Surgical Navigation System Market in Asia-Pacific is Expected to Witness Fastest Growth
The surgical navigation system market is experiencing growth due to the increasing geriatric population, rising prevalence of various neurological, orthopedic, and ear, nose, and throat (ENT) disorders, increasing regulatory approvals for these systems, and popularity of minimally invasive surgeries. The market generated a revenue of $663.4 million in 2016 and is projected to attain a 6.9% CAGR during the forecast period (2017–2023). Systems that utilize a combination of computer technology and various instruments to assist surgeons are known as surgical intervention systems.
The key factor driving the surgical navigation system market is the rising prevalence of neurological, ENT, and orthopedic disorders. As the treatment of these disorders may require surgical intervention into the complex and remotely located areas inside the body, surgical navigation systems are a tremendous help to healthcare service providers. As per the World Health Organization, the mortality rate due to neurological disorders is expected to increase to 12.2% by 2030 from 11.8% in 2015, further highlighting the importance of such systems for saving lives.
The segments of the surgical navigation system market are end user, application, region, and technology. Based on region, the categories are Middle East & Africa, North America, Latin America, Europe, and Asia-Pacific. Among all, the largest contributor in 2016 was North America with 36.2% market share. This is mainly ascribed to the increasing implementation of advanced surgical systems with navigation technology and a developed healthcare infrastructure in the region.
The major end users in the market are hospitals, and physician practices and ambulatory settings. In 2016, hospitals were the larger category within the segment with a revenue contribution of $577.2 million. This is credited to the increasing patient pool in hospitals and better implementation of advanced surgical units in different hospitals across various regions. This is also the reason hospitals will continue generating the higher revenue in the market during the forecast period.
Thus, the market for surgical navigation systems is headed toward a bright future as the demand for these systems is set to rise with the increasing prevalence of various diseases.
