DUBLIN--(BUSINESS WIRE)--The "Surgical Navigation System Market Research Report: By Technology, Application, End User - Industry Trends and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
From $770.8 million in 2018, the surgical navigation system market is expected to progress at a CAGR of 7.3% during 2019-2024 (forecast period), to reach $1,167.6 million in 2024.
The growing popularity of minimally invasive surgeries (MIS), geriatric population, and incidence of neurological, orthopedic, and ear, nose, and throat (ENT) disorders are driving the usage of surgical navigation systems. Such systems help surgeons during operational procedures, by displaying the internal anatomy of patients, via cameras or radio imaging techniques, on monitors.
When segmented on the basis of technology, optical, hybrid, and electromagnetic are three divisions in the market. In 2018, the optical division held the largest share in the surgical navigation system market, in terms of revenue. Such systems are preferred during operations, owing to their better accuracy of images. This is why, optical navigation technologies, such as computed tomography (CT) and fluoroscopy, are being increasingly used, especially in ENT procedures.
Among the key trends in the surgical navigation system market is the integration of augmented reality (AR) in such equipment. Using the AR technology, virtual body parts, including blood vessels, soft tissues, and nerves, can be integrated into the actual parts, for real-time, high-quality visuals. If anything goes awry during the surgery, the doctors get visuals of what went wrong, and where, thereby helping them rectify the error in as little time as possible.
The rising popularity of MISs is one of the most significant market drivers. As such procedures
result in a decrease in hospitalization expenditures, as a result of shorter stay, less trauma, and faster recovery period, an increasing number of people are opting for these. In such surgeries, the operating site is not fully exposed, and only a small incision is used. In the absence of a clear view into where the surgeon is operating, the use of navigation systems becomes even more important.
Another major factor helping in the surgical navigation system market prosperity is the growing incidence of ENT, orthopedic, and neurological diseases. As per the World Health Organization (WHO), 11.8% of all deaths in 2011 were due to neurological issues, and this number would increase to 12.2% by 2030. Further, the American Academy of Orthopedic Surgeons (AAOS) reported after a 2017 study that one in every four people in the U.S. suffers from musculoskeletal disorders. As surgical navigation is important in corrective procedures for these disorders, their rising prevalence is driving the market.
Geographically, North America has been the largest surgical navigation system market because of its advanced healthcare infrastructure and adoption of enhanced medical equipment. Even in 2024, the region is projected to dominated the global market, with a 38.4% revenue share. During the forecast period, Asia-Pacific (APAC) is predicted to witness the highest CAGR, as a result of the rising population, especially those of the elderly, chronic disease prevalence, and surging per capita income.
Therefore, as the volume of surgeries grows, so would the adoption of surgical navigation equipment.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.2 Market Dynamics
4.3 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Technology
5.1.1 Optical Navigation System Market, by Type
5.2 By Application
5.2.1 Neuronavigation System Market, by Surgical Site
5.3 By End User
5.4 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Technology
6.1.1 Optical Navigation System Market, by Type
6.2 By Application
6.2.1 Neuronavigation System Market, by Surgical Site
6.3 By End User
6.4 By Country
6.4.1 U.S. Market Size and Forecast
22.214.171.124 By technology
126.96.36.199.1 Optical navigation system market, by type
188.8.131.52 By application
184.108.40.206.1 Neuronavigation system market, by surgical site
220.127.116.11 By end user
6.4.2 Canada Market Size and Forecast
18.104.22.168 By technology
22.214.171.124.1 Optical navigation system market, by type
126.96.36.199 By application
188.8.131.52.1 Neuronavigation system market, by surgical site
184.108.40.206 By end user
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 Product Benchmarking of Key Players
11.3 Strategic Developments of Key Players
Chapter 12. Company Profiles
12.1 Koninklijke Philips N.V.
12.2 Fiagon AG Medical Technologies
12.3 OrthAlign Corporation
12.4 Medtronic plc
12.5 Stryker Corporation
12.6 Brainlab AG
12.7 Siemens AG
12.8 General Electric Company
12.9 B. Braun Melsungen AG
12.10 Zimmer Biomet Holdings Inc.
12.11 KARL STORZ SE & Co. KG
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