NEW YORK, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Global surgical navigation system market is forecasted to attain revenues of $1046.8 million value by 2023, the growth in the market will be led by the rising prevalence of orthopedic, neurological, and ENT disorders, increasing adoption of minimally invasive surgical procedures, rising aging population, technological advancements, and increasing regulatory approval for navigation systems, that can be used in various surgeries.
The surgical navigation system market has been categorized into optical, electromagnetic and hybrid navigation systems, based on technology, where optical navigation systems are expected to witness the fastest growth in demand, at CAGR of 7.3% during the forecast period. The demand for optical navigation systems is expected to grow continuously, since the surgeons can perform interventions with greater safety and precision, and this method also minimizes radiation exposure to the patient as well as the staff in operation room.
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Optical navigation systems have been further bifurcated into fluoroscopy and CT based navigation system where fluoroscopy based navigation systems accounted for the larger share, standing at 77.0% in 2016. The category is also expected to register faster growth during the forecast period, mainly due to economical prices and usage of fluoroscopy based navigation system as compared to the CT based system.
Surgical navigation systems are used for several applications such as neuro navigation, orthopedic navigation, ENT navigation, dental navigation, and cardiac navigation system. Globally, neuro navigation systems occupied the largest share in the market in 2016 and is also expected to grow at a faster pace attaining CAGR of 7.7% by 2023. The neuro navigation system provides real-time intraoperative guidance during brain and/or spinal surgery, leading to its growing market demand.
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Asia-Pacific surgical navigation system market is expected to witness fastest growth, mainly due to aging population, rising incidence of burns cases, increasing diabetic patients, and per capita income. Elderly people have a slow healing of wounds as they have reduced regenerative capabilities and weak immune system, which leads to different ailments, thereby boosting the market for surgical navigation systems in the region. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of people aged 65 years and above, constituted approximately 11.4% of population in 2013, and the count is estimated to reach approximately 20% of the population by 2050.
Globally, the key providers in the surgical navigation system industry are collaborating to gain a larger market share. For instance, in June 2017, Elekta AB, a company providing radiation therapy, radiosurgery, related equipment and clinical management for the treatment of cancer and brain disorders and Brainlab AG, entered into an agreement, according to which, Brainlab AG was made the authorized distributor of Elekta’s stereotactic solutions for neurosurgery in select markets in the Europe namely; France, Belgium, Poland, Liechtenstein, Luxemburg, Portugal and Spain.
Some of the other key players operating in the surgical navigation system market include Koninklijke Philips N.V., Fiagon GmbH, Orthalign, Inc., Stryker Corporation, Scopis GmbH, Medtronic plc, Siemens AG, General Electric Company, B. Braun Melsungen AG and Zimmer Biomet Holdings, Inc.
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