USD 7.98 Billion
Report ID:
SQMIG35A2501 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
64
|Figures:
75
Surgical Navigation Systems Market size was valued at USD 9.1 Billion in 2023 and is poised to grow from USD 10.37 Billion in 2024 to USD 29.58 Billion by 2032, growing at a CAGR of 14% during the forecast period (2025-2032).
Major growth drivers would be predicted to be the ever more frequent target diseases, an increasing demand for minimally invasive surgical procedures, and the growing need for robotic surgery. According to the annual company report of Intuitive Surgical, it stated in 2023 that the installed base of da Vinci systems globally has reached 8,606 units, a substantial share of which is in other key healthcare markets, including the US, Europe, and Asia. Moreover, in 2023, 2,286,000 surgical interventions were carried out with this technology, which testifies to how critical RAS is for modern medicine.
Increasingly, use of minimally invasive surgery for both diagnostics and treating many diseases is becoming more acceptable globally. With the introduction of robotic and image-guided devices for interventional treatments, the acceptance of minimal invasive procedures among surgeons has increased. The procedure is less costly than the open surgeries. For that reason, since MIS turns out to be cheaper compared to an open operation, the healthcare budget has reduced to some extent. Due to this increase in adoption of MIS, cost control in the healthcare market increases, fueling the Surgical Navigation Systems market's growth. Technological advancements and growing needs for less invasive procedures boost the market. Limited reimbursement coverage and high system costs are some of the constraints. Economic and geographic diversification is one of the potential opportunities in developing economies and fostering joint ventures to tailor remedies.
Global Market Size
USD 7.98 Billion
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
14% CAGR
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The global surgical navigation systems market is segmented on the basis of end-use, application, and region. By end-use, the market is segmented into hospitals, and ambulatory surgical centers. In terms of application, the market is segmented into ENT, orthopedic, neurology, dental, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Surgical Navigation Systems Market Analysis by Technology
The electromagnetic segment accounted for 41.1% of the highest Surgical Navigation Systems market share in the year 2023. It is because of affordability and a clear view given by electromagnetic systems than other surgical navigation systems, which boosts its growth. There has been an alteration in the discipline of minimally invasive surgery due to an advanced technique known as electromagnetic navigation, or EMN. Due to monitoring by EMN in real-time, surgeons can perform complex operations with a greater degree of accuracy and thus ensure positive outcomes for patients. According to the NCBI research study, "Although numerous techniques have been available for Percutaneous Pedicle Screw fixation during minimally invasive spinal surgery, navigation systems are known as reliable and efficient for the last few decades." The EMN system leads to benefits like low exposure to X-ray radiations compared to robot-assisted methods; guidewires can be installed rapidly with this system.
The optical segment is expected to hold the highest growth rate over the projection period. This category is growing due to optical technologies that provide excellent accuracy and precision. These allow for the tracking of surgical tools in real time. They can also offer precise anatomical information in treatments. It is the wide-scale usage of NDI Polaris optical trackers within the medical industry that has been observed due to its exceptional performance and reliability. They apply different procedures, including spinal, ENT, orthopedic, neuro, and CMF. These trackers provide surgeons with actual time orientations and location feedback from surgical instruments through light emissions from infrared lights.
Surgical Navigation Systems Market Analysis by End User
The Surgical Navigation Systems Market was dominated by the hospital segment in 2023, accounting for 46.3% of the market. Advanced medical technologies in service scope at Point-of-Care among hospitals increase the chances of successful patient care. Hospitals use modern medical technology, which improves services at the Point-of-Care, enhancing patient outcomes. This technology enables various forms of treatments to be administered in the shortest time and with high accuracy since it reduces the number of treatment methods. Furthermore, hospitals provide many treatment options, especially when it comes to orthopedic surgery and pain management, mainly relying on exact navigation. The market continues increasing steadily so long as hospitals keep up with patient-centered treatment and do not cease to use the latest available technologies. This trend is expected to be promoted by continuous improvements in surgical navigation systems, hence ensuring advanced surgical effectiveness and precision.
The ambulatory surgery centers (ASCs) segment is projected to expand at the fastest rate during the projection period. This sector is encouraged by a few key drivers, including hospital bed shortages, financial constraints, and increased usage of ASCs in industrialized nations. Substantial benefits such as decreased waiting lists and faster discharge have made ASCs attractive to both patients and clinicians alike. Day care procedures are becoming increasingly popular because their costs are relatively cheaper compared with the procedural costs. The cost effectiveness of these centers is highly achieved since most activities taken on by them are outpatient and require minimal recovery periods. As the demand for more reasonably priced and accessible surgeries builds, the ASC market is expected to increase rapidly.
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As of 2023, the market for surgical navigation systems in North America accounted for a revenue share of 42.0%. Hence, it dominates the global market for surgical navigation systems. Increasing investment in improving healthcare infrastructure and the growing utilization of cutting-edge medical technology are two factors that have led to the increasing prevalence of the use of surgical systems. For instance, in May 2022, the Healthcare Information and Management Systems Society, Inc. presented an investment of approximately USD 36.7 billion over ten years for modernization to be carried out on the state, local, territorial, and tribal public health infrastructure. This was following review and advice from experts nationwide. According to sources, the grant's thrust is to improve preparation for existing and future public health catastrophes.
However, Europe is expected to be the fastest region in the surgical navigation systems market. Expansion in the surgical navigation systems market is primarily attributed to high and increasing healthcare costs, and the aging population, which increases the risk of having obesity and fractures in Europe. Hospitals and clinics are employing advanced technologies in surgery, which makes accuracy higher and improves the success rate of surgery in direct proportion to increasing healthcare expenses. It has become increasingly necessary due to the increased prevalence of chronic illnesses, and surgery has become far more complex due to its necessity. Elderly patients require special techniques in surgery. They are required for the special needs of older patients, and the navigation systems thus form a must-have in such cases. Together, these factors make the European market accessible for long-term growth as healthcare facilities look towards modernization with evolving patient needs.
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Surgical Navigation Systems Market Drivers
Technological Advancements
Higher Incidence of Surgical Procedure
Surgical Navigation Systems Market Restraints
High Implementation Costs
Regulatory Barriers
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The global surgical navigation systems market is highly competitive, with several key players striving to capture a significant Surgical Navigation Systems Market share. These companies focus on product development, strategic collaborations, mergers and acquisitions, and geographical expansion to strengthen their position in the market. Here is an elaborate overview of the competitive landscape in the global surgical navigation systems market. The competitive landscape is dynamic, with ongoing advancements and new market entrants shaping the market dynamics. Market players are keenly focused on developing technologically advanced navigation systems and expanding their market presence to stay ahead in this competitive industry.
Top Player’s Company Profiles in Surgical Navigation Systems Market
Surgical Navigation Systems Market Recent Developments
It incorporates AI for surgical navigation-AI is among the dominant trends that would transform the face of the industry. AI technologies have enhanced surgical operations by processing huge amounts of information, providing understanding, and predictive analytics. It helps surgeons to develop better planning and decision-making capabilities both before and intraoperatively, thus letting surgeons navigate better through complex anatomical structures. Algorisms that use AI can learn personal needs and offer customizable navigational solutions with improved results. The more a healthcare provider gets a feel for the importance of AI, then so much the more there will be a demand for the surgical navigation systems that are going to comprise this technology. As it will keep growing and gaining momentum and speed, implementation will inspire further innovations into and efficiencies in the surgical processes.
The trend of today is toward minimally invasive surgical techniques, where the execution depends more on advanced navigation systems in surgery. Other advantages that come with the smaller incisions and shorter recovery time are contributing to them gaining more popularity due to a reduction in the pain factor and a short hospital stay. Such approaches depend entirely on navigation systems to deliver complexity with accuracy precision; therefore, these systems help surgeons perform complex surgeries. Increasing demand from patients for minimally invasive alternatives and efforts of healthcare providers to improve results for general surgery contribute to the current market growth factors.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, consequent to the rise in health care expenditure, the aging population, and advanced solutions in surgery requirements, the surgery navigation systems market would increase further. It will be increasingly continued by the requirement of more precise navigation technology in cases where chronic diseases prevail, or advanced and complex surgical procedures will be required. Innovative solutions such as artificial intelligence would enhance surgical outcomes and efficiency. Largely based on the continued progression and progress toward minimally invasive practices, the market is very well positioned for growth and possesses tremendous opportunities for health providers and manufacturers in this ever-changing landscape of surgical care.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 9.1 Billion |
Market size value in 2032 | USD 29.58 Billion |
Growth Rate | 14% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Surgical Navigation Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Surgical Navigation Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Surgical Navigation Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Report ID: SQMIG35A2501
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