Surgical Navigation System Market
NEW YORK, Jan. 29, 2020 /PRNewswire/ --
Surgical Navigation System Market Research Report: By Technology (Optical, Electromagnetic, Hybrid), Application (Neuro, Orthopedic, ENT, Dental, Cardiac), End User (Hospitals, Clinics and Ambulatory Settings) -Industry Trends and Growth Forecast to 2024
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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. 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. 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.
Based on application, the market is categorized into neuro, orthopedic, ENT, cardiac, and others. Among these, the neuro category led the market in 2018, and it is predicted to grow with the highest CAGR, of 7.6%, during the forecast period. This is attributed to the increasing usage of such equipment during brain and spinal procedures, during which the surgeon needs to know exactly where to operate, as even the slightest mishap can lead to serious consequences, such as localized or complete body paralysis or even death in extreme cases.
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.
Read the full report: https://www.reportlinker.com/p05842966/?utm_source=PRN
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