Surgical Navigation Systems Market by Application (ENT, Orthopedic (Type (Imageless, Fluoroscopy, CT), Procedure (Knee, Hip)), Neuro, Spinal, Dental), Technology (EM, Hybrid, Optical), Patient Care Setting (Hospital, Clinic, Ambulatory) - Forecasts to 2021
The global surgical navigation systems market is expected to reach USD 906.8 million by 2021 from USD 662.5 million in 2016, at a CAGR of 6.5% during the forecast period (2016–2021). Growth of this market is primarily driven by the rising adoption of minimally invasive surgical procedures; growing number of product approvals and partnerships, agreements, and collaborations among market players; increasing incidence of orthopedic and neurological disorders; and high prevalence of ENT disorders. However, the high cost of surgical navigation systems and product recalls are likely to create a negative impact on the growth of this market.
Significant R&D activities are being undertaken in order to develop technologically advanced surgical navigation systems. This has attracted investors, prominent market players, and government bodies to invest in the development of surgical navigation systems. For instance, in October 2015, Surgical Theatre LLC (U.S.) received funding of USD 9 million from HTC Corporation (Taiwan) and Shanghai Creation Investment Management Co., Ltd. This investment will be utilized for developing image guidance software. Also, in November 2014, OrthoAlign, Inc. (U.S.) received an investment of USD 15 Million from Mutual Capital Partners and River Cities Capital Funds. This investment was utilized to accelerate the launch, sales, and marketing expansion of the company’s FDA-approved OrthoAlign Plus Navigation System used in total hip replacement surgery.
The market in Asia is expected to register the highest CAGR during the forecast period. This can be attributed to factors such as growing awareness and availability of surgical navigation systems, improving healthcare infrastructure, growing demand for minimally invasive surgical procedures, and increasing medical tourism in this region. In addition to this, the expansion of key players in developing Asian economies further supports the growth of the Asian market
This market is categorized on the basis of technology, application, patient care setting, and region. Apart from the comprehensive regional analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players over the last three years. The company profiles comprise basic views on key players and their product portfolios, developments, and strategies adopted. The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner a greater market share. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the surgical navigation systems market. The report analyzes the surgical navigation systems market by application, technology, patient care setting, and region
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the Global surgical navigations systems market.
Market Development: Comprehensive information about Global surgical navigation systems market across countries.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Global surgical navigation systems market.