The global surgical navigation systems market is expected to reachUSD 906.8 million by 2021 from USD 662.5 million in 2016, at a CAGR of 6.5 percent during 2016 to 2021, estimates Research and Markets. Growth of this market is primarily driven by the rising adoption of minimally invasive surgical procedures; growing number of product approvals and partnerships, agreements, and collaborations among market players; increasing incidences of orthopedic and neurological disorders; and high prevalence of ENT disorders. However, the high cost of surgical navigation systems and product recalls are likely to create a negative impact on the growth of this market.
Significant R&D activities are being undertaken in order to develop technologically advanced surgical navigation systems. This has attracted investors, prominent market players, and government bodies to invest in the development of surgical navigation systems.
Based on patient care setting, the surgical navigation systems market is segmented into hospitals and physician practices and ambulatory settings. The hospitals segment is expected to account for the largest share of the surgical navigation systems market in 2016. However, physician practices and ambulatory settings are expected to grow at the highest CAGR. Growing acceptance of surgical navigation systems in ambulatory settings and increasing patient preference toward clinics are some major factors that drive market growth.
In 2016, North America is expected to dominate the market, followed by Europe. The dominance of the North American market is due to the high prevalence of ENT disorders, growing adoption of minimally invasive surgeries, government funding for the development of surgical navigation systems, increasing adoption by ambulatory settings, and increasing regulatory approvals. On the other hand, Asia is estimated to be the fastest-growing regional segment. Huge patient population, increasing prevalence of orthopedic disorders, improving healthcare infrastructure, partnerships/collaborations among key players, growing medical tourism, and growing elderly population are some of the key factors fueling the growth of this market.