(PharmaNewsWire.Com, June 17, 2020 ) 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).
The growth of this market is primarily driven by factors such as rising adoption of minimally invasive surgical procedures; growing number of partnerships, agreements, and collaborations among market players; increasing incidence of orthopedic and neurological disorders; and high prevalence of ENT disorders. In addition to this, government funding for research and development activities for surgical navigation systems is also providing an impetus for the growth of this market. Moreover, acceptance of surgical navigation systems in ambulatory settings and untapped Asian economies provide significant growth opportunities in the market. However, high cost and product recalls may hinder the growth of this market during the forecast period.
In this report, the Global surgical navigation systems market is segmented on the basis of application, technology, patient care setting, and region.
Based on patient care setting, the surgical navigation systems market is segmented into hospitals and physician practices & ambulatory settings. The hospitals segment is expected to account for the largest share of the surgical navigation systems market in 2016. However, physician practices & ambulatory settings are expected to grow at the highest CAGR during the forecast period. Growing acceptance of surgical navigation systems in ambulatory settings and increasing patient preference towards clinics are some major factors that drive market growth.
Based on region, the surgical navigation systems market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, 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. On the other hand, Asia is estimated to be the fastest-growing regional segment during the forecast period. Huge patient population (leading to more surgeries and invasive procedures), increasing prevalence of orthopedic disorders, improving healthcare infrastructure, partnerships/collaborations among key players, growing medical tourism, and growing elderly population (especially in Japan) are some of the key factors fuelling the growth of this market.
The surgical navigations systems market is highly competitive with the presence of various established as well as emerging players. Some of key players in this 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). New product launches, product approvals, agreements, partnerships, and collaborations were the most-preferred growth strategies adopted by key players between 2013 and 2016.
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