According to a new market report published by Transparency Market Research "Surgical Navigation Systems Market (Neurosurgical Navigation Systems, ENT Navigation Systems and Orthopedic Navigation Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020", the global surgical navigation systems market was valued at USD 218.5 million in 2013 and is expected to grow at a CAGR of 4.5% from 2014 to 2020, to reach an estimated value of USD 295.5 million in 2020.
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Surgical navigation systems assist surgeons in reaching the target anatomical position of the patient. Post-operative wound healing takes more time in conventional surgeries than minimally invasive surgeries due to smaller incision. Surgical navigation systems enable minimally invasive surgeries. In addition, surgical navigation systems facilitate reaching precise targeted anatomical site for surgery, more accurate operative procedure and thereby decreasing risk of failure. Thus, adapting surgical navigation systems in practice is beneficial for both patients as well as hospitals. Therefore, market players are implementing various strategies to spread awareness about surgical navigation systems and related benefits which is ultimately resulting in growth of the global surgical navigation systems market.
The global surgical navigation systems market is segmented on the basis of type of products namely, neurosurgical navigation systems, ENT navigation systems and orthopedic navigation systems. Neurosurgeries including spinal surgeries are the most complicated surgeries and thus demand for accuracy is higher in neurosurgeries. Hence, neurosurgical navigation systems accounted for the largest market share in 2013.
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High cost of surgical navigation systems is one of the major factor that is restraining the growth of the global surgical navigation systems market. Demand for surgical navigation systems is expected to rise with increased awareness about surgical navigation systems and related benefits. Further, to expand market share, existing players in the surgical navigation systems market are expected to implement strategies such as acquisition of small players, partnering with the competitor and offering long-term contracts to customers in order to maintain relation with end users.
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Presently, North America is dominating the global surgical navigation systems market with a share of 40% in 2013. Some of the major factors that are driving the North American surgical navigation systems market towards growth include well-defined regulatory framework, higher rates of implementing regulations in practice that are set by regulatory authorities and highly developed healthcare infrastructure. The Asia-Pacific region is anticipated to have higher growth potential for surgical navigation systems market due to rapidly developing healthcare infrastructure on the grounds of swiftly rising medical tourism industry in the region. Some of the key market players contributing to surgical navigation systems industry include BrainLAB AG, Aesculap Implant Systems (B. Braun Melsungen AG), LLC, GE Healthcare, Medtronic, Inc., Siemens Healthcare Corporation, Stryker Corporation and Zimmer Holdings.