Rising Popularity for Minimally Invasive Surgeries to Steer Orthopedic Navigation Systems Market to Past US$ 433.8 Million by 2027
02 Nov 2022
Acquisition
Optical Navigation Systems Demand to Grow at Stupendous CAGR of 19% Through 2027
Fact.MR's latest report on the global orthopedic navigation systems market provides a 5-year forecast through 2022 & beyond. The report explicates crucial dynamics such as drivers, challenges, and opportunities somehow influencing the orthopedic navigation systems market. To present the information in vividly, the report has been segmented into technology, application, end user, and region.
NEW YORK, Nov. 2, 2022 /PRNewswire/ -- The global orthopedic navigation systems market is estimated to reach US$ 197.9 Million in 2022. Sales are poised to expand at 17% CAGR between 2022 and 2027 and exceed US$ 433.8 million by the end of 2027.
Rising prevalence of orthopedic conditions such as osteoarthritis and rheumatoid arthritis along with increasing number of orthopedic procedures being performed worldwide is primarily driving the global orthopedic navigation systems market.
Over the years there has been a sharp rise in the number of musculoskeletal conditions across the globe. For instance, as per the World Health Organization (WHO), around 1.71 Bn people have musculoskeletal conditions worldwide. This will continue to generate demand for orthopedic navigation systems during the forecast period.
Similarly, rising popularity of minimally invasive orthopedic procedures along with growing geriatric population and an increase in joint reconstruction cases is expected to boost the sales of orthopedic navigation systems.
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Based on technology, optical segment is expected to grow at the fastest CAGR of 19% throughout the forecast period. This can be attributed to the rising end user preference for optical navigation systems due to their easy to use and effective nature.
Regionally, Asia Pacific is likely to emerge as the most lucrative orthopedic navigation systems market during the forecast period. Increasing geriatric population, surge in cases of orthopedic disorders, and rising government policies to increase patient awareness of minimally-invasive procedures are expected to drive the Asia Pacific orthopedic navigation systems market. Similarly, increasing efforts of manufacturers for developing affordable orthopedic navigation systems will drive sales across Asia Pacific during the projection period.
By technology, electromagnetic navigation system sales are predicted to grow at 16% CAGR between 2022 to 2027.
Based on end user, hospitals segment is likely to retain its dominance in the global orthopedic navigation systems market during the forecast period.
North America currently holds the largest share of the global orthopedic navigation systems market.
China's orthopedic navigation system market size is expected to reach US$ 74 million by 2027.
Asia-Pacific is anticipated to emerge as the fastest growing orthopedic navigation systems market during the forecast period of 2022 and 2027.
Demand for orthopedic navigation systems across Europe is likely to grow at an impressive CAGR during the projection period.
Growth Drivers:
Rising adoption of orthopedic navigation systems to improve the precision of surgical techniques and reduce intraoperative mistakes is a key factor driving the global market.
Growing popularity of minimally invasive procedures and the increased use of navigation software are expected to boost the global orthopedic navigation systems market.
Increasing prevalence of orthopedic conditions like osteoarthritis and rheumatoid arthritis is expected to drive the demand for orthopedic navigation systems.
Technological advancements in orthopedic navigation systems coupled with continuous new product launches and approvals will further aid in the expansion of orthopedic navigation systems market during the forecast period.
Restraints:
Higher treatment costs and a lack of knowledge and availability in developing nations are some of the factors limiting market expansion.
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To raise their market share, key competitors in the orthopedic navigation systems market are adopting various strategies such as new products, distribution agreements, facility expansions, mergers, and acquisitions.
For instance,
In January 2021, DePuy Synthes gained FDA 510(k) approval for the VELYS robotic-assisted solution for use with the ATTUNE complete knee system.
In February 2021, Brainlab received FDA approval for both the Loop-X Mobile Imaging Robot and the Cirq robotic surgical system. Following CE mark certification, the FDA's permission allowed Brainlab to join the US market with the Cirq robotic alignment module for spine operations and Loop-X, the market's first completely robotic intraoperative imaging system.
In November 2020, Stryker announced the acquisition of Wright Medical in an effort to strengthen its global market position in trauma and extremities, which provides a tremendous opportunity to improve outcomes, promote innovation, and expand patient access.
In July 2020, Smith+Nephew announced the launch of the RI.HIP Navigation for Total Hip Arthroplasty (THA).
Key Companies Profiled by Fact.MR
Smith+Nephew
More Valuable Insights on
Orthopedic Navigation Systems Market
In the latest study, Fact.MR offers a detailed study on global orthopedic navigation systems market for the forecast period of 2022 to 2027. This study also highlights key drivers promoting the sales of orthopedic navigation systems through detailed segmentation as follows:
By Technology:
Optical
Radiography
Others
By Application:
Knee
Spine
Hip
Others
By End User:
Hospitals
Clinics
Ambulatory Surgical Centers
Others
By Region:
North America
Latin America
Europe
South Asia & Oceania
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Key Questions Covered in the Orthopedic Navigation Systems Market Report
What is the projected value of the orthopedic navigation systems market in 2022?
At what rate will the global orthopedic navigation systems market grow until 2027?
Which are the factors hampering the growth in the orthopedic navigation systems market?
Which region is expected to lead in the global orthopedic navigation systems market during 2022-2027?
Which are the factors driving the orthopedic navigation systems market during the forecast period?
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