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Surgical Navigation System Market is Projected to Attain a 6.9% CAGR During the Forecast Period

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Surgical Navigation System Market is Projected to Attain a 6.9% CAGR During the Forecast Period

July 03
18:50 2019
Surgical Navigation System Market is Projected to Attain a 6.9% CAGR During the Forecast Period
According to P&S Intelligence, surgical navigation system market is forecasted to attain revenues of $1046.8 million value by 2023.

The surgical navigation system market is experiencing growth due to the increasing geriatric population, rising prevalence of various neurological, orthopedic, and ear, nose, and throat (ENT) disorders, increasing regulatory approvals for these systems, and popularity of minimally invasive surgeries. The market generated a revenue of $663.4 million in 2016 and is projected to attain a 6.9% CAGR during the forecast period (2017–2023). Systems that utilize a combination of computer technology and various instruments to assist surgeons are known as surgical intervention systems.

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The surgical navigation system market is observing a trend of augmented reality (AR)-based devices in clinical applications. An AR-integrated system offers an extensive set of information that combines the real and virtual environments to provide a real-time and high-quality visualization of anatomical structures. For instance, a real-world scenario in real time can help in the virtual visualization of anatomical structures, such as blood vessels, soft tissues, and nerves. For instance, the cost-effective navigation systems by Scopis GmBH result in reduced surgery time, better surgical results, and less clinical complications.  

The key factor driving the surgical navigation system market is the rising prevalence of neurological, ENT, and orthopedic disorders. As the treatment of these disorders may require surgical intervention into the complex and remotely located areas inside the body, surgical navigation systems are a tremendous help to healthcare service providers. As per the World Health Organization, the mortality rate due to neurological disorders is expected to increase to 12.2% by 2030 from 11.8% in 2015, further highlighting the importance of such systems for saving lives.

Another factor adding to the growth of the surgical navigation system market is the popularity of minimally invasive procedures, owing to the advantages of these surgeries, such as less trauma, quick post-operative period, and better cost-effectiveness than open surgeries. A report published by the European Association of Cardio-Thoracic Surgery in 2015 said that in the past 10–15 years, the field of minimally invasive cardiac surgery has rapidly developed. Similarly, the popularity of cosmetic procedures is also a result of the innovations in the minimally invasive approach.

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The major end users in the market are hospitals, and physician practices and ambulatory settings. In 2016, hospitals were the larger category within the segment with a revenue contribution of $577.2 million. This is credited to the increasing patient pool in hospitals and better implementation of advanced surgical units in different hospitals across various regions. This is also the reason hospitals will continue generating the higher revenue in the market during the forecast period.

Thus, the market for surgical navigation systems is headed toward a bright future as the demand for these systems is set to rise with the increasing prevalence of various diseases.

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