by A repeater compass is a sterile disposable device used to track and guide surgical instruments during soft tissue repair and orthopedic procedures. It contains magnets that interface with tracking systems to help surgeons accurately locate anatomical structures, implants and instruments in minimally invasive surgeries. Repeater compasses are adhered directly to bones or implanted structures so that their position can be detected in real-time during surgery using an external transmitter and console. This provides surgeons with improved visualization and dexterity when working in constrained spaces.
The global repeater compass market is estimated to be valued at US$ 586.3 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The adoption of repeater compasses in surgical navigation is expected to drive market growth over the forecast period. Surgical navigation systems rely on the detection of repeater compasses to provide surgeons with real-time visual guidance on anatomical structures during complex procedures. This has significant advantages over traditional open surgery as it reduces invasion, blood loss, operating times and patient recovery periods. Furthermore, the increasing number of orthopedic and soft-tissue repair procedures worldwide is also fueling the demand for repeater compasses. According to estimates, over 7 million ACL reconstruction procedures are conducted annually to repair torn anterior cruciate ligaments. Repeater compasses are widely used in these surgeries to accurately implant grafts and ensure proper tracking of instruments.
Segment Analysis
The global repeater compass market is dominated by the knee repair and reconstruction segment. This segment accounted for over 45% share of the global market in 2023 due to the increasing number of knee injuries among the growing geriatric population and sports players. The demand for knee repair and reconstruction procedures is high owing to the increasing popularity and adoption of minimally invasive surgeries for knee injuries and disorders.
PEST Analysis
Political: Government regulations and reimbursement policies will influence the repeater compass market. Favorable laws for the promotion of medical tourism and active government support for R&D activities are boosting market growth.
Economic: Rising healthcare spending, growing economy, and increasing disposable income are fueling the demand for advanced repeater compasses. The high cost of surgical procedures can hinder the market growth.
Social: Growing geriatric population susceptible to orthopedic diseases and rise in sports injuries are driving the market. Moreover, changing lifestyle leading to increased obesity is also driving the need for knee replacement surgeries.
Technological: Advancements in material sciences, 3D printing, robotics, artificial intelligence, and stem cell therapy are helping develop innovative repeater compass solutions. Technologies enabling minimally invasive surgeries are gaining popularity.
Key Takeaways
The global Repeater Compass Market Demand is expected to witness high growth at a CAGR of 4.4% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 586.3 Mn in 2023 from US$ 525.6 Mn in 2023.
Regional analysis
North America accounts for over 35% of the global repeater compass market share due to the rising geriatric population, increasing incidence of knee injuries, developed healthcare infrastructure, and favorable reimbursement policies in the region. The U.S. represents the largest market in the region.
Key players
Key players operating in the repeater compass market are Active Implants, Stryker, RTI Surgical, CONMED, Zimmer Biomet, Smith & Nephew, Arthrex, Biofixt, Ossur, and MiMedx. These players are focusing on new product launches, mergers, acquisitions, and partnerships to strengthen their market position and expand their geographic presence. For instance, in 2022, Zimmer Biomet launched the Persona Revision Knee System indicated for revision procedures in the U.S.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
