Surgical Navigation System Market to Surpass USD 1.17 Billion by 2026

The global surgical navigation system market was valued USD 673.1 million in 2017 and is projected to exhibit a CAGR of 6.9 percent during 2018 – 2026. Surgical navigation is useful technology which guides surgeon in surgical procedure to achieve precise reconstruction or correction of defects and deformities. Surgical navigation is increasingly used in various surgeries and interventions as pre-operative or intra-operative radiographic images enhance accuracy and safety of the surgical procedure. Increasing incidences of trauma, tumor and development malformation demands for advanced surgical navigation system with more precision, in turn leads to market growth. According Cancer Research UK, 14.4 million new cases of cancer were estimated in year 2012, globally. New product launches by market players is another major factors driving growth of the global surgical navigation system market.

Manufacturer’s strategies like merger and collaboration will further strengthen the growth of the surgical navigation system market. For instance, in 2017, Mazor Robotics Ltd., manufacturer of surgical guidance system, entered the next phase of strategic partnership with Medtronic. The partnership aims at co-development of spinal market product with the expertise in surgical planning and precision-guided surgical system with Medtronic’s navigation capabilities and implant system. Moreover, according to these partnerships Medtronic invests USD 40 million in Mazor. New product launches with more precision will further augment the growth of the market. For example, Zimmer Holding Inc., a musculoskeletal health technology company, received US FDA approval for iAssist Knee, a personalized guidance system for knee replacement procedures. iAssist Knee supports more streamline and personalized knee replacement procedures.

Manufacturers are also target at expanding the geographical reach of the product. In October 2017, Intellijoint Surgical, a medical technology company, received CE approval for its intellijoint HIP, 3D Mini-Optical Navigation System, in Europe. The system is aids surgeons to precisely measure cup position, leg length and offset for total hip arthroplasty. Further, company is expecting approval from Australian Therapeutic Goods Administration (TGA) by November 2017. – Coherent Market Insights