Electromagnetic Surgical Navigation System Market Segmentation By Application (ENT, Cardiology, Neurology, Orthopedics, Dental And Others); By End User (Hospitals, Ambulatory Surgical Centers And Others) – Global Demand Analysis And Opportunity Outlook 2027
Buy Now Report ID: 1698 | Published Date: Sep 13, 2022
The increasing demand for minimally invasive surgeries has led to a prompt growth of the electromagnetic surgical navigation system market. Rapid recovery and lower post-operative care makes this method of surgery highly desirable which is anticipated to propel the growth of the market all over the world. According to W.H.O., around 80% of people suffering from osteoarthritis face difficulty in movement which is the major factor behind the increasing number of bone replacement surgeries. These factors are anticipated to drive the demand for surgical navigation systems in the coming years.
The rising technological advancements resulting in the development of new technologies in the healthcare sector is a major growth driver for the market. Increased involvement of major companies for the development of advanced medical products and a growing demand in hospitals for such systems is estimated to significantly support the market growth during the forecast period.
The rising technological advancements in the medical industry along with a growing prevalence of diseases such as cardiovascular diseases, neurological diseases and others, especially among the geriatric population are estimated to lead to a rapid growth of this market. The other factors behind the growth of the market include the cheaper cost pertaining to electromagnetic surgical navigation system as compared to other surgical navigation systems.The market for electromagnetic surgical navigation system is anticipated to grow at a CAGR of around 7.5% during the forecast period, i.e., 2019-2027.
The market is segmented by end user into hospitals, ambulatory surgical centers and others, out of which, the hospitals segment is anticipated to grow at the highest rate attributing to the implementation and increasing demand for new technologies for surgical operations which provide better results and are highly effective.
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The high cost of production of electromagnetic surgical navigation system acts as the major restraint for the market. Despite being cheaper than other surgical navigation systems, it still costs more than other traditional methods of surgery. Another restraints include the safety concerns related to the surgical navigation systems.
Our in-depth analysis of the electromagnetic surgical navigation system market includes the following segments:
On the basis of regional analysis, the electromagnetic surgical navigation system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to hold the largest market share and grow at the highest rate during the forecast period. This growth can be attributed to the growing technological advancements in the region, mainly in the healthcare industry. Additionally, the increased occurrence of a number of health conditions such as heart related diseases, neurological disorders, dental problems and orthopedic conditions among others are increasing the demand for electromagnetic surgical navigation systems in the market.
The market in Asia-Pacific region is estimated to grow at a significant rate during this period as a result of growing population and an increasing prevalence of diseases, mainly in China, Japan and India. Moreover, the growing geriatric population is also estimated to give a significant boost to the growth of the market in this region.
The electromagnetic surgical navigation system market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
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