PUBLISHER: The Business Research Company | PRODUCT CODE: 1619781
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619781
Neuro-navigation systems are sophisticated technologies designed to help neurosurgeons precisely locate and navigate to specific regions within the brain and central nervous system during surgery. These systems improve the accuracy and safety of brain surgeries by combining various imaging techniques, such as functional imaging, with real-time data.
The primary types of neuro-navigation systems are optical surgical navigation systems, electromagnetic surgical navigation systems, fluoroscopy-based navigation systems, and robotic navigation systems. Optical systems use cameras and reflective markers on surgical instruments to track their position and orientation in real time during procedures. These systems are used in neurosurgery, craniomaxillofacial surgery, spinal surgery, among other applications. They are employed by hospitals, neurology clinics, ambulatory surgical centers (ASCs), research centers, and other facilities.
The neuro-navigation systems market research report is one of a series of new reports from The Business Research Company that provides neuro-navigation systems market statistics, including neuro-navigation systems industry global market size, regional shares, competitors with a neuro-navigation systems market share, detailed neuro-navigation systems market segments, market trends and opportunities, and any further data you may need to thrive in the neuro-navigation systems industry. This neuro-navigation systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The neuro-navigation systems market size has grown strongly in recent years. It will grow from $2.60 billion in 2023 to $2.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The increase observed during the historic period is due to the growth of personalized medicine, broader global healthcare access, more minimally invasive surgeries, development of customized treatment plans, and the rising elderly population.
The neuro-navigation systems market size is expected to see strong growth in the next few years. It will grow to $4.13 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The projected growth for the forecast period is driven by higher investments in healthcare infrastructure, greater use of robotic-assisted surgeries, increased awareness and early diagnosis of neurological conditions, a growing need for precise brain mapping, and a higher incidence of neurological disorders. Key trends anticipated during this period include technological advancements, the integration of artificial intelligence, synergy with robotics, the adoption of augmented reality, and the expansion of telemedicine.
The increasing use of minimally invasive surgical procedures is expected to drive the growth of the neuro-navigation systems market. These procedures involve performing surgeries through small incisions or natural body openings using specialized tools and techniques. The rising popularity of minimally invasive surgeries is due to their advantages, such as reduced pain, faster recovery, and a lower risk of complications. Neuro-navigation systems improve the precision and effectiveness of these surgeries by providing real-time, detailed guidance, allowing surgeons to navigate complex anatomical structures with greater accuracy. For example, data from the American Society of Plastic Surgeons, published in January 2023, indicated that approximately 23,672,269 minimally invasive cosmetic surgeries were performed in the USA in 2022. This number increased by 7% to 25,442,640 surgeries in 2023. Hence, the growing preference for minimally invasive procedures is boosting the demand for neuro-navigation systems.
Major companies in the neuro-navigation systems market are concentrating on developing advanced products, such as surgical planning and navigation platforms, to enhance surgical precision, reduce operation times, and improve patient outcomes. These sophisticated systems combine imaging technologies and real-time tracking to help surgeons accurately navigate complex anatomical structures during procedures, ultimately boosting precision and enhancing patient results. For example, in July 2023, Stryker, a US-based medical technology company, launched the Q Guidance System with Cranial Guidance Software. This next-generation neuro-navigation tool is designed to deliver real-time, high-resolution imaging and precise navigation for intricate cranial surgeries. By providing 3D visualization and advanced guidance, the Q Guidance System enhances surgical precision and patient outcomes. It is expected to streamline workflows, reduce operating room time, and play a significant role in the evolving landscape of neuro-navigation systems.
In May 2022, ClearPoint Neuro, a US-based medical device company specializing in therapies for neurological disorders, partnered with Higgs Boson Health to create a patient-facing digital health app. This collaboration aims to enhance ClearPoint Neuro's neuro-navigation technology by incorporating AI-driven health analytics from Higgs Boson Health, thereby improving precision and efficiency in neurosurgical procedures. Higgs Boson Health is a US-based company dedicated to developing AI-powered platforms to enhance decision-making and patient management in healthcare.
Major companies operating in the neuro-navigation systems market are Medtronic Plc, Stryker Corporation, Philips Healthcare, Smith & Nephew PLC, GE HealthCare Technologies Inc., Heal Force Bio Meditech Holdings Limited, BrainLAB AG, Hitachi Medical Systems, Canon Medical Systems, Northern Digital Inc., Synaptive Medical, The Magstim Co. Ltd., ClearPoint Neuro Inc., Xoran Technologies LLC, Toshiba Medical Systems, Nexstim Plc, Soterix Medical Inc., ClaroNav, Happy Reliable Surgeries LLC, Scopis GmbH, NeuroLogica Corporation
North America was the largest region in the neuro-navigation systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the neuro-navigation systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the neuro-navigation systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The neuro-navigation systems market consists of sales of hybrid navigation systems, ultrasound-based navigation systems, and portable neuro-navigation systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Neuro-Navigation Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on neuro-navigation systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for neuro-navigation systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The neuro-navigation systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.