Enjoy complimentary customisation on priority with our Enterprise License!
The global neuronavigation systems market size is estimated to grow by USD 227.65 million at a CAGR of 7.06% between 2023 and 2028.
The collection of new launches across product lines provides better options to buyers, which helps to boost the overall demand for medical equipment in the market. Encouraged by the demand growth, healthcare equipment manufacturers are seeing options to convert this improved demand into a continuous cycle of innovation and improvisation for the development of enhanced products. All these factors have the potential to accelerate the growth of the healthcare equipment market, including the global neuronavigation systems market during the forecast period.
Technavio has segmented the market into Product, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 to 2022, besides analyzing the current market scenario.
To learn more about this report, Request Free Sample
The market share growth by the optical segment will be significant during the forecast period. The optical neuronavigation system uses a pair of stereoscopic optical cameras, infrared (IR) emitters, and reflective markers. These systems use three-dimensional (3D) positioning technology, monitoring a defined measurement space using two or more cameras equipped with infrared filters in front of the lens. Currently, most neuronavigation systems available in the neuro-navigation systems market are based on optical tracking.
Get a glance at the market contribution of various segments View a PDF Sample
The optical segment was valued at USD 344.90 million in 2018. Optical neuronavigation systems are simple and less expensive compared with electromagnetic systems. These factors contribute to the large revenue share of the optical segment in the global neuronavigation systems market. In addition, the introduction of low-cost systems to cater to emerging and cost-sensitive markets is expected to drive the growth of the optical segment, which in turn will fuel the growth of the neuro-navigation systems market during the forecast period.
Hospitals are integrating neuronavigation systems as a tool in surgical methods to develop accurate positional information of the anatomical structure during surgery. Neuronavigation systems help doctors to make small incisions with high precision. They help in clearing lesions or localizing instruments, such as rods and screws, during spine surgery. The customization of each case is possible as neuronavigation systems are incorporated with a microscope and other instruments that can be adjusted according to surgery conditions. The growing adoption of neuronavigation systems in hospitals is driving the growth of the hospital segment, which in turn will fuel the growth of the neuro-navigation systems market during the forecast period.
Ambulatory surgical centers (ASCs) are achieving importance corresponding with hospitals due to various factors. These factors include the early discharge of patients and enhanced functional capabilities, such as the reduction in hospital-acquired infections (HAIs). ASCs are mainly known for providing surgical services at a lower cost compared with hospitals. ASCs are greatly embracing neuronavigation systems, thereby boosting the demand for these systems. Consequently, the ASCs segment is expected to drive the growth of the neuro-navigation systems market during the forecast period.
For more insights about the market share of various regions View PDF Sample now!
North America is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Factors such as advancements in technology, new product launches, and increasing funding for the development of innovative advanced medical devices are expected to drive the growth of the regional neuro-navigation systems market.
Furthermore, the increasing prevalence of neurological conditions and the rising adoption of neuronavigation systems have compelled players to implement various market strategies, such as product launches, to strengthen their market presence. New players are entering the market through various product launches, as well as by receiving regulatory approval for introducing new products. Thus, regulatory approval for new neuronavigation systems offered by key market players is likely to drive the growth of the market in North America during the forecast period.
In 2020, the outbreak of COVID-19 negatively affected the neuronavigation systems market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of surgical procedures and fueled the growth of the neuronavigation systems market in North America. Furthermore, the rising number of initiatives to raise awareness about neurological disorders, the high GDP of North American countries, and growing healthcare spending are anticipated to drive the growth of the neuronavigation systems market in this region during the forecast period.
Buy Now Full Report and Discover More
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Heal Force Biomeditech Holdings Ltd.: The company offers neuro navigation systems such as Accurate Navigation for Glioma Resection which provides surgical treatment of brain functional gliomas.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of chronic neurological disorders is the key factor driving market growth. The majority of neurological diseases are growing due to the rapidly growing geriatric population. Aging increases the risk of clinical onset and progression of neurological diseases. The geriatric population is growing rapidly because of the increase in average life expectancy. The increasing elderly population is likely to increase the risk of neurological disorders, which will drive the growth of the market.
Furthermore, approximately four out of every 100 people worldwide are diagnosed with essential tremor (ET). The incidence of ET remarkably increases with age. The increasing prevalence of neurological disorders is driving the growth of minimally invasive surgeries. This, in turn, is increasing the demand for neuronavigation systems, which in turn will drive the growth of the global neuronavigation systems market during the forecast period.
The emergence of hybrid operating rooms with integrated healthcare infrastructure is the primary trend in the market. Hybrid operating rooms (ORs) incorporate surgery and cutting-edge imaging systems to make the surgery process peaceful and useful for patients. Minimally invasive surgeries are observing rapid growth compared with traditional surgeries and imaging technologies. Thus, hybrid ORs are being developed to combine conventional operating rooms with imaging systems, such as MRI, CT scan, and angiography systems. Hybrid ORs have optimal imaging-enabled and mobile or permanently installed systems.
Moreover, the emergence of hybrid ORs with integrated healthcare infrastructure will benefit cardiovascular, neurosurgery, traumatology, and orthopedics disciplines because of their cost efficiency and high imaging quality of 3D systems. Hybrid ORs allow diagnostic evaluation. They simultaneously perform an intervention that has a significant impact on the efficiency of the operation. Therefore, the emergence of hybrid operating rooms with combined healthcare infrastructure is anticipated to fuel the growth of the market during the forecast period.
The dearth of skilled surgeons to operate neuronavigation systems is a challenge that affects market growth. The neural guidance system is a high-end technology product. Surgeons need expertise and knowledge to perform surgical procedures effectively using a neuronavigation system. The information displayed by the neuronavigation system must be understood and interpreted accurately to minimize potential sources of error during surgery. A surgeon's lack of skill and expertise in dealing with nerve guidance systems can pose a serious threat to the patient.
Moreover, skilled neurologists are required to perform neurosurgery using neuronavigation systems. The demand for neurology services is increasing globally; however, many countries are witnessing a shortage of neurologists. The demand for neurologists is increasing, owing to the growing geriatric population and rising prevalence of neurological conditions. However, the shortage of neurologists will limit the use of neuronavigation systems, which will impede the growth of the global neuronavigation systems market during the forecast period.
Buy Now Full Report and Discover More
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Neuronavigation Systems Market Customer Landscape
The neuronavigation systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
|
Neuronavigation Systems Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
162 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.06% |
|
Market growth 2024-2028 |
USD 227.65 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.01 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 47% |
|
Key countries |
US, Germany, France, UK, and China |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Apollo Hospitals Enterprise Ltd., B.Braun SE, Brainlab AG, Clearpoint Neuro Inc., Fiagon GmbH, Heal Force Biomeditech Holdings Ltd., inTRAvent Medical Partners, KARL STORZ SE and Co. KG, Lexmark International Inc., Medtronic Plc, Nexstim Plc, Orthofix Medical Inc., Parsiss Co., Roper Technologies Inc., Soterix Medical Inc., Stryker Corp., Synaptive Medical Inc., The Magstim Co. Ltd., Xoran Technologies LLC, and Zimmer Biomet Holdings Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
View Sample PDF at your Fingertips
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
