Surgical navigation systems are used during various medical imaging techniques such as computed tomography, X-ray, magnetic resonance imaging, and ultrasound to carry out image-guided surgeries. These systems provide real-time position and spatial orientation of surgical instruments inside the patient's body during minimally invasive surgical procedures, such as neurosurgery, ENT surgery, orthopedic surgery, and dental surgery. The growing need to reduce surgical risks, trauma, and recovery time has increased preference for minimally invasive surgeries, thereby driving the demand for advanced surgical navigation systems. The Global Surgical Navigation System Market Size is estimated to be valued at US$ 1.16 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising preference for minimally invasive surgeries is expected to create significant opportunities for players in the surgical navigation system market. Minimally invasive surgeries require navigation systems for guidance and better precision during complex surgical procedures. With innovations in medical technology, more complex surgeries can now be performed using minimally invasive techniques with better outcomes for patients such as less pain, fewer complications, shorter hospital stay, and faster recovery time. This has been a major factor for the rising adoption of surgical navigation systems across hospitals and ambulatory surgical centers. As awareness regarding benefits of minimally invasive techniques increases globally, the demand for surgical navigation systems is also expected to witness strong growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up manufacturing facility and getting regulatory approval is a costly affair. However, rapid technology advancement can disrupt the industry.
Bargaining power of buyers: The bargaining power of buyers is high as the market has several players providing substitutable products. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have limited presence and market share. However, suppliers of key components have a stronger position.
Threat of new substitutes: The threat of new substitutes is high owing to continuous R&D leading to new technology adoption in Navigation systems like intraoperative systems, robotics etc.
Competitive rivalry: The competitive rivalry is high among existing players to gain market share through product innovation, reduction in product costs and partnerships.
SWOT Analysis
Strength: The surgical navigation system market provides precise image-guided surgeries reducing procedural risks and improved clinical outcomes. These systems allow real-time tracking of surgical tools and anatomical structures.
Weakness: High costs associated with these systems limit adoption in price sensitive regions. Steep learning curve for new users.
Opportunity: Increasing disease burden of chronic diseases and rising investments in medical technology create need for precision surgery systems. Growth expected in emerging economies.
Threats: Data privacy and security concerns due to use of patient images. Reimbursement issues and regulatory delays can negatively impact market growth.
Key Takeaways
The global surgical navigation system market is expected to witness high growth over the forecast period aided by rising surgical volumes, increasing prevalence of chronic diseases and technological advancements.
Regional analysis shows North America dominates the market currently owing to supportive regulatory environment and availability of resources to adopt advanced technologies. However, Asia Pacific is expected to grow at the fastest pace with double digit CAGR during the forecast period led by countries like China and India. Growing healthcare expenditures and expanding medical tourism in Asia Pacific will drive the regional market.
Key players operating in the surgical navigation system market are Shape Memory Medical Inc., Terumo Corp, Penumbra Inc., Abbott Laboratories, Stryker Corporation, Cook Medical, Medtronic PLC, Merit Medical Systems Inc., Johnson and Johnson (Cerenovus), and Boston Scientific Corporation among others. Key players are investing in R&D to launch innovative products as well as partnering with hospitals to strengthen their presence.
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Surgical Navigation System Market report published by Value Market Research, which studies the future outlook of the market.
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the surgical navigation system market include Fiagon GmbH, B. Braun Melsungen AG, Medtronic, Stryker, OMNI, Brainlab AG, Siemens Healthineers, CAScination AG, Scopis GmbH, DePuy Synthes, and Zimmer Biomet.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Surgical Navigation System Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/surgical-navigation-system-market/download-sampleMarket DynamicsImproving technologies surrounding medical procedures has contributed to the popularity and the significant market growth of surgical navigation systems.
The increase in the geriatric population and health disorders like cancer, osteoarthritis, ENT ailments, etc., is expected to bring about a significant boost for the market.
Recent years have seen a substantial rise in the demand for minimally invasive surgeries, proving to be economically viable as it requires shorter stays in the hospital following the procedure.
