The surgical navigation system assists surgeons during complex surgical procedures by providing real-time information about the surgical site. It helps optimize surgery outcomes with precise anatomical localization and guidance to difficult to reach target locations inside the body. Surgical navigation systems integrate preoperative imaging studies like CT and MRI with real-time data from attached sensors to construct and continuously update a 3D model of the patient’s anatomy. This allows surgeons to visualize surgical tools in relation to surgically relevant anatomy during the procedure. Common applications include neurosurgery, orthopedic surgery, ENT surgery, and dental surgery. Surgical navigation finds use in tumor resections, biopsies, fracture repairs, and joint replacements.
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.
The increasing adoption of minimally invasive procedures owing to benefits like reduced trauma, blood loss, quicker recoveries, and lower costs is driving the demand for surgical navigation systems. Minimally invasive procedures rely more on imaging guidance solutions like surgical navigation as opposed to direct line of sight. Another factor fueling the market growth is the rising incidence of target conditions like brain tumors, spinal disorders, and joint problems caused by the aging population and sedentary lifestyles. As mentioned in the heading, increased adoption of minimally invasive surgeries is expected to flourish the surgical navigation system market significantly over the forecast period. Technological advancements in device functionality like integrated augmented reality, robotics integration, and miniaturization of hardware while maintaining high accuracy are further supporting market expansion.
The surgical navigation system market can be segmented based on application and technology. By application, the neurosurgery segment dominates and accounts for over 40% share owing to rising cases of brain tumor, neurological disorders, and spinal abnormalities. By technology, the electromagnetic type segment holds the highest share as the systems are precise and provide accurate real-time feedback to surgeons.
Political: Governments across regions are supporting healthcare modernization by approving favorable policies and funding surgical navigation research. For instance, EU has allocated healthcare budget for innovative technologies.
Economic: The market is growing steadily due to rising surgical procedures, increasing healthcare spending, and availability of reimbursement and insurance coverage for surgical navigation procedures. High treatment cost is a concern.
Social: Advanced surgeries aid in reducing hospital stay and post-surgery care requirements. This improves quality of life for patients. Also, rising patient awareness regarding benefits of minimally invasive procedures boosts adoption.
Technological: Advanced features like augmented reality imaging are gaining traction. Major players are focusing on developing precision surgical guidance platforms using AI, robotics, image analytics to offer enhanced surgical outcomes. Integration of navigation with robotics surgery systems would be a future trend.
The global Surgical Navigation System Market Size is expected to witness high growth at a CAGR of 9.5% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 1.00 Billion by 2024.
Regional analysis: North America dominates the market currently owing to availability of advanced healthcare facilities and favorable reimbursement policies. Asia Pacific is projected to witness fastest growth during the forecast period due to rising medical tourism industry, increasing healthcare expenditure, and growing focus of international players on expanding presence in the region.
Key players: Key players operating in the surgical navigation system market include 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. Stryker Corporation holds a leading share owing to its product innovation and acquisition strategies to strengthen neurosurgery portfolio.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it