Orthopedic Navigation System Market Surging to Triple Its Size Touching USD 5.75 Billion by 2028 | BlueWeave Consulting
BlueWeave Consulting and Research Pvt Ltd
7 min read
BlueWeave Consulting and Research Pvt Ltd
North America accounted for the highest share in the global orthopedic navigation system market by region. Besides, factors including the rising elderly population, high healthcare spending by the government, a well-established system of reimbursement, and the presence of reputable manufacturers in the region all support the expansion of the regional market.
New Delhi, Sept. 17, 2022 (GLOBE NEWSWIRE) -- Global Orthopedic Navigation System Market size is expanding at a robust double-digit growth rate during the forecast period, mainly due to the orthopedic navigation system’s innovativeness, aging world population, increasing number of joint reconstruction cases, rising healthcare costs, and high patient and healthcare professional awareness levels.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Orthopedic Navigation System Market size at USD 1.87 billion in 2021. And BlueWeave forecasts Global Orthopedic Navigation System Market to grow at an impressive CAGR of 18.2% between 2022 and 2028 to reach a market size of USD 5.75 billion by 2028. Major growth factors for the Global Orthopedic Navigation System Market include an increasing demand for orthopedic therapies, surgeries including joint reconstruction, and solutions driven by the rapidly aging global population.
Global Orthopedic Navigation System Market - Technology Advancements
In the recent past, pedicle screw insertion efficiency was improved by using orthopedic navigation systems during orthopedic spinal surgery. Since then, it has grown in popularity among orthopedic surgeons and has emerged as a crucial tool for several orthopedic procedures, including spine, tumor, sports injury, reconstructive hip, and knee surgery. Orthopedic navigation systems are now made to provide surgeons with in-the-moment input on the operating field, allowing them to modify their surgical technique to enhance postoperative results and reduce intraoperative errors. Additionally, typical and conventional methods may not be accurate, precise, or repeatable. As a result, there is a greater need for the creation of an innovative orthopedic navigation system. This, in turn, is expected to accelerate the rate of expansion of the global orthopedic navigation system market.
Global Orthopedic Navigation System Market - Rising Demand
Global orthopedic navigation system market is predicted to boom as a result of an aging population and an increase in joint reconstruction cases, rising healthcare costs, and high patient and healthcare professional awareness levels. Orthopedic disorders including osteoporosis, osteoarthritis, rheumatoid arthritis, and ligamentous knee injuries are becoming more common. The musculoskeletal system of the body, which consists of muscles, bones, joints, nerves, ligaments, cartilage, and tendons, is impacted by these diseases. Reduced range of motion, stiffness, edema, and muscle pain follow, is necessitating subsequent surgical intervention. In the coming years, it is projected that it would increase demand for orthopedic navigation systems. The CDC estimates that 54.4 million Americans (or 1 in 4) have some kind of arthritis, and that number is anticipated to rise to 78 million by the year 2040. It suggests that the adoption of navigation systems for orthopedic procedures would increase further in the near future.
Segmental Coverage
Global Orthopedic Navigation System - By Application
The knee segment dominated the total market in 2021 and will continue to grow at a consistent CAGR over the coming years. The reasons for its dominance include an increase in total knee replacement surgeries and public knowledge of the benefits they provide. Further supporting factors for the segment growth include expanding uses in a variety of surgical circumstances, including revision knee replacement, patellofemoral arthroplasty, unicompartmental (partial) knee replacement, and total knee arthroplasty. The number of knee surgery procedures is projected to increase as a result of rising technological developments, such as minimally invasive procedures, together with the accessibility of enhanced implant materials, which will encourage segment expansion.
The spine segment, on the other hand, is projected to record growth at the fastest CAGR between 2022 and 2028. The prevalence of spinal problems is rising, which has led to an increase in the number of spine procedures. The main cause of death and morbidity due to spinal injuries is either neurological injury weakness or bony spine damage to the spinal nerves or spinal cord. To reduce persistent functional impairment, quick medical and surgical intervention is essential. Additionally, the incidence of sports injuries is rising, along with the number of falls and traffic accidents.
Due to the availability of better infrastructure, high awareness levels, and supportive government initiatives relevant to the promotion of orthopedic navigation systems, North America accounted for the highest revenue share. Besides, factors including the rising elderly population, high healthcare spending by the government, a well-established system of reimbursement, and the presence of reputable manufacturers in the region all support the expansion of the regional market. Due to the high number of unmet clinical needs, the rise in government initiatives to increase patient awareness of minimally invasive procedures for replacement surgeries, and rising investments by manufacturers for the creation of affordable orthopedic navigation systems, Asia Pacific (APAC) is expected to record growth at the fastest rate from 2022 to 2028. As older people are more likely to develop orthopedic illnesses, APAC as a whole offers a sizable target market, with Japan, China, and India being the main regional contributors.
Impact of COVID-19 on Global Orthopedic Navigation System Market
Numerous industries have been disrupted by the 2019 coronavirus illness (COVID-19), which had also resulted in trade and supply chain constraints on a global scale. Many cases of this contagious illness, which ranges in severity from extremely mild to life-threatening, have been reported as a result of the COVID-19 pandemic. Outpatient visits to healthcare providers have reduced due to worries about contracting the virus. Patients are occasionally needed to present with negative COVID-19 test results even in the absence of symptoms before undergoing specific surgical procedures.
During lockdowns, hospitals might not have enough supplies to handle an unexpected patient inflow, forcing them to cancel elective treatments and rearrange ICU beds. Also, a number of procedures were postponed or canceled to protect the wellbeing of patients and personnel due to the high risk of infectious transmission among patients and healthcare professionals. However, to effectively handle these difficulties, carry out time-efficient surgery over long operative hours, and reduce the transmission of infectious diseases, the usage of surgical robots has expanded. The hospital business is anticipated to see an increase in cases that were delayed or postponed due to the pandemic as the pandemic is currently reaching its end in most nations. During the period in analysis, this is most likely to fuel the market for orthopedic navigation systems.
To increase their market penetration, the leading companies engage in a variety of activities, including the development of new products, distribution agreements, and growth plans. For instance, Stryker finalized the acquisition of Wright Medical in November 2020 in an effort to strengthen its position in the worldwide trauma and extremities market, offering considerable prospects to better results, accelerate innovation, and broaden patient access.
Smith+Nephew launched the RI.HIP Navigation for Total Hip Arthroplasty in July 2020. (THA). The FDA of the United States granted 510(k) approval for this product, and the CE Mark was certified for THA. These activities are expected to increase the level of competition in the market in the upcoming years. Leading companies in the global orthopedic navigation systems market include AG B. Braun Melsungen, Stryker, and Medtronic.
Recent Developments
In November 2020, Stryker completed the acquisition of Wright Medical, a US-based global medical device company with expertise in extremities and biologics, to strengthen its position in the global trauma and extremities market. The acquisition of Wright Medical is expected to enable Stryker to accelerate innovations and broaden patient access.
Scope of the Report
Attributes
Details
Years Considered
Historical Data – 2018–2021
Base Year – 2021
Estimated Year - 2022
Forecast – 2022–2028
Facts Covered
Revenues in USD Million
Market Coverage
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Product Service/Segmentation
By Technology, By Practice, By End User, By Region
Key Players
B. Braun Melsungen AG, Stryker, Medtronic, Johnson & Johnson, Smith & Nephew Plc, Zimmer Biomet, Amplitude Surgical, Kinamed Inc., Globus Medical, Orth Align
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
