Tag Archives: Surgical Navigation Systems Market
Global Surgical Navigation Systems Market Poised to Expand at 4.50% CAGR between 2014 and 2020, Fueled by Rising Demand for Minimally Invasive Surgeries
The intense rivalry between Medtronic Inc., BrainLab AG, and Stryker Corp. points towards a highly competitive landscape of the global market for surgical navigation systems, states a report by Transparency Market Research (TMR). The market is moderately concentrated. The top three participants accounted for a share of nearly 75% in 2013. The manufacturers of surgical navigation systems are increasingly entering into contracts with end users, such as hospitals and medical research institutes, to provide post-purchase services efficiently. This, in turn, is likely to strengthen the relationships between players and end users in the near future, leading to a deepened rivalry between manufacturing companies to capture each greater market share. This competition will intensify further due to the limited growth opportunities in terms of manufacturing cost and product differentiation.
The report offers a comprehensive assessment of the global market for surgical navigation systems. As per the study, the overall market will increase at a CAGR of 4.50% during the period from 2014 to 2020 and reach a value of US$295.5 mn by the end of the forecast period. Compared to other navigation systems, the demand for neurosurgery navigation systems is higher and is likely to remain the same over the coming years.
Demand for Surgical Navigation Systems to Remain Higher in North America
In this study, Asia Pacific, North America, Europe and the Rest of the World have been identified as the key geographical segments of the worldwide surgical navigation systems market. With a share of 40%, North America acquired the leading position in the overall market in 2013. The presence of an advanced healthcare infrastructure, together with a well-structured regulatory framework, has been driving the adoption rate of surgical navigation systems in this region. The trend is likely to continue over the forecast period, ensuring the dominance of North America.
Asia Pacific is also expected to record a robust rise in the uptake of surgical navigation systems in the coming years due to the increasing medical expenditure in this region. Analysts project the demand for these systems to expand at a CAGR of 7.60% between 2014 and 2020 in Asia Pacific, reports the research study.
Increased Awareness Regarding Usage and Benefits of Surgical Navigation Systems to Boost Adoption
“The increased awareness regarding the benefits that surgical navigation systems offer has played a significant role in driving their demand,” says an analyst at TMR. The leading manufacturers are taking initiatives to create more awareness about the applications and the benefits of these systems among healthcare professionals, which, in turn, is accelerating their sales substantially.
Apart from this, the rising trend of minimally invasive surgeries has also impacted positively on the adoption of surgical navigation systems, globally. As these systems impart accuracy to minimally invasive surgical procedures, the risk of failure reduces significantly as compared to conventional procedures, notes the study.
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High Initial and Maintenance Cost to Hamper Market’s Growth
In the coming years, though the demand for surgical navigation systems will escalate considerably, the cost associated with these systems may restrict the market from rising steadily. The average price of a surgical navigation system ranges from US$0.2 mn to US$0.65 mn on the basis of the combination of software employed on its basic unit.
Taking the initial investment and the maintenance cost in consideration, it will become difficult for a lot of healthcare organizations and research institutes to afford these systems. This factor may lead to a decline in their usage over the next few years.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Surgical Navigation Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
Since the last decade, incidences of trauma are rising globally and therefore number of cases of surgeries is growing swiftly. In addition, increasing geriatric population worldwide is resulting in increased demand for orthopedic replacements mainly, hip replacement, shoulder replacement and knee replacement surgeries. In addition, improving lifestyle, increasing healthcare spending and increased awareness about advancement in the healthcare technologies are some of the factors that are augmenting the growth of the global surgical navigation systems market. Presently, neurosurgical navigation systems market is leading the global surgical navigation systems market. Orthopedic surgical navigation systems market is expected to grow at a faster rate owing to rising geriatric population and thereby rising incidences of hip, knee and shoulder fractures.
Surgical navigation systems include use of imaging modalities during the surgical procedure and thereby enable minimally invasive surgery. Demand for minimally invasive surgeries is increasing globally owing to advantage of minimally invasive surgeries such as rapid wound healing, reduced hospital stay and lesser pain to the patient. Thus, demand for surgical navigation systems is increasing as well. While on the other hand, growth of the surgical navigation systems market is challenged by costly equipment. In addition, surgical navigation systems are not repeatedly purchased by end-users which is resulting in difficulty for existing market players in reaching new customers. Further, in order to sustain the competition and to expand the market share, existing players in the surgical navigation systems are implementing marketing strategies such as offering Continual Medical Education (CME) classes to surgeons and other healthcare professionals. Some of the market players are offering fee per use, customer portal and operating room assistance facilities to customers aiming increasing adoption of surgical navigation systems in the healthcare facilities. Market players in the surgical navigation systems are expected to offer ENT navigation systems at lower price to community hospitals to sustain the market competition by tapping untapped markets.
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Presently, North America is leading the global surgical navigation systems market and is closely followed by Europe. Well defined regulatory framework, exceptionally developed healthcare infrastructure and higher healthcare spending are some of the factors that are contributing to the growth of the surgical navigation systems market in the North American region. Asia-Pacific is a lucrative market for surgical navigation systems. Some of the factors such as increasing healthcare spending, government initiative to improve healthcare infrastructure in Asia-Pacific countries and availability of advanced healthcare facilities on the grounds of rapidly growing medical tourism industry in this region are expected to fuel the growth of the surgical navigation systems market in the region.
Transparency Market Research (TMR) has recently published a research study on the global surgical navigation systems market, estimating it to expand at a CAGR of 4.50% during the period from 2014 to 2020 and reach a market value of 295.5 mn by the end of the forecast period.The research report, titled “Surgical Navigation Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”, states that the global surgical navigation systems market stood at US$218.5 mn in 2013.
Browse the full 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 report at http://www.transparencymarketresearch.com/surgical-navigation-systems-market.html
The rising demand for minimally invasive surgeries, together with the increasing awareness pertaining to the benefits offered by surgical navigation systems, is driving the worldwide surgical navigation systems market to a great extent. However, the high cost associated with equipment is projected to limit the sales of surgical navigation systems in the global arena, states the market report.According to the research study, the global surgical navigation systems market has been classified on the basis of product type. ENT navigation systems, orthopedic navigation systems, and neurosurgical navigation systems are the major products available in the surgical navigation systems market.
The neurosurgery navigation systems market holds the leading position in the global market. The rising frequency of complicated neurosurgeries such as surgeries of brain and spine is the key factor driving the market segment. The orthopedic navigation systems market occupies the second position in the overall market and is closely followed by the ENT navigation systems market.As per the research report, Asia Pacific, Europe, North America, and the Rest of the World are the key regional markets for surgical navigation systems across the world. Among these, the North America surgical navigation systems market has occupied the leading position. In 2013, it held a share of 40% in the overall market. The advanced healthcare infrastructure, coupled with a well-defined regulatory framework, is fueling the surgical navigation systems market in this region. Analysts expect this market to maintain its dominance throughout the forecast period.
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The surgical navigation market in Asia Pacific is likely to register impressive growth over the forecast period, notes the market study. The growing awareness regarding surgical navigation systems is propelling the demand for these systems extensively in the region. The rising disposable income is motivating people to increase the expenditure on healthcare, which is likely to boost the Asia Pacific market surgical navigation systems market in the coming years.
The surgical navigation systems markets in Europe and the rest of the world are also expected to post a high growth rate over the forecast period, the report says.The global surgical navigation systems market is moderately concentrated and is led by a few established players including B. Braun Melsungen AG, GE Healthcare Ltd., Brainlab AG, Medtronic Inc., Stryker Corp., Siemens Healthcare Corp., and Zimmer Holdings Inc., states the research report.
The global surgical navigation systems market is segmented into:
- ENT navigation systems
- Neurosurgical navigation systems
- Orthopedic navigation systems
- North America
- Asia Pacific
- Rest of World (RoW)
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According to a new market report published by Transparency Market Research “Surgical Navigation Systems Market – 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.
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.
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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.
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.
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.
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The global computer aided detection market is segmented as follows:
Global Surgical Navigation Systems Market, by Product Type
– Neurosurgical Navigation Systems
– ENT Navigation Systems
– Orthopedic Navigation Systems
Global Surgical Navigation Systems Market, by Geography
– North America
– Rest of the World
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