Copyright © 2024 Research Nester. All Rights Reserved
Orthopaedic Navigation Systems Market size was valued at USD 2.63 billion in 2023 and is expected to reach USD 12.02 billion by 2036, registering around 12.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of orthopaedic navigation systems is assessed at USD 2.89 billion.
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.
Growth Drivers
Rising popularity of orthopaedic navigation systems industry 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 systems is rising. So, this is anticipated to result in the growth of the market for orthopaedic navigation systems in upcoming years.
Rising orthopaedic conditions to grow the market for orthopaedic navigation systems
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 systems in the next few years.
Restraints
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 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.
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
12.4% |
|
Base Year Market Size (2023) |
USD 2.63 billion |
|
Forecast Year Market Size (2036) |
USD 12.02 billion |
|
Regional Scope |
|
The orthopaedic navigation systems 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 market in the upcoming years.
Our in-depth analysis of the global market includes the following segments:
|
By Technology |
|
|
By Application |
|
|
By End users |
|
On the basis of regional analysis, the global orthopaedic navigation systems 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 industry is predicted to account for largest revenue share by 2036, backed by 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.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?