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Surgical Navigation System Market is Forecasted to Grow at a CAGR of 6.9% During 2017-2023

The surgical navigation system market size is projected to reach $1046.8 million by 2023, growing at a CAGR of 6.9% during 2017-2023. The market is growing mainly due to the rising prevalence of orthopedic, neurological, and ENT disorders, increasing adoption of minimally invasive surgical procedures, rising aging population, technological advancements, and increasing regulatory approval for navigation systems, that can be used in various surgeries.

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In terms of the end-user, the surgical navigation system market has been segmented into hospitals, and physician practices and ambulatory settings. Hospitals were the larger end users of surgical navigation systems, with 87.0% contribution in 2016 and are expected to witness the higher growth in demand for these systems, with the CAGR of 7.1% during the forecast period. The growth of surgical navigation systems in hospitals is majorly attributed to increasing patient pool within the hospitals and improving implementation of advanced surgical units among the hospitals across various regions.

The surgical navigation system market size is increasing due to the technological advancements taking place in this industry. For instance, UniAlign, a handheld navigation device, was developed in 2017 by Orthalign, Inc. for treating uni-compartmental knee arthroplasty (UKA). Uni-compartmental knee arthroplasty (UKA) is the replacement and resurfacing in only one part of the knee. Another product following this was launched by Scopis GmbH, in 2017, the Holographic Navigation Platform, for use in surgery. This platform was developed to offer greater precision and speed to surgeons, and better outcomes to patients undergoing open and minimally-invasive spinal procedures. The added innovation of incorporating Microsoft Corporation HoloLens into the Scopis navigation platform lets surgeons plan the positioning and alignment of pedicle screws during multiple vertebrae fixation surgeries.

The European market for surgical navigation system in Europe is expected to reach $252.6 million by 2023, growing at a CAGR of 6.5% between 2017-2023. Europe is the second largest market for surgical navigation system after North America. A number of top surgical navigation system manufacturers, namely Fiagon Gmbh, Medtronic plc, Siemens AG, Scopic GmbH, Brainlab AG and BBraun Melsungen AG are based in Europe. The growth of the European surgical navigation system market is mainly attributable to increasing aging population, rising number of surgical procedures performed, and increase in infectious and chronic diseases in the region. The aging population significantly drives the demand for advanced surgical navigation systems, since this category of population is at a high risk of injuries, accidents and trauma.

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Globally, the key providers in the surgical navigation system market are collaborating to gain a larger market share. For instance, in June 2017, Elekta AB, a company providing radiation therapy, radiosurgery, related equipment and clinical management for the treatment of cancer and brain disorders and Brainlab AG, entered into an agreement, according to which, Brainlab AG was made the authorized distributor of Elekta’s stereotactic solutions for neurosurgery in select markets in the Europe namely; France, Belgium, Poland, Liechtenstein, Luxemburg, Portugal and Spain.

Some of the other key players operating in the surgical navigation system market include Koninklijke Philips N.V., Fiagon GmbH, Orthalign, Inc., Stryker Corporation, Scopis GmbH, Medtronic plc, Siemens AG, General Electric Company, B. Braun Melsungen AG and Zimmer Biomet Holdings, Inc.

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