Albany, NY -- (SBWIRE) -- 08/10/2018 -- The global surgical navigation systems market demonstrates a moderately concentrated structure, as it is led by only a few established companies, states a new research study by Transparency Market Research (TMR). B. Braun Melsungen AG, Brainlab AG, GE Healthcare Ltd., Medtronic Inc., Siemens Healthcare Corp., Stryker Corp., and Zimmer Holdings Inc. are some of the key vendors of surgical navigation systems across the world.
These companies are expected to emphasize on product innovation and technical advancement of their existent offering to strengthen their position in the global market. They are also projected to engage into mergers, acquisitions, and strategic collaborations in order to expand their reach among consumers, notes the market study.
According to the research report, the worldwide market for surgical navigation systems was worth US$218.5 mn in 2013. Expanding at a CAGR of 4.50% over the period from 2014 to 2020, the market's opportunity is anticipated to reach US$295.5 mn by the end of the period of the forecast. Among the products, the demand for neurosurgical navigation systems has been significantly high and this trend is projected to continue over the next few years, states the research report.
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North America to Retain Leading Position
Asia Pacific, North America, Europe, and the Rest of the World have been considered as the key geographical segments of the worldwide market for surgical navigation systems in the research report. In 2013, North America held the leading position in the global market with a share of 40%. This scenario is expected to remain same over the next few years, thanks to the increasing advancements in healthcare infrastructure and the presence of a well-defined regulatory framework in this region.
Among other geographical segments, Asia Pacific is projected to register an impressive rise over the forthcoming years, thanks to the augmenting awareness among consumers pertaining to advantages of surgical navigation systems. The increasing disposable income, encouraging people to raise their healthcare expenditure, is also predicted to boost the market for surgical navigation systems in Asia Pacific in the years to come, reports the research study.
Technological Advancements to Drive Market's Growth
"The global market for surgical navigation is observing a significant rise and is anticipated to remain witnessing high growth over the next few years," says the author of this report. The increasing demand for minimally invasive surgeries, coupled with the augmenting awareness among people pertaining to the advantages offered by surgical navigation systems, is driving the growth of this market to a great extent.
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Over the coming years, innovation and technological advancements are likely to fuel the uptake of these systems, reflecting positively on this market. However, the high cost incurred in the deployment and the maintenance of these systems is expected to limit their sales in the near future, states the market report.
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