Surgical Navigation Systems Market Likely to Grow at a CAGR of 6.3%, reaching at USD 1.4 Bn by 2031 – TMR Study

Wilmington, Delaware, United States, May 05, 2023 (GLOBE NEWSWIRE) -- The global surgical navigation systems market stood at US$ 0.8 billion in 2021 and the global market is projected to reach 1.4 billion in 2031. The industry is anticipated to expand at a CAGR of 6.3% between 2022 and 2031.

Rising demand for minimally invasive surgeries is another factor responsible for escalating the adoption of these devices over the forecast period. Minimally invasive surgeries involve lesser incision wounds leading to quicker recovery time, shortened hospitals stay, and enhanced patient comfort.

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Procedures are economically viable due to the shorter duration of hospital stays as the amount of blood loss during minimally invasive surgeries is lesser than the conventional open surgeries. Technological advancements in these procedures and the introduction of new products are expected to further drive the market.

Unprecedented rise in the population aged 60 years and above is anticipated to increase the demand for hip and knee replacement surgeries due to which this factor is expected to positively influence market growth. Presence of a supportive regulatory structure is anticipated to drive the overall growth of the market and the demand for surgical navigation systems. Rising reimbursement coverage for orthopedic procedures, such as knee replacement is expected to fuel the adoption of these systems by the surgeons in near future.

Hospitals segment held the largest revenue share of the market in 2021 and is anticipated to continue leading the market over the forecast period. Technologically advanced medical devices are being used extensively used in hospitals to improve Point-of-Care (PoC).

Key Takeaways of Market Report

• Global surgical navigation systems market to generate absolute dollar opportunity worth US$ 1.4 billion until 2031.
• Global surgical navigation systems market from 2022 to 2031 is 6.3%
• Global surgical navigation systems market is currently valued at US$ 0.81 billion in 2022.
• Global surgical navigation systems market stood at US$ 0.8 billion in 2021.
• Market value of the global surgical navigation systems market from 2018 to 2022 is 5.8%
  

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Global Surgical Navigation Systems Market: Growth Drivers

• Surging investment in the development of new and advanced technology, increasing adoption of robotic technology, rising awareness of the benefits associated with minimally invasive surgery, an increase in the number of surgical procedures, and hospitals' expanding purchasing power are some of the factors that will drive the growth of the Surgical navigation systems software market during the forecast period.
• Increased applications from emerging economies, on the other hand, will create new and ample opportunities for the growth of the spine surgery robots market during the forecast period.
• Growing preference for minimally invasive surgery (MIS), which is preferred for remote procedures, is driving the global surgical navigation systems software market.
• Minimally invasive procedures, as opposed to traditional surgeries, are less painful due to less bleeding and fewer cuts. MIS can be carried out with the assistance of robots from remote locations propelling the global surgical navigation systems software market forward.

Global Surgical Navigation Systems Market: Regional Landscape

• North America accounted for the largest revenue share of around 41.0%. Rising prevalence of orthopedic, ENT, and neurological disorders is expected to drive regional growth. Rise in the number of patients consequently increases the demand for surgical navigation systems, boosting the regional demand for surgical navigation systems. Rising preference for ambulatory surgery centers and along with growing procedure volumes, imposing a burden on procedure volumes at hospitals is the primary growth factor.
• Quality-driven healthcare model coupled with a shifting focus to ambulatory surgeries in a cost-curbing environment is driving the regional demand. Factors such as the increasing geriatric population and well-developed reimbursement structure, contributing to the overall revenue are responsible for the overall development of the regional market.
• Asia Pacific market is expected to witness exponential growth over the forecast period. Growth of the market can be attributed to developing economies, an increasing aging population, and growing healthcare awareness.
• The geriatric population is more susceptible to orthopedic disorders thereby presenting a huge target population in the region, with Japan, China, and India being the major regional contributors. High-untapped opportunities, rising interest of companies to expand their presence in this region, and continuous Research and Development activities by the key market players for better innovative products are expected to fuel the growth.

Global Surgical Navigation Systems Market: Key Players

• Brainlab
  

Acquisition

Brainlab acquired Medineering, a robotics platform company. Medineering is a developer of application-specific robotic technologies. Strategic acquisition is expected to help Brainlab expand its surgical navigation systems portfolio.

Smith & Nephew acquired Brainlab's orthopedic joint destruction business. Acquisition is likely to enable the companies to develop the technology for digital surgery across a broad range of clinical areas.

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Global Surgical Navigation Systems Market: Segmentation

Application

• Neurosurgery
• Orthopedic

1. Spine
2. Knee
3. Hip
   • ENT
   • Others
     

Technology

• Optical navigation system
• Electromagnetic navigation system
• Hybrid navigation system
• Others

End-user

• Hospitals
• Ambulatory surgical centers
• Others
  

Regions

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

About Transparency Market Research

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