by The surgical navigation system market comprises image-guided surgery devices that help surgeons visualize the surgical site and guide surgical instruments during procedures. These navigation systems integrate pre-operative scans with real-time positioning information of surgical instruments. This integration allows surgeons to precisely identify anatomical structures, reduce surgical risks, and accurately perform complex surgical procedures. Surgical navigation systems find wide applications in neurosurgeries, ENT surgeries, orthopedic surgeries, and dental surgeries. Their advantages include lesser invasiveness, shorter hospital stays, faster recovery, and reduced scarring compared to conventional open surgeries.
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 2030.
Key Takeaways
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.
The increasing demand for minimally invasive surgeries (MIS) is expected to drive the growth of the surgical navigation system market over the forecast period. The comparatively shorter recovery period, lesser blood loss, and lower risk of infection and complications associated with MIS are factors that promote adoption.
The market is witnessing increased global expansion as key players focus on emerging markets throughacquisitions, partnerships, collaborations, and new product launches. For instance, in 2019, Medtronic acquired Titan Medical to expand its surgical robotics portfolio in minimally invasive surgery. Similarly, Stryker collaborated with Brainlab in 2020 to leverage their digital surgery platform.
Market key trends
One of the key trends in the surgical navigation system market is the growing adoption of robotic navigation systems. These robotic systems incorporate advanced features such as three-dimensional spatial awareness, intuitive sensing, enhanced dexterity, greater precision, and remote surgical capabilities. For example, Globus Medical’s ExcelsiusGPS robotic navigation platform augments spine surgeries with haptic feedback, motion scaling and tremor filtration for precise minimally invasive procedures. With their advantages over conventional navigation systems, robotic surgical platforms are expected to witness increased adoption over the coming years.
Porter’s Analysis
Threat of new entrants: High capital requirements for R&D and manufacturing pose barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of alternative products from other manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are multiple component manufacturers and suppliers for surgical navigation systems.
Threat of new substitutes: Potential threat from new minimally invasive surgery techniques that don’t require navigation systems.
Competitive rivalry: Intense competition among existing major players to increase their market share through product launches and innovations.
Geographical Regions
North America currently holds the largest market share in terms of value owing to rising healthcare expenditure and increasing number of surgical procedures in the US and Canada. Asia Pacific is expected to witness the fastest CAGR during the forecast period due to growing medical tourism industry, rising healthcare expenditure of countries like China and India, and increasing number of lifestyle disease patients.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
