May 27, 2024
Surgical Navigation System Market

Enhanced Precision And Safety Is Driving The Surgical Navigation System Market

A surgical navigation system provides real-time anatomical and spatial information to guide surgical instruments during a medical procedure. Surgical navigation systems have aided in simplifying complex procedures while improving precision and safety. These systems employ CT/MRI scans and infrared/electromagnetic tracking to provide cutting-edge visualization and position feedback to surgeons. The technology has allowed for minimally invasive techniques in joint replacement, neurosurgery, and ENT procedures. Advances in tracking sensors, modular software interfaces, and integration with robotics offer promise to further transform surgical workflows.

The Global Surgical Navigation System Market Size is estimated to be valued at US$ 1.16 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

There has been a rise in adoption of surgical navigation platforms aided by technological developments. Electromagnetic and optical tracking systems are replacing older mechanical and ultrasound methods due to improved accuracy and usability. Surgical robots integrated with navigation allow for precise maneuvers in tight spaces alongside realistic 3D views. Cloud-based services are enabling multi-center collaborations and research through online imaging archives, case studies, and artificial intelligence. Growth in ENT and neurological procedures driving demand for navigation systems. Rising accuracy demands in orthopedic and spine applications present opportunities.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high capital requirements and high R&D costs involved in entering the surgical navigation system market.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established surgical navigation system manufacturers in the market.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in surgical navigation systems are commoditized.

Threat of new substitutes: The threat of substitutes is low as there are no close substitutes for surgical navigation systems currently available.

Competitive rivalry: The competitive rivalry in the surgical navigation system market is high due to the presence of few large players.

Key Takeaways

The global surgical navigation system market is expected to witness high growth.

Regional analysis: Europe is also expected to hold a significant share in the surgical navigation system market due to increasing prevalence of cancer and spinal disorders in the region. Rising government spending on healthcare and increasing adoption of minimally invasive surgeries are some factors contributing to the growth of the surgical navigation system market in Europe.

Key players: 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. Shape Memory Medical Inc. offers nanoAnchor surgical navigation systems indicated for anchoring implants during neurosurgical procedures.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it