The global surgical navigation systems market size is expected to reach USD 23.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.2% from 2022 to 2030. The growing geriatric population along with the rising prevalence of brain cancer, orthopedic degenerative, and ENT among other target disorders and diseases is expected to propel the demand for surgical navigation systems (SNSs). Aging is considered the greatest risk factor for the development of degenerative disorders of joints; such as osteoporosis. The rising geriatric population is expected to serve as a high-impact rendering driver for the market.
Surgical Navigation Systems Market Report Highlights
- The neurology segment held the largest revenue share of 37.0% in 2021, owing to the early implementation of surgical navigation in this branch and the advantages associated with SNSs that aid the surgeons to perform complex surgeries with increased accuracy
- The ENT segment is expected to expand at a lucrative CAGR of 15.3% over the forecast period, owing to the rising prevalence of ENT disorders along with the increasing adoption of ENT surgeries
- Based on technology, the electromagnetic SNSs segment held the largest revenue share in 2021, owing to the low cost and ease of use of the technology. Besides, the rise in the prevalence of diseases among the geriatric population and increasing technological advancements in devices further drive segment growth
- The hospitals segment was the largest revenue-generating segment of the market in 2021. Hospitals are an integral part of the healthcare industry and corporations make significant efforts, both in terms of revenue & marketing strategies, to endorse their product/services in hospitals
- Key players in the market are engaged in various strategies such as new product developments for better market penetration. For instance, in June 2021, DePuy Synthes in Australia has entered an exclusive contract with Navbit start-up to launch the Navbit Sprint into operating theatres across the nation. This is a new navigation system utilizing smart sensor technology to support physicians in positioning the acetabular cup thereby, strengthening their product portfolio
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Osteoarthritis and osteoporosis are the most common disorders in the population aged over 65 years. The growing prevalence of these disorders possesses an increasing economic burden on many countries. As per International Osteoporosis Foundation, the total number of hip fractures is expected to reach 5,395 million by 2050. Facing the outbreak of COVID-19, elective procedures have significantly impacted the surgical navigation system market. As restrictions resulted in delays to a number of procedures. Currently, most nations have elevated restrictions on elective surgery. As a result, hospital spearheads across the world have been rushing to implement ramp-up strategies.
In addition to tackling the increasing patient backlog, the inspiration to restart elective surgery comprises mitigating revenue shock from the reduced surgical volume, a considerable contributor to the margin of hospitals. Demand for better patient outcomes will drive the acceptance of innovative technologies in navigation-assisted surgeries and provisions market growth. For instance, in March 2021, 7D Surgical has launched the FLASH navigation system in Switzerland and Germany. Besides, the demand for minimally invasive procedures is increasing across the world.
Surgical navigation systems are instrumental in providing better accuracy and precision in diagnosis and determining the correct implementation of plans during surgery, thereby aiding in minimally invasive procedures with improved patient outcomes. They offer visual imaging at every stage of the surgery thereby allowing modification of the plan during the surgical procedure according to intraoperative findings. It is also cost-effective in joint replacement procedures as very few patients require revision after a one-time procedure. These associated advantages are expected to boost the product demand over the forecast period.
Surgical Navigation Systems Market Insights By Demographics
North America accounted for the largest revenue share. The rising prevalence of orthopedic, ENT, and neurological disorders is expected to drive regional growth. A rise in the number of patients consequently increases the demand for surgical navigation systems, thereby boosting the regional demand for surgical navigation systems. In Asia Pacific, the market is expected to witness exponential growth over the forecast period. The highest growth rate of the regional market can be attributed to developing economies, an increasing aging population, and growing healthcare awareness. High-untapped opportunities, rising interest of companies to expand their presence in this region, and continuous R&D activities by the key market players for better innovative products are expected to fuel the growth.
Competitive Analysis By Major Companies
The market is witnessing intense competition as very few players hold a significant market share, owing to their extensive product portfolio and regional presence. The key players are involved in various strategies such as new product developments, distribution agreements, and expansion strategies to improve their market penetration. Competitive rivalry in this industry is anticipated to be high in the forthcoming years. Some of the prominent players in the surgical navigation systems market include:
- Braun Melsungen AG
- Stryker
- Medtronic
- Corin
- Siemens Healthineers
- Smith+Nephew
- Johnson & Johnson Services, Inc. (DePuy Synthes)
- Zimmer Biomet
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Surgical Navigation Systems Market Segmentation
Grand View Research has segmented the global surgical navigation systems market based on application, technology, end use, and region:
- Surgical Navigation Systems Application Outlook (Revenue, USD Million, 2017 – 2030)
- Surgical Navigation Systems Technology Outlook (Revenue, USD Million, 2017 – 2030)
- Surgical Navigation Systems End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Surgical Navigation Systems Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in Surgical Navigation Systems Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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