Wellesley, Mass, Feb. 14, 2017 (GLOBE NEWSWIRE) -- The increasing incidence of lifestyle-based diseases, rising elderly populations, and growing demand for automated systems are expected to increase the need for surgical navigation systems. BCC Research reveals in its new report that the global market for surgical navigation systems should grow at a five-year compound annual growth rate (CAGR) of 10.6%.
Surgical navigation systems primarily are used to guide a surgeon’s movement during an operation. Systems display and track the real-time position of instruments and anatomical structures. MRI, scanner, or other imaging equipment is used for collection of real-time observations. Similarly, navigation data incorporated with the image are collected through an optical or electromagnetic tracking device, which helps a surgeon determine precise positioning in relation to organs.
The global market for surgical navigation systems is expected to reach $987.3 million by 2021 from $596.7 million in 2016, courtesy of a five-year CAGR of 10.6%. The hospitals/diagnostic centers, the largest market, should grow from $493.5 million in 2016 to $809.7 million in 2021, demonstrating a five-year CAGR of 10.4%. The others segment should reach $83.2 million and $149.3 million in 2016 and 2021, respectively, at a five-year CAGR of 12.4%.
The hospitals/diagnostic centers segment is expected to increase from $431.7 million in 2015 to $493.5 million in 2016 at a year-on-year (YOY) growth rate of 14.3%. In addition, the market is expected to grow at a five-year CAGR (2016 to 2021) of 10.4%, to reach $809.7 million in 2021. During the forecast period, this segment is expected to expand due to increasing penetration in hospitals as well as in diagnostic centers.
The research and development centers segment should increase from $18.3 million in 2015 to $20.0 million in 2016 at a year-on-year (YOY) growth rate of 9.3%. Additionally, the market is expected to grow at a five-year CAGR (2016 to 2021) of 7.2%, to reach $28.3 million in 2021. Continuous development in multiple image registration procedures, along with a wide range of tracking mechanism for spatial locations in the human body, will be key drivers.
"The overall market is expected to grow chiefly due to rising demand for laparoscopic and cardiac surgeries with minimally invasive methods," says BCC Research analyst Aneesh Kumar. "The rising elderly populations in the Asia-Pacific region, North America and Europe also are expected to drive the market. The increasing use of surgical navigation systems because of their minimally invasive surgery capability, reduced pain and blood loss, and quick patient recovery is expected to move the market, as well."
Surgical Navigation Systems: Technologies and Global Markets (HLC169B) analyzes types of surgical navigation systems, applications, end user and regional markets. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com . Follow BCC Research on Twitter at @BCCResearch .
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
