Surgical Navigation System Market Size, Status, Top Players, Trends in Upcoming Years


Posted July 2, 2020 by PSMarketResearch12

The global surgical navigation system market generated a revenue of $770.8 million in 2018 and is expected to reach $1,167.6 million in 2024, advancing at a 7.3% CAGR during the forecast period (2019–2024).
 
Like any other field, surgery has also witnessed technological advancements, which have made the procedure easier and more precise. Among the recent ones is the minimally invasive surgery (MIS), wherein, instead of opening up the area under operation completely, only a small incision is made. This way, the surgery is shorter and less painful, and patients also have fewer chances of post-operative infections. Additionally, patients don’t have to stay at the hospital for long periods, and they can return to their daily life quicker. An important component in these surgeries is a navigation system.

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Therefore, with the rising preference for MISs, the surgical navigation system market is predicted to advance to $1,167.6 million by 2024, from $770.8 million in 2018, at a CAGR of 7.3% during 2019–2024 (forecast period). Navigation essentially involves scanning the body or the part to be operated via computed tomography (CT), ultrasound, or X-ray, and feeding the images into the system, so the doctor can look at the monitor while they operate. In MISs, where doctors do not have a direct view of the internal organs, navigation systems become essential, as the doctors still have to see where they are operating.

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The reason AR is being integrated in surgical imaging systems for the orthopedic, neurology, and ENT fields is the increasing number of associated diseases. The American Academy of Orthopaedic Surgeons (AAOS) says that around 25% of all people in the U.S. have some musculoskeletal issue. Similarly, as per the French Tourism Development Agency, hospitals in the country carry out 150,000 hip replacement procedures on an annual basis. Similarly, the burden of neurological issues is also quite high, with the World Health Organization saying that they affect around 1 billion people each year.

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Geographically, image-guided surgeries are the most popular in North America, as its medical infrastructure is more developed than other regions and investments from private and public bodies for the development of better navigation systems are increasing. In future, the surgical navigation system market would experience the fastest growth in Asia-Pacific (APAC), as a result of the increasing per capita income, booming geriatric population, and rising incidence of chronic diseases in regional countries.

Hence, as the medical infrastructure advances, a rising number of surgeries would be accomplished via the image-guided approach.
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Issued By Pramod Kumar
Country United States
Categories Business , Medical , Research
Tags surgical navigation system market , surgical navigation system market share , surgical navigation system market size
Last Updated July 2, 2020