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Neuro-navigation systems are medical devices that help neurosurgeons perform critical neurosurgery procedures with high accuracy and precision. These systems provide real-time intraoperative images of brain anatomy along with the position of surgical instruments, allowing surgeons to safely plan and perform procedures. With the increasing prevalence of neurological disorders and rise in neurosurgery procedures, demand for neuro-navigation systems has grown substantially.
The global Neuro-navigation Systems Market is estimated to be valued at US$ 2.47 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in neurosurgery procedures is one of the major factors propelling the growth of the neuro-navigation systems market. Neurological conditions such as brain tumors, Parkinson’s disease, epilepsy, and stroke have witnessed a rise in incidence rates globally. Moreover, advantages such as reduce risk of brain tissue damage, improved accuracy, and efficient surgical procedure associated with the use of neuro-navigation systems have increased their adoption rate among neurosurgeons. As a result, there has been significant growth in neurosurgery volumes, especially ENT and brain related procedures that require high precision. This increased number of complex brain surgeries is expected to drive the demand for neuro-navigation systems over the forecast period.
SWOT Analysis
Strength: Neuro-navigation systems provide accurate and precise surgical navigation to the surgeons during complex neurological procedures. This helps in performing minimally invasive surgeries with better outcomes.
Weakness: High cost of neuro-navigation systems limits their widespread adoption, especially in cost-sensitive regions. Lack of skilled neurosurgeons trained to use these systems is another challenge.
Opportunity: Rising geriatric population suffering from neurological disorders will drive the demand. Growing number of brain-related surgeries such as tumor resection also provide growth opportunities.
Threats: Availability of alternative surgical guidance methods can hamper the neuro-navigation systems market growth. Reimbursement issues and regulatory concerns pertaining to new product approvals poses threats.
Key Takeaways
The global neuro-navigation systems market is expected to witness high growth. Advancements in neurosurgical technologies along with the increasing incidence of neurological disorders will boost the market during the forecast period. The global Neuro-navigation Systems Market is estimated to be valued at US$ 2.47 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Regional analysis comprises
The North America region currently dominates the global neuro-navigation systems market owing to growing neurological disease burden and availability of early diagnostic and treatment options. Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising healthcare expenditure, increasing awareness and improving healthcare facilities.
Key players related content comprises
Key players operating in the neuro-navigation systems market are Medtronic plc, Stryker Corporation, Siemens Healthineers, Zimmer Biomet Holding Inc., Brainlab AG, B. Braun Melsungen AG, Scopis GmBH, Amplitude Surgical, and others. These players are focusing on new product launches, expansion of manufacturing facilities and collaboration activities to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
