Surgical Navigation Systems Market Poised To Witness High Growth Due To Rising Incidences Of Target Diseases
Surgical navigation systems enable precise placement of surgical instruments and localization of anatomical structures during minimally invasive surgeries. These systems incorporate advanced imaging modalities like CT and MRI to generate 3D representations of patient anatomy, allowing surgeons to visualize surgical sites and guide instruments. They are commonly used in orthopedic, ENT, and neurosurgeries. Main products include equipment, software, and services.
The global Surgical Navigation System Market is estimated to be valued at US$ 1.00 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
High adoption of surgical navigation systems can be attributed to the increasing incidence of chronic diseases requiring surgical intervention. Rising occurrence of orthopedic disorders, neurological problems, and ENT conditions causing bone and soft tissue injuries has accelerated the need for precision techniques like computer-assisted surgery. It is estimated that over 60% of the global population aged over 60 years suffers from musculoskeletal diseases. In addition, favorable reimbursement policies and growing awareness about procedural benefits are supplementing the demand for surgical navigation systems. Furthermore, ongoing technological upgrades with improved imaging modalities and miniaturized devices are expected to further aid market growth over the forecast period.
SWOT Analysis
Strength: Surgical navigation systems offer precise image guidance and accuracy during surgical procedures. They help surgeons visualize the surgical site in real time and guide instruments intraoperatively, leading to reduced procedural time and improved clinical outcomes. These systems also reduce risks of complications and enable minimally invasive surgeries.
Weakness: High costs associated with surgical navigation systems pose significant constraints for healthcare providers in developing nations. Additional training is required for surgeons to efficiently use these advanced systems. Technical issues and software glitches can also disrupt surgical workflows.
Opportunity: Rising geriatric population undergoing various orthopedic and neurological procedures worldwide presents a sizable patient pool. Increasing demand for precise and image-guided MIS therapies also presents growth opportunities. Integration of augmented reality capabilities can further enhance navigational accuracy.
Threats: Slow regulatory approvals for new systems may delay technology upgrades. Alternative intraoperative imaging techniques continue to emerge. Economic slowdowns can negatively impact capital equipment purchases by hospitals.
Key Takeaways
The global Surgical Navigation System Market Size is expected to witness high growth supported by increasing surgical volumes worldwide. Rising number of joint replacement, Neurosurgeries and ENT procedures are driving the need for precision and accuracy offered by these systems.
Regional analysis: Europe is anticipated to be the second largest and fastest growing market for surgical navigation systems during the forecast period from 2023 to 2030. This is attributed to rising healthcare expenditure, increasing availability of private and public funding for new surgical technologies, growing disease prevalence and aging demographics in the region.
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. Major players are focusing on new product launches and strategic collaborations to strengthen their market position.
Explore more related article on this topic: https://www.ukwebwire.com/surgical-navigation-system-market-propelled-by-adoption-of-minimally-invasive-surgeries/
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