July 18, 2024
Surgical Navigation System Market

Surgical Navigation System Market Propelled by Rising Neurological Procedures

Surgical navigation systems aid surgeons in complex procedures by providing real-time positional data of surgical instruments and implants in relation to preoperative images, allowing for precise guidance and placement. With the increasing prevalence of neurological conditions such as brain tumors and spinal disorders, neurological procedures are on the rise. 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:

The growing number of neurological procedures is one of the key factors driving the growth of the surgical navigation system market. With the rising geriatric population worldwide, the incidence of neurological disorders such as brain tumors, Alzheimer’s disease, Parkinson’s disease and epilepsy is also increasing. It is estimated that around 250,000-300,000 brain surgeries are performed annually in the US alone. Surgical navigation systems help neurosurgeons perform complex brain and spinal surgeries with high precision and accuracy. Their adoption in neurological procedures is thus increasing which is fueling the demand for these systems.

SWOT Analysis

Strength: Surgical navigation systems provide accuracy and precision during surgical procedures which reduces risks of complications. It offers image-guided surgery with 3D visualizations.
Weakness: High initial costs of surgical navigation systems and need for regular upgrades. Additional training requirements for operating staff.
Opportunity: Rising prevalence of chronic diseases demands minimally invasive surgeries. Growing geriatric population undergoes several orthopedic procedures.
Threats: Availability of alternative imaging techniques like CT and MRI scans for guidance. Reimbursement issues related to adoption of new technologies.

Key Takeaways

The global surgical navigation system market is expected to witness high growth over the forecast period.

North America dominates the market currently due to presence of major players and advanced healthcare facilities. Growing aging population undergoing knee and hip replacement surgeries drives the regional market growth. Rising cases of brain related disorders also contributes to market expansion.
Asia Pacific is expected to be the fastest growing regional market owing to increasing healthcare spending, growing medical tourism and rising prevalence of chronic diseases. Public and private efforts to modernize healthcare infrastructure strengthens the regional market.

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 major companies are focusing on new product launches and acquisition strategies to expand their market share. Collaborations with research institutes also aids innovations.

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