Market Highlights
Global Surgical Navigation Systems Market is expected to register a CAGR of 6.27% during the forecast period, with a market value of USD 1,324.63 Million. An increasing number of surgical procedures have driven the global surgical navigation systems market over the forecast period. Another factor contributing to the upscaling of the global surgical navigation systems market is the proliferating technological advancements. As per the Australian Institute of Health and Welfare, there were 10.6 million hospitalizations and close to one-fourth of such admissions involved some type of surgical procedure.
Furthermore, increasing prevalence of orthopedic and neurology disorders has led to a higher need for surgical navigation systems. Fast-paced acceptance of surgical navigation systems in ambulatory settings has propelled market growth over the forecast period. There are various untapped markets in the emerging economies that are posing as potential expansion opportunities for existing market players as well as new market entrants. Such opportunities are boosting the growth of the surgical navigation systems market over the assessment period. Also, rising regulatory approvals and mounting healthcare expenditure are expected to push the surging surgical navigations systems market by 2023. However, the global surgical navigation market is estimated to face some restraints on growth owing to the high cost of advanced equipment.
Segment Analysis
The global surgical navigation system is studied in detail for different technologies, applications, and end-users. Technologies used in the surgical navigation systems, as analyzed in the research report include optical navigation systems, electromagnetic navigation systems, and hybrid navigation systems. Different end-users of the surgical navigation systems, as analyzed in the report for a detailed insight into the global surgical navigation systems market include ambulatory surgical centers as well as hospitals.
Different applications studied in the MRFR report for surgical navigation systems include ENT navigation systems, neuronavigation systems, orthopedic navigation systems, dental navigation systems, and spinal navigation systems. Different technological developments have led to the classification of the orthopedic navigation systems based on specific applications. These include imageless orthopedic navigation systems, fluoroscopy-based orthopedic navigation systems, and CT-based orthopedic navigation systems.
Regional Analysis
The surgical navigation systems market is segmented on a regional basis into Asia Pacific, the Americas, Europe, and the Middle East Africa. The segment of the Americas is further sub-segmented into North America and South America. North America fetched the largest share of the global surgical navigation systems market at the beginning of the forecast period. Such market domination can be due to the rising prevalence of ENT, orthopedic, and neurological disorders in the region. A shift in the trend towards ASCs is also influencing the market growth positively. Lastly, the rising prevalence of the geriatric population base and the presence of a well-established reimbursement structure is promoting the fast-paced growth of the surgical navigation systems market in the region.
Asia Pacific is expected to showcase accelerated market growth in the foreseeable future. The APAC’s surgical navigation systems market is expected to surge at the fastest rate during the forecast period. This can be attributed to the increasing target audience base in the region. India, China, and Japan are expected to spearhead the country-specific surgical navigation systems market in the APAC, over the assessment period.
Key Players
MRFR recognizes the following companies as the Key Players in the Global Surgical Navigation Systems Market— Medtronic PLC (Ireland), Brainlab (Germany), and Stryker Corporation (US).
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