Global surgical navigation system market is forecasted to attain revenues of $1046.8 million value by 2023. The growth in the market will be led by 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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Asia-Pacific surgical navigation system market is expected to witness fastest growth, mainly due to aging population, rising incidence of burns cases, increasing diabetic patients, and per capita income. Elderly people have a slow healing of wounds as they have reduced regenerative capabilities and weak immune system, which leads to different ailments, thereby boosting the market for surgical navigation systems in the region. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of people aged 65 years and above, constituted approximately 11.4% of population in 2013, and the count is estimated to reach approximately 20% of the population by 2050.
According to the Asian Diabetes Prevention Initiative (ADPI), around 60% of diabetics in the world live in the region. It is also expected that without intervention, both China and India together, will have almost half a billion of population suffering from diabetes, by 2030. Diabetes is one of the major causes for rising cases of cardiac problems, due to which, the surgical navigation system market in the region is likely to witness considerable growth in future.
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Some of the other key players operating in the surgical navigation system market include Koninklijke Philips N.V., Fiagon GmbH, Orthalign, Inc., Stryker Corporation, Scopis GmbH, Medtronic plc, Siemens AG, General Electric Company, B. Braun Melsungen AG and Zimmer Biomet Holdings, Inc.
Source: P&S Intelligence