Surgical Navigation Systems market mainly driven by factors like rising adoption of minimally invasive surgical procedures; growing number of partnerships, agreements, & collaborations among market players; increasing incidence of orthopedic & neurological disorders; high prevalence of ENT disorders; and increasing number of regulatory approvals. In addition to this, growing government funding initiatives for research & development activities for surgical navigation systems are also providing an impetus for growth of market.
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The global surgical navigation systems market is expected to reach USD 906.8 Million by 2021 from USD 662.5 Million in 2016, at a CAGR of 6.5% during the forecast period (2016–2021). North America is estimated to account for the largest share of the global market in 2016, followed by Europe.
The dominance of the North American market is due to the high prevalence of ENT disorders, growing adoption of minimally invasive surgeries, government funding for the development of surgical navigation systems, increasing adoption by ambulatory settings, and increasing regulatory approvals.
Surgical Navigation Systems Market, By Application
1 Neur0navigation Systems
2 ENT Navigation Systems
3 Orthopedic Navigation Systems
4 Orthopedic Navigation Systems, By Referencing Type
5 Imageless Orthopedic Navigation Systems
6 CT-Based Orthopedic Navigation Systems
7 Fluoroscopy-Based Orthopedic Navigation Systems
8 Orthopedic Navigation Systems Market, By Procedure
9 Knee Replacement
10 Hip Replacement
11 Spinal Navigation Systems
12 Dental Navigation Systems
Significant R&D activities are being undertaken in order to develop technologically advanced surgical navigation systems. This has attracted investors, prominent market players, and government bodies to invest in the development of surgical navigation systems.
For instance, in October 2015, Surgical Theatre LLC (U.S.) received funding of USD 9 million from HTC Corporation (Taiwan) and Shanghai Creation Investment Management Co., Ltd. This investment will be utilized for developing image guidance software.
Also, in November 2014, Ortho Align, Inc. (U.S.) received an investment of USD 15 Million from Mutual Capital Partners and River Cities Capital Funds.
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This investment was utilized to accelerate the launch, sales, and marketing expansion of company’s FDA-approved Ortho Align Plus Navigation System used in total hip replacement surgery. Market in Asia is expected to register highest CAGR during forecast period.
This can be attributed to factors like growing awareness & availability of surgical navigation systems, improving healthcare infrastructure, growing demand for minimally invasive surgical procedures, & increasing medical tourism in this region.
2 Market Share Analysis
3 Competitive Situation and Trends
4 Product Launches and Approvals
5 Partnerships, Agreements, and Collaborations
Prominent players in surgical navigation systems market include Medtronic plc (Ireland), Stryker Corporation (U.S.), Brainlab AG (Germany), B. Braun Melsungen AG (Germany), Scopis GmbH (Germany), Fiagon AG (Germany), Karl Storz GmbH & Co. KG (Germany), Amplitude Surgical (France), Zimmer Biomet Holdings, Inc. (U.S.), and Siemens Healthineers (Germany).
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The surgical navigation systems market in Asia expected to register highest CAGR during forecast period. This can be attributed to factors like growing awareness and availability of surgical navigation systems, improving healthcare infrastructure, growing demand for minimally invasive surgical procedures, and increasing medical tourism in this region.
The report also provides a competitive landscape that covers growth strategies adopted by industry players over last three years. Company profiles comprise basic views on key players and their product portfolios, developments, and strategies adopted.
In addition to this, expansion of key players in developing Asian economies further supports growth of Asian market
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