CAGR: 14.3%Current Market Size: USD 7.8 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global surgical navigation system market is expected to grow from USD 7.8 billion in 2022 to USD 22.7 billion by 2030, at a CAGR of 14.3% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the increasing geriatric population and rising chronic diseases.
Surgery navigation systems are an essential part of computer-assisted surgery methods, paving the way for digital imaging technologies during surgical procedures. It allows surgeons to do precise surgical instrument navigation throughout the surgery, along with preoperative planning. Computer-assisted surgery makes it possible to perform endoscopic surgery. There are several other factors that impede the growth of surgical procedures, such as discomfort, pain, and scars left behind by open surgery incisions. There are significant risks and other concerns associated with open surgical procedures that can be avoided with surgical navigation systems. Surgery navigation systems allow surgeons to track precisely and accurately the position of surgical tools and instruments relative to organs. Surgical navigation systems are becoming increasingly popular in cardiovascular surgery as technology has advanced significantly over the last few years worldwide. Cardiovascular surgery, also known as heart surgery or great vessel surgery, is performed by cardiac surgeons. Increasing cardiovascular disorders and the availability of advanced technologies are predicted to boost the segment's growth. The growing demand for minimally invasive procedures and technological advancements are also expected to drive the market's growth. However, the high costs of surgical navigation systems may limit their use.
Sample Request: - Global Surgical Navigation System Market
Market Dynamics:
Drivers:
Technology in this area has resulted in a rise in the popularity of surgical navigation systems among medical practitioners in recent years. They are widely used in a variety of surgical procedures because they are easy to use, provide better surgical outcomes, and provide a higher level of patient care. In order, to gain a competitive edge, manufacturers spend millions of dollars on research and development to release cutting-edge products.
Restraints:
Surgical navigation systems are developed using the latest technologies to improve their application. These technologies are costly, making surgical navigation systems an expensive affair. Research and development of surgical navigation systems utilize a considerable amount of capital. It is estimated that the high costs of surgical navigation systems will hamper their growth, due to the complex regulatory approvals and trials associated with them.
Opportunities:
People with chronic diseases such as ENT, cardiovascular, and other chronic diseases have increased in number due to an increase in hours spent on laptops and mobile screens, sedentary lifestyles, inactivity, and an unhealthy diet. As the geriatric population grows, arthritis has also increased. In recent years, minimally invasive surgical navigation systems have resulted in greater use of surgical procedures for treating arthritis, cardiac diseases, or conditions of the ENT.
Challenges:
Surgical navigation systems need to be approved by relevant authorities before being implemented or when trials are conducted to study and test the success of these innovations. Since they need to protect the target audience's interests and prevent fraudulent claims and ill effects, these authorities maintain high standards of compliance and accountability. Market players have to undergo extensive scrutiny.
Segmentation Analysis:
The global surgical navigation system market has been segmented based on technology, application, end-user, and region.
By Technology
The technology segment includes electromagnetic, optical and hybrid. The electromagnetic segment led the largest share of the surgical navigation system market with a market share of around 42.1% in 2022. The electromagnetic segment of surgical navigation systems accounted for 42.1% of total revenues. The growth of EM systems can be attributed to their ease of use, greater line of sight, and lower cost than optical navigation systems in surgical procedures. In comparison to other navigation systems used in surgical procedures, EM systems provide a superior line of sight and are less expensive than other systems.
By Application
The application segment includes dental, neurology, ENT, orthopedic and others. The neurology segment led the largest share of the surgical navigation system market with a market share of around 34% in 2022. Due to its success in integrating navigation into clinical practice as the first surgical branch to adopt it, neurology had the highest revenue share. In recent years, there has been an increase in the use of minimally invasive surgical procedures, an increase in neurological surgery, and an increase in brain tumours and cancers that have spread to the brain.
By End-User
The end-user segment includes ambulatory surgical centers and hospitals. The hospital’s segment led the largest share of the surgical navigation system market with a market share of around 59.8% in 2022. Medical devices with technologically advanced features are widely used in hospitals to improve Point-of-Care, as they simplify treatment procedures and enable faster and more accurate outcomes. Additionally, hospitals offer a wide range of pain management and orthopedic procedures, which is expected to help the segment grow steadily in the coming years.
Global Surgical Navigation System Market- Sales Analysis.
The sale of surgical navigation systems expanded at a CAGR of 13.9% from 2016 to 2022.
Surgical navigation systems facilitate the planning and preparation of surgical steps in the pre-op stage, which allows surgeons to expedite the surgical procedure with the minimum number of complications. Accuracy, precision, & faster healing facilitate the treatment of target conditions. With increasing applications in various surgical procedures, technological advancements in surgical navigation systems will drive market growth in the Projection period.
As surgical navigation systems are increasingly adopted and the number of patients undergoing neurological, orthopedic, and ENT treatments grows, the global surgical navigation systems market is expected to grow significantly.
A supportive regulatory structure is also expected to contribute to the overall growth of the market and surgical navigation system demand. In near future, surgeons are expected to adopt these systems as reimbursement coverage for orthopedic procedures, such as knee replacements, increases.
Thus, owing to the aforementioned factors, the global surgical navigation system market is expected to grow at a CAGR of 14.3% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the surgical navigation system market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the surgical navigation system market and held a 39.1% share of the market revenue in 2022.
Global Surgical Navigation System Market - Country Analysis:
Germany's surgical navigation system market size was valued at USD 0.52 billion in 2022 and is expected to reach USD 1.5 billion by 2030, at a CAGR of 14.4% from 2023 to 2030.
It has been reported that there has been an increase in cardiovascular and orthopedic surgeries, German official statistics suggest that there have been 2.4 to 2.6 million traffic accidents since 2000. There has been a 12 percent increase in traffic accidents since 2000. Traffic accidents in the range of 0 to 5% have increased over the past few years, resulting in an increase in market growth.
China’s surgical navigation system market size was valued at USD 0.58 billion in 2022 and is expected to reach USD 1.7 billion by 2030, at a CAGR of 14.6% from 2023 to 2030.
It is believed that the rise in demand for surgical navigation systems has been driven by the innovation of surgical navigation systems that utilize augmented reality to improve image & navigation during procedures in neurological surgery. As a result of other advancements in surgical navigation systems, the industry will become more competitive and efficient, boosting its growth and presenting lucrative opportunities for market players.
India's surgical navigation system market size was valued at USD 0.45 billion in 2022 and is expected to reach USD 1.32 billion by 2030, at a CAGR of 14.5% from 2023 to 2030.
During the Projection period, the country is expected to grow the fastest, due to the rapid adoption of advanced surgical technologies, the high prevalence of orthopedic disorders, and an expanding geriatric population.
Key Industry Players Analysis:
To increase their market position in the global surgical navigation system market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
14.3% |
Market Size |
7.8 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Technology, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Amplitude Surgical, Corin, Zimmer Biomet, Stryker, KARL STORZ SE & Co. KG, Medtronic, B. Braun Melsungen AG, Siemens Healthineers, Johnson & Johnson Service, Inc., and Smith+Nephew. |
By Technology |
|
By Application |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Surgical Navigation System Market by Technology:
Global Surgical Navigation System Market by Application:
Global Surgical Navigation System Market by End-User:
Global Surgical Navigation System Market by Region:
Leading players in the surgical navigation system market are Amplitude Surgical, Corin, Zimmer Biomet, Stryker, KARL STORZ SE & Co. KG, Medtronic, B. Braun Melsungen AG, Siemens Healthineers, Johnson & Johnson among others.
Global surgical navigation system market is expected to reach USD 22.7 billion by 2030, at a CAGR of 14.3% from 2023 to 2030.
Technological advancements and rising chronic diseases.
North American region will witness more growth in the surgical navigation system market.
Surgical navigation system market is segmented into technology, application, end-user, and region.
The value of the surgical navigation system market in 2022 is USD 7.8 billion.
Political Factors- To foster a collaborative working culture, a transparent governance system is required. The surgical navigation systems market is currently plagued by problems caused by corruption and a lack of transparency. The current political turmoil and unpredictability are mostly to blame for the lack of openness. Corruption undermines stakeholders' trust in businesses and government agencies by encouraging fraudulent activities, making business procedures such as licensing and contracting more onerous, and hurting law enforcement. Rising bureaucratic corruption is slowing economic growth in general, reducing the ability for markets like the surgical navigation systems market to thrive.
Economic Factors- It may be more challenging to meet growth targets for the surgical navigation systems market in established businesses that are nearing saturation. As a result, while selecting nations for international expansion, the industry lifecycle stage must be considered. When deciding whether to expand abroad, the surgical navigation systems market should analyze the rates of economic growth in the various nations. There are greater opportunities for pursuing long-term growth goals in countries with high rates of economic growth. When the economy grows slowly, consumer spending becomes more conservative, directly impacting the surgical navigation systems market's revenue growth.
Social Factors-Respect for hierarchy and social class stratification are two major social attributes that may influence the surgical navigation systems market's commercial, marketing, and human resource management tactics. When approaching countries with a high power distance, the surgical navigation systems market is most at ease in hierarchical institutions with formal work cultures. Increased social stratification is another indicator of the necessity for appropriate market segmentation tactics, as the surgical navigation systems market cannot target many people from various socioeconomic classes with the same marketing mix.
Technological Factors- The surgical navigation systems market could benefit countries with superior technology infrastructure since these countries make it easier for businesses to pursue goals such as cost reduction, innovation, and value creation. The surgical navigation systems market will find it more difficult to leverage technology to gain a sustainable competitive advantage because it may be quickly reproduced by competitors, as evidenced by a well-developed technological infrastructure. The rate and advancement of technological innovation may have an impact on the market and industry as a whole. The surgical navigation systems market will be able to comprehend the rate of new product development, the length of the product life cycle, and the distinguishing features that consumers demand by studying the upcoming technological innovation trends.
Environmental Factors- The implementation of the closed-loop, circular economy concept is becoming the standard in various countries across various locales and industries. Businesses with supportive institutional frameworks can facilitate material recycling and reuse. Recycling, like this, is a common practice in many nations. The surgical navigation systems market may profit from these sustainability trends and utilize them as a tool to achieve both financial and environmental goals by lowering manufacturing costs.
Legal Factors- Companies in the surgical navigation systems industry benefit from strict adherence to intellectual property rules since it protects their patents from imitation and provides them with a long-term competitive edge. There are several federal and state laws in existence in many nations to safeguard consumers from potential economic exploitation. In the age of information technology, laws to protect consumer privacy have become much tougher. To avoid lawsuits, the surgical navigation systems industry must strictly follow data protection requirements when making online transactions.
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