https://www.alliedmarketresearch.com/press-release/surgical-navigation-systems-market.html
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