Surgical Navigation Systems Market Fueled by Increase in Osteoarthritis, Brain Tumors and ENT Cases – Business
Surgical Navigation Systems Market Fueled by Rise in Osteoarthritis, Brain Tumors and ENT Cases
By the editors of HospiMedica International
Posted on March 31, 2022
The global surgical navigation systems market is expected to register a CAGR of 8.5% over the forecast period 2019 to 2027 to reach USD 1.6 billion by 2027, driven by the increasing incidence of target conditions such as osteoarthritis, brain tumors and ENT problems, as well as as an aging population. The growing elderly population around the world is increasing the demand for orthopedic replacements, especially hip, shoulder and knee replacement surgeries. Increased acceptance of minimally invasive surgical treatments, increasing number of agreements, partnerships and collaborations between market players, increasing incidence of orthopedic and neurological diseases and high prevalence of ENT disorders are likely to stimulate market growth. Additionally, government support for R&D in surgical navigation systems is driving the growth of the market. However, high costs and product recalls are expected to hamper the growth of the global surgical navigation systems market.
These are the latest findings from Transparency Market Research (Albany, NY, USA), a market intelligence provider.
Image: The global market for surgical navigation systems is expected to surpass $1.6 billion by 2027 (Photo courtesy of Pexels)
In addition to technological advancements, the global surgical navigation systems market is likely to be driven by the need for minimally invasive operations. Fewer incision wounds are used in minimally invasive procedures, resulting in a faster healing period, shorter hospital stay, and improved patient comfort. In addition, due to shorter hospital stays, these operations are cost effective. Compared to traditional open operations, minimally invasive surgeries result in less blood loss. The market should be further driven by technological advances in these processes and the launch of new products.
Based on the technology, the optical segment is expected to register exponential growth over the forecast period. Optical surgical navigation systems outperform electromagnetic (EM) surgical navigation systems. They are the accepted standard for neurosurgery and have the ability to monitor a large number of instruments at the same time. These devices are used in medical procedures that require a high level of precision and require multiple access points, such as surgeries on the lateral base of the skull. However, EM surgical navigation devices held the largest market share in 2019, owing to their ease of use, superior field of view, and lower cost than optical navigation. Since these systems were released before optical and hybrid SRSs, they have a higher level of penetration. In the coming years, EM surgical navigation systems are expected to maintain their dominance in the market.
Geographically, North America held the highest revenue share in the global surgical navigation systems market in 2019, owing to the increased prevalence of orthopedic, ENT and neurological diseases in the region. As the number of patients increases, the demand for surgical navigation systems will also increase, which will lead to an increase in regional demand for surgical navigation systems. Another key growth driver of the North American surgical navigation systems market is the growing preference for outpatient surgical centers in the region, which along with the growth in treatment volumes is putting pressure on operation volumes. hospital. In a cost-cutting scenario, a quality-driven healthcare paradigm, combined with the growing preference for outpatient procedures, is driving the growing demand for surgical navigation systems in North America. Additionally, other factors such as an aging population and an excellent reimbursement framework, which contribute to total revenue, are key to the overall growth of the North American surgical navigation systems market.
Transparency Market Research