The global orthopedic navigation system market is expected to reach USD 303.7 million by 2025, according to a new study by Grand View Research, Inc. Increasing geriatric population prone to orthopedic diseases is a key contributing factor propelling the demand for orthopedic navigation systems over the forecast period. Osteoarthritis and osteoporosis are most common disorders in the population aged 70 years and above. Growing prevalence of these disorders results in increased economic burden on many countries.
According to the WHO, 9.6% of men and 18% of women are suffering from various forms of arthritis globally. Over 82% of people suffering from osteoarthritis have difficulty in movement and around 25% are not able to perform daily activities. Degenerative joint disorders affect majorly knee, hip, and ankle. Knee and hip replacement procedures are performed in 85% of patients suffering from osteoarthritis. Other factors include physical inactivity, obesity, unhealthy lifestyle, and injuries.
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Further key findings from the study suggest:
- Rising demand for computer-assisted orthopedic surgery due to associated advantages such as low recovery time and shorter hospital stay are anticipated to fuel the industry growth
- Knee navigation systems held the largest market share in 2016 owing to increased adoption by healthcare professionals and ample availability of products
- Asia Pacific regional market is anticipated to witness lucrative growth due to rising incidence of orthopedic disorders and awareness levels amongst consumers regarding benefits of minimally invasive surgery
- High economic development is boosting medical tourism in countries, such as India and China, which is expected to drive the growth by increasing the buying capacity of consumers
- The market is moving toward consolidation, as large pharmaceuticals are focused on strategic acquisitions of smaller companies to gain competitive advantage in coming years
- Companies are striving to gain revenue share via new product development, geographic expansion, and partnership alliances
- For example, Brainlab and De Puy Synthes entered into an extended collaboration for providing effective spine alignment treatment via navigation system
- Key players such as Biomet, Orthokey Italia, Brainlab, Stryker, and De Puy dominate the market and hold more than 70% of the revenue share as of 2016
- The market is highly competitive in nature as major players are focusing towards the product innovation strategies due to changing need of healthcare establishments, surgeons and patients
- For example, in May 2015, Medtronic announced that StealthStation, a surgical navigation technology has received approval from the U.S. FDA for expanded use of the same in other surgical procedures apart from neurosurgery
Grand View Research has segmented the orthopedic navigation system market on the basis of application and region:
Orthopedic Navigation System Application Outlook (Revenue, USD Million, Volume, 000’ Units, 2014 – 2025)
Orthopedic Navigation System Regional Outlook (Revenue, USD Million, Volume, 000’ Units, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- South Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com