by Surgical navigation systems help surgeons to accurately and precisely locate anatomical structures during complex surgical procedures. These systems incorporate medical imaging techniques like computed tomography (CT) and magnetic resonance imaging (MRI) to guide minimally invasive surgeries. Surgical navigation systems provide real-time anatomical guidance to surgeons, thereby helping to perform complex procedures efficiently with better outcomes. The global adoption of minimally invasive surgeries, due to advantages like smaller incisions, reduced pain and scarring, shorter hospital stays and faster recovery is driving the demand for surgical navigation systems significantly.
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 key trends
The adoption of minimally invasive surgeries has been increasing rapidly over the past few years owing to advantages offered over conventional open surgeries such as smaller incisions, fewer complications, less pain, and faster recovery times. Surgical navigation systems have played a vital role in enabling minimally invasive procedures by providing real-time anatomical guidance to surgeons for complex surgeries. With the increasing preference for minimally invasive techniques, the demand for surgical navigation systems from ambulatory surgical centers and hospitals is also growing substantially. This emerging trend is expected to continue during the forecast period and significantly contribute to the market growth.
SWOT Analysis
Strength: Surgical navigation systems offer superior accuracy in surgical procedures compared to conventional methods. It helps surgeons perform precise surgeries with greater accuracy.
Weakness: High costs associated with surgical navigation systems limit their widespread adoption. Requirement of regular upgrades also increases long term costs.
Opportunity: Growing number of complex surgeries globally is expected to drive the demand for surgical navigation systems. Rising geriatric population undergoing various orthopedic procedures also presents an opportunity.
Threats: Availability of alternative imaging modalities like CT and MRI poses a threat to surgical navigation systems. Resistance to change from conventional methods among older surgeons is also a challenges.
Key Takeaways
The global Surgical Navigation System Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Advancements in medical imaging and navigation technologies are supporting the growth of this market.
Regional analysis- North America currently dominates the surgical navigation system market driven by advanced healthcare facilities and favorable reimbursement policies. Asia Pacific is expected to register fastest growth supported by growing healthcare expenditure, large patient pool and increasing volume of complex surgeries in countries like China and India.
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. These players are focusing on new product launches and enhancing their existing portfolio to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
