Industry Background:
Growing incidence and high prevalence of several neurological disorders related to brain and spine, tumors, and other neurovascular disorders are projected to lead the growth of the neuronavigation systems market globally. Neuronavigation systems help neurosurgeons during serious operations that are executed within the confines of the brain as well as the spinal column. It helps in guiding the surgery precisely by providing an exact outline of the surrounding neurovascular structures. Additionally, it provides intra-operative orientation to the specialists that help them in formulating a precise surgical method toward the targeted lesion. Rapidly rising medical tourism industry in the area, government initiatives indorsing health care infrastructure in many nations, and increase in health care expenditure. These factors are act as a key driver of neuronavigation systems market. Also, Escalating adoption of optical technologies including fluoroscopy and computed tomography (CT) based technologies will help to boost market all over the world.
According to AMA, the market for Neuronavigation Systems is expected to register a CAGR of 15.35% during the forecast period to 2026. This growth is primarily driven by Increasing Need and Rising Demand for Accurate and Precise Systems, Growing Adoption of Minimally Invasive Surgical Procedures and Rising Regulatory Approval for Navigation Systems.
Globally, a noticeable market trend is evident Developments in Augmented Reality (AR) Navigation Systems
. The Medical Devices sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Stryker (United States), Medtronic plc (Ireland), Brainlab AG (Germany), Scopis GmbH (Germany), ClaroNav (Canada), Surgical Theater, LLC (United States), Synaptive Medical (Canada), Koninklijke Philips N.V. (Netherlands), Siemens AG (Germany) and General Electric Company (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 12th March 2019, Smith & Nephew has agreed to acquire the Brainlab orthopedic joint reconstruction business. This deal will help Smith & Nephew’s strategy to invest in best in class technologies that further its multi-asset digital surgery as well as the robotic ecosystem. The acquisition and strategic collaboration allow both companies to accelerate research and development in the areas of digital surgery and augmented reality.
Regulatory Insights:
US requires all importing companies to appoint a registered United States Food and Drug Administration (USFDA) agent to act as a connection between the company and the USFDA. “When marketing a device which is a predicate device to USFDA, the manufacturers are required to prove substantial equivalence by submitting a 510(k) application, a Premarket Approval application (PMA). Understanding the requirements and checking for exemptions of premarket notification [510(k)] will save time and resources for manufacturer before deciding upon submission.”
Market Drivers
- Increasing Need and Rising Demand for Accurate and Precise Systems
- Growing Adoption of Minimally Invasive Surgical Procedures
- Rising Regulatory Approval for Navigation Systems
Market Trend
- Developments in Augmented Reality (AR) Navigation Systems
- Upsurging Preference for Optical Navigation Technology among Surgeons
- Fueling Demand Due To Increase in Orthopedic, Neurological and ENT Disorders
Restraints
- High Cost of Neuronavigation Systems
Opportunities
Increasing Adoption of Surgical Navigation Systems in Ambulatory Settings and Untapped APAC market and Huge Demand Due to Technological Advancements and Aging Population
Challenges
Side Effects Associated With Open Brain Surgeries
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Neuronavigation Systems Study Sheds Light on
The Neuronavigation Systems Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Neuronavigation Systems industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Neuronavigation Systems industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.