Segmentation By Technology (Optical Navigation System, Hybrid Navigation System, Fluoroscopy-Based Navigation System and Electromagnetic Navigation System); By Application (Spine Surgeries, Knee Surgeries, Hip Surgeries, Joint Replacement Surgeries and Shoulder Replacement Surgeries); By End User (Hospitals, Ambulatory Surgical Centers and others) – Global Demand Analysis & Opportunity Outlook 2028
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Rising popularity of orthopaedic navigation system market among surgeons
The use of navigation software by surgeons and physicians is rising rapidly as this is one of the cost-effective solutions when compared with others and thus, the popularity for orthopaedic navigation system is rising. So, this is anticipated to result in the growth of the market for orthopaedic navigation system in upcoming years.
Rising orthopaedic conditions to grow the market for orthopaedic navigation system
As the geriatric population as well as cases for joint reconstruction is rising rapidly, the demand for the market will continue to increase. On the other hand, rising awareness among patients as well as healthcare professionals and high level of expenditure in healthcare is predicted to ultimately lead to boost the market for orthopaedic navigation system in the next few years.
The number of patients who are suffering from a variety of orthopaedic conditions such as osteoporosis, osteoarthritis, rheumatoid arthritis, ulnar tunnel syndrome and ligamentous knee injuries is increasing rapidly and these disorders affect the musculoskeletal system of the body including muscles, nerves, ligaments, bones and others. This leads to decrease in the range of stiffness, swelling and others that subsequently requires surgical treatment and thus, the market for orthopedic navigation system is predicted to increase in upcoming years. However, the market is highly competitive as there are several regional as well as international players who are improving their technological experience by developing robot-assisted technologies in order to gain competitive advantage.
The global orthopaedic navigation system market is anticipated to record a significant CAGR throughout the forecast period, i.e., 2020-2028. The market is segmented by application into spine surgeries, knee surgeries, hip surgeries, joint replacement surgeries and shoulder replacement surgeries, out of which, knee surgeries segment is anticipated to hold the largest market share on the back of growth in the geriatric population as well as increasing prevalence of target diseases such as osteoarthritis. Additionally, rising number of total knee replacement procedures are estimated to ultimately lead to the growth of orthopaedic navigation system market in the upcoming years.
Ongoing competitive technologies to limit the growth of market
Patient-specific cutting blocks which incorporate preoperative images in order to increase the accuracy of alignment at the time of total knee arthroplasty is gaining popularity as an alternative to the navigation system. This is one of the major factors that is estimated to limit the growth of orthopaedic navigation system market in the upcoming future.
High cost associated with the purchase of orthopaedic navigation systems
Many companies are encouraged to develop more affordable options due to the relatively high average selling prices of navigation system and are shifting towards rental as well as leasing options rather than buying expensive systems. This might act as a restrain to the growth of orthopaedic navigation system market.
Our in-depth analysis of the orthopaedic navigation system market includes the following segments:
By Technology
By Application
By End users
By Region
On the basis of regional analysis, the global orthopaedic navigation system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to hold the largest market share on the back of increasing awareness levels among surgeons as well as physicians, improved infrastructure availability and favorable government initiatives with respect to orthopaedic navigation systems promotion. The market in Europe is anticipated to gain significant market share on the back of increasing geriatric population as well as rising expenditure on healthcare, adoption of latest techniques and others in the region. Hence, these factors are anticipated to grow the market for orthopaedic navigation system in the upcoming years.
The orthopaedic 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.
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