The global surgical navigation system market, by Application (Neurological Surgeries, ENT Surgeries, Orthopedic Surgeries, Cardiac Surgeries and Dental Surgeries), by Technology (Optical Navigation System, Electromagnetic Navigation System and Hybrid Navigation System), by End User (Hospital and Nursing Home, Ambulatory Surgical Centers and Other End Users) was valued US$ 673.1 in 2017 and is projected to exhibit a CAGR of 6.9% over the forecast period (2018 – 2026) as highlighted in a new report published by Coherent Market Insights.
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Surgical navigation is useful technology which guides surgeon in surgical procedure to achieve precise reconstruction or correction of defects and deformities. Surgical navigation is increasingly used in various surgeries and interventions as pre-operative or intra-operative radiographic images enhances accuracy and safety of the surgical procedure. Increasing incidences of trauma, tumor and development malformation demands for advanced surgical navigation system with more precision, in turn leads to market growth. According Cancer Research UK, 14.4 million new cases of cancer were estimated in year 2012, globally. New product launches by market players is another major factors driving growth of the global surgical navigation system market over the forecast period.
Browse 41 Market Data Tables and 37 Figures spread through 185 Pages and in-depth TOC on "Surgical navigation system Market, by Application (Neurological Surgeries, ENT Surgeries, Orthopedic Surgeries, Cardiac Surgeries and Dental Surgeries), by Technology (Optical Navigation System, Electromagnetic Navigation System and Hybrid Navigation System), by End User (Hospital and Nursing Home, Ambulatory Surgical Centers and Other End Users) - Global Forecast to 2026"
Manufacturer’s strategies like merger and collaboration will further strengthen the growth of the surgical navigation system market. For instance, in 2017, Mazor Robotics Ltd., manufacturer of surgical guidance system, entered the next phase of strategic partnership with Medtronic. The partnership aims at co-development of spinal market product with the expertise in surgical planning and precision-guided surgical system with Medtronic’s navigation capabilities and implant system. Moreover, according to these partnership Medtronic invests US$ 40 million in Mazor. New product launches with more precision will further augment the growth of the market. For example, Zimmer Holding Inc., a musculoskeletal health technology company, received US FDA approval for iAssist Knee, a personalized guidance system for knee replacement procedures. iAssist Knee supports more streamline and personalized knee replacement procedures. Manufacturers are also target at expanding the geographical reach of the product. In October 2017, Intellijoint Surgical, a medical technology company, received CE approval for its intellijoint HIP, a 3D Mini-Optical Navigation System, in Europe. The system is aids surgeons to precisely measure cup position, leg length and offset for total hip arthroplasty. Further, company is expecting approval from Australian Therapeutic Goods Administration (TGA) by November 2017.
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Key takeaways of the Surgical Navigation System Market:
The global surgical navigation system market is expected to expand at a CAGR of 6.9% during the forecast period (2017–2025), owing to presence of untapped and highly lucrative market especially in Asia Pacific, Latin America, Middle East, and Africa
The surgical navigation system market is dominated by neronavigation in the segment of application owing to increasing incidence of neurological disorder and brain tumors
Optical navigation system is largest segment among technology due to its advantages over electromagnetic navigation such as no electromagnetic exposure but the hybrid navigation is expected to show fast growth in the forecast due to its feature which integrates both electromagnetic and optical within single system
Amongst end user hospital and nursing homes occupies leading position owing to large number of system installation coupled with high in-patient flow for surgery
Some of the major players involved in global surgical navigation system market include Medtronic plc, Stryker Corporation, Brainlab AG, B. Braun Melsungen AG, Scopis GmbH, Fiagon GmbH, Zimmer Biomet Holdings, Inc., Amplitude Surgical, Siemens Healthcare Corporation
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