New York, USA, May 30, 2022 (GLOBE NEWSWIRE) -- Surgical Navigation Systems Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Surgical Navigation Systems Market Information by Technology, Application, End-User, and Region - Forecast till 2030”, the market size is projected to reach USD 1.75 billion and expected to grow at CAGR 7.2% during the forecast period.
Market Scope:
The surgical navigation system is a computer-based service business that aids in the provision of high-quality procedures in orthopedics, dentistry, neurology, ENT, cardiac, and other fields with low possibilities of surgery failure and a high success rate. It allows doctors and medical workers to perform a pre-planned scan of the test, giving them a clear roadmap on how to operate on patients and accurate surgical instrument navigation during the procedure.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 1.75 Billion |
| CAGR | 7.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, Application, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The demand for surgical procedures that are minimally invasive is rising around the world |
| Technological advancement is making the industry grow and increasing awareness. |
Surgical Navigation Systems Market Competitive Dynamics:
The surgical navigation systems market has had a tremendous and nail-biting competitive landscape, with new competitors entering the market with ease and older players investing heavily in this area. The big names from this market are:
- Medtronic plc (Ireland)
- Stryker Corporation (U.S.)
- Brainlab AG (Germany)
- Scopis GmbH (Germany)
- Fiagon AG (Germany)
- Karl Storz GmbH & Co. KG (Germany)
- Amplitude Surgical (France)
- Zimmer Biomet Holdings, Inc. (U.S.)
- Siemens Healthineers (Germany)
Market Dynamics:
Market Drivers:
The surgical navigation systems market has been one of the fastest growing in the health industry, as the number of cases for various types of surgeries has increased dramatically, allowing large manufacturers in the industry to develop technologies that can be used to treat a variety of disorders that have become increasingly common among men and women of all ages. The demand for this technology is growing since it allows doctors to simply map a patient's brain and better comprehend how to do surgical operations. Furthermore, demand for surgical navigation technologies has been growing due to technological improvements all over the world, complexities in medical operations, and a huge number of deaths due to old methods, but the expensive cost of surgical navigation systems is limiting their market.
Market Restraints:
Though the market value of surgical navigation systems has been expanding at a good rate, there are some challenges that surgical navigation companies must address in order to keep growth moving in the right way. Increased procedural complications and regulatory approval processes are common problems for surgical companies, as any misdirection can affect a patient's health and put their life at risk.
As a result, one of the key restrictions is the time-consuming nature of the stringent and rigid approvals and procedural requirements. Second, surgical navigation is experiencing delayed growth because to the expensive cost of installations, equipment, and other items that not every hospital can afford, and this problem is most prevalent in poor nations with limited health-care spending.
COVID-19 Analysis:
The Covid 19 pandemic, also known as the novel coronavirus, has had a negative impact on the surgical navigation systems market because people tried to avoid any kind of surgery during the pandemic, except in emergency situations, to avoid any kind of communication or contact with medical staff and frontline workers. People have been staying at home practicing regular exercise, avoiding outside food, having fewer work stress, and other circumstances that could lead to specific ailments have been minimized, resulting in a lower demand for surgical operations.
Covid 19 has had such an impact that most of the major players have been forced to shut down their main production units and lay off people. However, once the lockdown limitations are lifted and individuals are free to travel about, the market is projected to rise significantly. The post-lockdown phase is projected to be a huge success for surgical navigation systems market technologies and global marketplaces, with most countries and regions resuming production and attempting to recoup losses.
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Surgical Navigation Systems Market Segmentation:
By Technology
In 2021, the Electromagnetic (EM) segment dominated the surgical navigation systems market, accounting for 42.0 percent of total revenue. When compared to optical navigation, this growth can be attributed to the technology's ease of use, greater line of sight, and cost. In comparison to other navigation systems used in surgical procedures, EM systems are less expensive and provide a superior line of sight. EM systems' advantages are projected to fuel their rise over the projection period.
By Application
In 2021, the neurology segment had the highest revenue share (37.0%), as it was the first surgical branch to adopt navigation and successfully integrate it into clinical practice owing to an increase in the use of minimally invasive surgical procedures, an increase in the number of neurological surgeries performed globally, and an increase in the number of patients suffering from brain tumors and cancer that has spread to the brain.
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By End-user
In 2021, hospitals had the biggest revenue share of the market, and this trend is expected to continue during the forecast period. In hospitals, technologically advanced medical equipment are widely employed to improve point-of-care care (PoC).
Surgical Navigation Systems Market Regional Analysis:
Currently, the North American region retains the largest proportion, owing to the fact that these countries place a far higher priority on health care than any other country or region. The increased number of patients of cardiac illnesses in these countries, as well as public awareness of better health facilities, has driven demand for surgical equipment in this region.
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With most developing countries slowly turning their focus towards an organized health sector with superior surgical navigation technology, the Asia-Pacific region is projected to hold a majority share in the future.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
