NEW YORK, May 25, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, the surgical navigation system market size is projected to grow at a CAGR of 6.9% during 2017-2023, to reach $1046.8 million by 2023. The market is growing mainly due to the rising prevalence of orthopedic, neurological, and ENT disorders, increasing adoption of minimally invasive surgical procedures, rising aging population, technological advancements, and increasing regulatory approval for navigation systems, that can be used in various surgeries.
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In the past few years, the key trend observed in the surgical navigation system market is increasing number of collaborations among key players. Most of these collaborations are focused on expansion of product portfolio and on acquiring increased customer base. Some of the players entering into collaborations and partnership are Elekta AB, Brainlab AG, Fiagon GmbH, Entellus Medical, Inc., Beta Klinik GmbH, OrthAlign, Inc., and Smith & Nephew plc.
The increase in adoption of minimally invasive procedures is driving the growth of surgical navigation system market. Due to the leftover scars and large amount of pain caused by surgeries, doctors as well as patients are shifting to minimally invasive procedures. The advantages of minimally invasive surgery when compared to an open surgery include less trauma, decrease in hospitalization expenditures due to less hospital stay and quick post-operative recovery period. According to a report published in 2015 by European Association of Cardio-Thoriac Surgery (EACTS), minimally invasive cardiac surgery has developed rapidly in the past 10-15 years. Also, according to the annual plastic surgery procedural statistics by American Society of Plastic Surgeons (ASPS), there were 15.9 million surgical and minimally-invasive cosmetic procedures performed in the U.S. in 2015, a 2.0% increase over 2014.
Geographically, the surgical navigation system market in Latin America is expected to grow considerably during the forecast period, with the growth being mainly attributable to the increasing number of surgeries, low cost of medical treatments, increasing healthcare expenditure, and growing geriatric population in the region. Among the Latin American countries, the Brazilian surgical navigation market has been experiencing growth mainly due to the increasing healthcare expenditure and healthcare tourism in the country. The Brazilian market is expected to witness the fastest growth during the forecast period.
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Some of the other key players operating in the surgical navigation system market include Fiagon GmbH, Orthalign, Inc., Koninklijke Philips N.V., Scopis GmbH, Stryker Corporation, Siemens AG, Medtronic plc, B. Braun Melsungen AG, Zimmer Biomet Holdings, Inc. and General Electric Company.
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