Market Trends of Global Surgical Navigation Systems Industry
This section covers the major market trends shaping the Surgical Navigation Systems Market according to our research experts:
Cardiac Surgery Expected to have a Large Market Share
Cardiac surgery, or cardiovascular surgery, is surgery on the heart or great vessels performed by cardiac surgeons. The surgical navigation system is becoming more popular in cardiovascular surgery as technology has advanced significantly over the last few years worldwide. Factors such as the increasing occurrence of cardiovascular disorders and the availability of advanced technologies are expected to boost the segment's growth.
According to World Health Organization (WHO) Statistics for June 2021, an estimated 17.9 million people died from cardiovascular diseases in 2019, accounting for 32% of all global deaths. A heart attack or a stroke caused 85% of these deaths. According to the same source, non-communicable diseases were responsible for 17 million premature deaths (under 70) in 2019, with cardiovascular diseases accounting for 38% of these deaths. Hence, cardiac surgery is expected to witness growth due to the increased mortality rate, driving the segment growth.
However, the rise in funding for the treatment of cardiovascular disorders is also expected to boost innovation and research, leading to market growth. According to the National Institutes of Health 2020, the estimated investment for cardiovascular diseases was expected to be USD 2,622 million in 2022. This was a significant increase from the 2021 figures of USD 2,499 million.
The product launches, strategic partnerships, and collaborative agreements are expected to drive the segment over the forecast period. For instance, in November 2020, Abbott received CE Mark and approval in Australia for its new EnSite X EP System and is launching the system throughout Europe and Australia. The EnSite X System is the only system that offers the option to navigate the cardiac anatomy two different ways on one platform.
North America Expected to Dominate the Surgical Navigation Systems Market
North America dominates the global surgical navigation systems market, majorly attributed to the well-established healthcare and medical device industry. The market's growth is majorly due to the presence of key companies operating in the surgical navigation systems market.
The increase in the number of surgeries performed in North America is the major driving factor for market growth. For instance, as per the research study published in January 2021, titled "The Impact of the COVID-19 Pandemic on Gastrointestinal Endoscopy Activity in a Tertiary Care Center from Northeastern Romania", in 2019, during the pre-COVID time, a total of 3,608 endoscopic procedures were performed, which was about 138 procedures per week. This increases the number of surgeries, rising the demand for a surgical navigation system and driving the market growth.
The geriatric population is more prone to chronic diseases due to the weak immune system. According to World Ageing Report 2019, the United States had 53.340 million people aged 65 years and above in 2019, and this number is expected to reach 84.813 million by 2050. This expected increase in the elderly population is likely to increase the incidence rate of chronic diseases, thus driving the use of surgical navigation systems in diagnosis and treatment.
The Asia-Pacific region is believed to witness the fastest growth over the forecast period, mainly attributed to the increasing adoption of technological advancements in the healthcare industry.
